JPMorgan top high-yield bond underwriter year to date

• Junk market issuance totals $143.95 billion year to date

New York, May 31 - JPMorgan was the top underwriter of high-yield bonds for the year through the end of May, according to data compiled by Prospect News, stretching its run in the No. 1 position to four consecutive months.

Credit Suisse was No. 1 in January, but JPMorgan has led the year-to-date rankings for every month since then.

Bank of America placed second for the year through May, unchanged from the previous month. Credit Suisse was third, also unchanged.

Activity was almost unchanged from April's level. May saw $23.26 billion of bonds come to market, compared to $23.43 billion the month before.

While those figures are similar to January's $24.07 billion, they are down sharply from the $33.86 billion in March and $39.34 billion in February.

Issuance for the year so far is now $143.95 billion, 18% below the $174.95 billion at the same stage of 2011.

May's figure was around half the $49.73 billion in May 2011.

The figures are similar if emerging markets are excluded. On this basis issuance totals $130.36 billion so far this year, behind the 2011 pace of $139.56 billion.

Globally, counting all currencies but excluding emerging markets, 2012 is also lagging 2011, with $152.67 billion versus $183.89 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	17.400	128	12.09%	1	23.420	139	13.39%
2	Bank of America	16.340	123	11.35%	2	19.425	152	11.10%
3	Credit Suisse	14.143	102	9.82%	4	15.435	91	8.82%
4	Citigroup	13.336	95	9.26%	5	14.252	88	8.15%
5	Deutsche Bank	12.229	94	8.50%	3	18.833	111	10.76%
6	Barclays	9.970	80	6.93%	8	10.950	87	6.26%
7	Wells Fargo	9.356	77	6.50%	9	6.781	63	3.88%
8	Morgan Stanley	9.124	65	6.34%	7	11.744	76	6.71%
9	Goldman Sachs	9.013	67	6.26%	6	12.627	77	7.22%
10	UBS	5.290	50	3.67%	10	5.883	43	3.36%
	Total	143.952	301	174.949	391
	Average size:	0.478	0.447
Year to date, U.S. market, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	16.350	120	12.54%	1	19.069	116	13.66%
2	Bank of America	15.665	119	12.02%	2	17.069	137	12.23%
3	Credit Suisse	12.614	91	9.68%	4	13.238	78	9.49%
4	Deutsche Bank	10.963	86	8.41%	3	15.054	86	10.79%
5	Citigroup	10.609	86	8.14%	5	11.448	69	8.20%
6	Barclays	9.546	77	7.32%	8	9.517	75	6.82%
7	Wells Fargo	9.356	77	7.18%	9	6.781	63	4.86%
8	Morgan Stanley	9.049	64	6.94%	6	10.713	67	7.68%
9	Goldman Sachs	8.766	65	6.72%	7	10.309	62	7.39%
10	RBC	5.287	45	4.06%	11	4.464	31	3.20%
	Total	130.361	272	139.563	314
	Average size:	0.479	0.444
Year to date, global market, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	17.765	134	11.64%	1	21.140	129	11.50%
2	Bank of America	16.216	128	10.62%	3	18.470	147	10.04%
3	Credit Suisse	13.751	105	9.01%	4	17.615	105	9.58%
4	Deutsche Bank	13.187	107	8.64%	2	19.486	115	10.60%
5	Citigroup	11.582	97	7.59%	6	14.278	85	7.76%
6	Morgan Stanley	10.149	79	6.65%	7	12.098	73	6.58%
7	Barclays	10.139	84	6.64%	8	11.776	87	6.40%
8	Goldman Sachs	9.719	75	6.37%	5	14.438	82	7.85%
9	Wells Fargo	9.356	77	6.13%	9	6.781	63	3.69%
10	RBC	5.652	48	3.70%	10	5.551	42	3.02%
	Total	152.671	320	183.893	415
	Average size:	0.477	0.443
Year to date, European currencies, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	2.143	20	11.30%	1	4.337	28	11.48%
2	JPMorgan	1.234	12	6.50%	7	2.071	13	5.48%
3	BNP	1.168	10	6.16%	8	1.941	17	5.14%
4	HSBC	1.130	10	5.96%	14	0.913	8	2.42%
5	Credit Suisse	1.037	13	5.46%	3	3.972	23	10.51%
6	Morgan Stanley	1.019	14	5.37%	12	1.385	6	3.66%
7	Commerzbank	0.947	7	4.99%	17	0.671	7	1.78%
8	RBS	0.919	7	4.84%	9	1.800	13	4.76%
9	Citigroup	0.873	10	4.60%	4	2.736	15	7.24%
10	UBS	0.812	7	4.28%	20	0.479	4	1.27%
	Total	18.971	39	37.785	75
	Average size:	0.486	0.504
May, U.S. market, all issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	3.053	14	13.13%	1	7.504	30	15.09%
2	Citigroup	2.405	11	10.34%	2	5.654	28	11.37%
3	Bank of America	2.327	18	10.01%	4	5.112	35	10.28%
4	Morgan Stanley	2.150	12	9.25%	6	4.397	23	8.84%
5	Credit Suisse	1.906	13	8.20%	5	4.633	24	9.32%
6	UBS	1.614	13	6.94%	14	0.855	6	1.72%
7	JPMorgan	1.518	15	6.53%	3	5.331	33	10.72%
8	Evrofinance	1.500	1	6.45%
9	RBC	1.317	10	5.66%	11	1.216	8	2.45%
10	Barclays	1.072	8	4.61%	9	1.782	18	3.58%
	Total	23.256	50	49.730	98
	Average size:	0.465	0.507
May, U.S. market, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	2.553	12	13.50%	1	6.631	24	18.40%
2	Morgan Stanley	2.150	12	11.37%	4	3.944	20	10.94%
3	Bank of America	1.985	16	10.49%	2	4.513	31	12.52%
4	Credit Suisse	1.906	13	10.08%	6	2.920	16	8.10%
5	JPMorgan	1.518	15	8.03%	5	3.390	24	9.40%
6	RBC	1.317	10	6.96%	10	1.216	8	3.37%
7	UBS	1.114	11	5.89%	13	0.606	4	1.68%
8	Barclays	1.072	8	5.67%	9	1.376	14	3.82%
9	Goldman Sachs	0.989	9	5.23%	8	1.728	12	4.79%
10	Citigroup	0.905	10	4.78%	3	4.383	21	12.16%
	Total	18.914	45	36.047	73
	Average size:	0.420	0.494
May, global market, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	2.809	14	13.03%	1	7.240	28	15.47%
2	Morgan Stanley	2.484	15	11.52%	5	4.191	21	8.95%
3	Credit Suisse	2.227	16	10.33%	4	4.692	25	10.02%
4	Bank of America	1.985	16	9.21%	3	4.897	33	10.46%
5	JPMorgan	1.596	16	7.40%	6	4.012	28	8.57%
6	RBC	1.317	10	6.11%	10	1.461	10	3.12%
7	UBS	1.114	11	5.16%	13	0.726	5	1.55%
8	Barclays	1.072	8	4.97%	8	2.416	19	5.16%
9	Goldman Sachs	0.989	9	4.59%	7	2.480	17	5.30%
10	Citigroup	0.905	10	4.20%	2	5.969	28	12.75%
	Total	21.561	52	46.816	98
	Average size:	0.415	0.478

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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