JPMorgan top high-yield bond underwriter year to date

• Junk market issuance totals $120.2 billion year to date

New York, April 30 - JPMorgan extended its run at the top of the high-yield league tables to three straight months in April, according to data compiled by Prospect News.

Credit Suisse was number one in January, but JPMorgan has led the year-to-date rankings for every month since then.

Bank of America was second for the year through April, as it was for the first quarter, and Credit Suisse was third, also unchanged from the month before.

New deal activity eased noticeably in April compared to February and March. The month saw $22.93 billion of junk bonds issued, 32% below March's $33.86 billion and 52% off February's $39.34 billion level. However, April was only a little below January's $24.07 billion.

Year-to-date volume now totals $120.20 billion, lagging the pace of 2011 by $5 billion.

The figures are similar if emerging markets are excluded. However on this basis issuance totals $111.45 billion so far this year and is running ahead of 2011, which had seen $103.52 billion at the same stage a year ago.

Globally, counting all currencies but excluding emerging markets, 2012 is lagging only a little behind 2011, with $131.11 billion versus $137.08 billion.

In Europe, Deutsche Bank once more led the rankings.

The U.S. market figures cover dollar-denominated high-yield deals issued in the United States as registered offerings or under Rule 144A and include all issuers, regardless of their home country.

Year to date, U.S. market, all issuers

2011 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	15.882	113	13.21%	1	18.090	106	14.45%
2	Bank of America	13.846	104	11.52%	2	14.313	117	11.43%
3	Credit Suisse	12.237	89	10.18%	4	10.802	67	8.63%
4	Citigroup	10.764	83	8.96%	7	8.597	60	6.87%
5	Deutsche Bank	9.175	80	7.63%	3	11.329	81	9.05%
6	Barclays	8.897	72	7.40%	6	9.168	69	7.32%
7	Wells Fargo	8.552	69	7.11%	10	4.928	48	3.94%
8	Goldman Sachs	7.978	58	6.64%	5	10.010	59	7.99%
9	Morgan Stanley	6.974	53	5.80%	8	7.346	53	5.87%
10	RBC	3.970	35	3.30%	12	3.248	23	2.59%
	Total	120.195	250	125.219	293
	Average size:	0.481	0.427
Year to date, U.S. market, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	14.832	105	13.31%	1	15.679	92	15.15%
2	Bank of America	13.680	103	12.27%	2	12.556	106	12.13%
3	Credit Suisse	10.708	78	9.61%	3	10.318	62	9.97%
4	Citigroup	9.705	76	8.71%	7	7.064	48	6.82%
5	Wells Fargo	8.552	69	7.67%	9	4.928	48	4.76%
6	Barclays	8.474	69	7.60%	6	8.141	61	7.86%
7	Deutsche Bank	8.410	74	7.55%	5	8.423	62	8.14%
8	Goldman Sachs	7.731	56	6.94%	4	8.582	50	8.29%
9	Morgan Stanley	6.899	52	6.19%	8	6.769	47	6.54%
10	RBC	3.970	35	3.56%	11	3.248	23	3.14%
	Total	111.447	227	103.517	241
	Average size:	0.491	0.430
Year to date, global market, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	16.169	118	12.33%	1	17.128	101	12.50%
2	Bank of America	14.231	112	10.85%	2	13.573	114	9.90%
3	Credit Suisse	11.524	89	8.79%	3	12.923	80	9.43%
4	Citigroup	10.677	87	8.14%	7	8.309	57	6.06%
5	Deutsche Bank	10.378	93	7.92%	4	12.246	87	8.93%
6	Barclays	9.066	76	6.92%	6	9.360	68	6.83%
7	Goldman Sachs	8.684	66	6.62%	5	11.958	65	8.72%
8	Wells Fargo	8.552	69	6.52%	9	4.928	48	3.59%
9	Morgan Stanley	7.665	64	5.85%	8	7.907	52	5.77%
10	UBS	4.439	44	3.39%	10	4.809	36	3.51%
	Total	131.110	268	137.077	317
	Average size:	0.489	0.432
Year to date, European currencies, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	1.887	18	11.03%	1	3.728	24	13.35%
2	JPMorgan	1.156	11	6.76%	7	1.449	9	5.19%
3	HSBC	1.130	10	6.61%	19	0.467	5	1.67%
4	Commerzbank	0.883	6	5.16%	15	0.671	7	2.40%
5	Citigroup	0.873	10	5.10%	10	1.150	8	4.12%
6	RBS	0.854	6	4.99%	6	1.593	11	5.70%
7	BNP	0.833	7	4.87%	4	1.739	15	6.23%
8	UBS	0.812	7	4.75%	17	0.479	4	1.72%
9	Goldman Sachs	0.772	8	4.51%	2	3.376	15	12.09%
10	Credit Suisse	0.716	10	4.19%	3	2.468	16	8.84%
	Total	17.106	34	27.929	54
	Average size:	0.503	0.517
April, U.S. market, all issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	3.417	23	14.91%	1	4.646	33	15.03%
2	Bank of America	2.137	21	9.32%	2	3.055	27	9.88%
3	Goldman Sachs	1.737	11	7.58%	4	2.618	18	8.47%
4	Citigroup	1.715	14	7.48%	3	2.719	13	8.80%
5	Barclays	1.551	16	6.76%	6	1.645	14	5.32%
6	Morgan Stanley	1.425	10	6.21%	9	1.319	7	4.27%
7	Credit Suisse	1.422	14	6.20%	7	1.502	12	4.86%
8	Wells Fargo	1.318	16	5.75%	11	0.963	12	3.12%
9	RBC	1.277	10	5.57%	10	1.194	7	3.86%
10	Deutsche Bank	1.265	12	5.52%	5	2.328	18	7.53%
	Total	22.925	53	30.906	75
	Average size:	0.433	0.412
April, U.S. market, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	2.951	20	14.10%	1	4.040	27	17.80%
2	Bank of America	2.137	21	10.21%	2	2.904	25	12.79%
3	Goldman Sachs	1.737	11	8.30%	4	1.650	12	7.27%
4	Barclays	1.427	15	6.82%	9	1.188	10	5.24%
5	Morgan Stanley	1.425	10	6.81%	7	1.260	6	5.55%
6	Credit Suisse	1.322	13	6.31%	6	1.502	12	6.62%
7	Wells Fargo	1.318	16	6.30%	11	0.963	12	4.24%
8	RBC	1.277	10	6.10%	8	1.194	7	5.26%
9	Citigroup	1.225	11	5.85%	3	2.236	8	9.85%
10	Deutsche Bank	1.165	11	5.57%	5	1.528	11	6.73%
	Total	20.931	49	22.700	57
	Average size:	0.427	0.398
April, global market, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	2.951	20	13.06%	1	4.251	29	13.70%
2	Bank of America	2.137	21	9.46%	3	2.995	26	9.65%
3	Goldman Sachs	1.737	11	7.69%	2	3.998	21	12.88%
4	Barclays	1.461	16	6.47%	10	1.188	10	3.83%
5	RBC	1.428	11	6.32%	9	1.194	7	3.85%
6	Morgan Stanley	1.425	10	6.31%	6	1.905	7	6.14%
7	Deutsche Bank	1.357	13	6.01%	4	2.609	21	8.41%
8	Credit Suisse	1.356	14	6.00%	7	1.813	15	5.84%
9	Wells Fargo	1.318	16	5.84%	12	0.963	12	3.10%
10	Citigroup	1.225	11	5.42%	5	2.425	10	7.81%
	Total	22.592	53	31.035	81
	Average size:	0.426	0.383

Criteria

• U.S. tables include all underwritten dollar-denominated offerings sold in the United States as public or Rule 144A deals reported to Prospect News.

• European tables cover deals denominated in currency of a European industrialized country.

• Global tables cover deals denominated in currency of an industrialized country.

• Amounts converted to dollars (if necessary) at rate shown in Federal Reserve's H.10 release on day of pricing.

• Issues maturing in 397 days or less are excluded.

• Convertibles, trust preferreds, capital securities and preferred stock are excluded.

• Fixed-rate medium-term notes with a face value more than $100 million are included. All other MTNs are excluded.

• Deals rated investment grade by either Standard & Poor's or Moody's Investors Service are excluded, but deals not rated by both are included.

• Offerings are included in the time period in which they price.

• Amounts are based on the total sales price (face amount multiplied by the offering price). The full amount is credited to the bookrunner. For multiple leads, the total value is divided equally among joint bookrunners.

• Units made up of a bond and a warrant are included; other units are excluded.

• Sovereign issues are excluded.

• Each tranche is counted as a separate deal.

• Passthroughs, collateral trust and equipment trust certificates are included.

• Best efforts and non-underwritten deals are excluded as are remarketings.

• The headquarters location of the parent company is used for the country criteria (i.e. registrations in tax havens and offshore finance subsidiaries are ignored).

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