• Junk market issuance totals $155.40 billion year to date
New York, June 29 - JPMorgan was the top underwriter of high-yield bonds for first half of 2012, according to data compiled by Prospect News.
The bank has now placed first in the year-to-date tables for five straight months. Credit Suisse was number one 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 June, unchanged from the previous two months. Credit Suisse was third, also unchanged from the previous two months.
New issue volume slumped markedly in June from the month before, falling to $11.39 billion, half the $23.28 billion recorded in May. April saw a similar amount of deals to May, with $23.43 billion coming to market.
Year-to-date issuance now stands at $155.40 billion. That figure is 19% below the 2011 level of $191.25 billion but nonetheless is close to matching the full-year totals of the busiest years before 2010. While 2010 hit a record with $291.95 billion of junk deals pricing, in all of 2009, the previous record-holder, there was $162.03 billion.
The figures for this year are similar if emerging markets are excluded. On this basis issuance totals $141.25 billion so far this year, behind the 2011 pace of $153.31 billion.
Globally, counting all currencies but excluding emerging markets, 2012 is also lagging 2011, with $163.84 billion versus $200.90 billion.
In Europe, Deutsche Bank once more led the rankings. Activity is running at about half the 2011 level. So far this year, there has been $19.85 billion of new deals in the European market compared to $40.58 billion for the first six months of 2011.
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 | 18.711 | 142 | 12.04% | 1 | 24.485 | 145 | 12.80%
|
2 | Bank of America | 17.548 | 135 | 11.29% | 2 | 21.753 | 168 | 11.37%
|
3 | Credit Suisse | 14.618 | 107 | 9.41% | 4 | 16.527 | 104 | 8.64%
|
4 | Citigroup | 14.232 | 104 | 9.16% | 5 | 15.603 | 102 | 8.16%
|
5 | Deutsche Bank | 12.650 | 98 | 8.14% | 3 | 19.402 | 117 | 10.15%
|
6 | Barclays | 11.143 | 89 | 7.17% | 8 | 12.471 | 96 | 6.52%
|
7 | Wells Fargo | 10.309 | 88 | 6.63% | 9 | 7.111 | 67 | 3.72%
|
8 | Goldman Sachs | 9.983 | 73 | 6.42% | 6 | 14.366 | 90 | 7.51%
|
9 | Morgan Stanley | 9.726 | 71 | 6.26% | 7 | 13.786 | 89 | 7.21%
|
10 | UBS | 5.712 | 54 | 3.68% | 10 | 6.158 | 46 | 3.22%
|
| Total | 155.397 | 331 | 191.247 | 430 |
|
| Average size: | 0.469 | 0.445 |
|
|
|
Year to date, U.S. market, industrialized country issuers |
|
| | | | | 2011 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 17.660 | 134 | 12.50% | 1 | 20.134 | 122 | 13.13%
|
2 | Bank of America | 16.715 | 131 | 11.83% | 2 | 19.309 | 152 | 12.59%
|
3 | Credit Suisse | 13.090 | 96 | 9.27% | 4 | 14.242 | 90 | 9.29%
|
4 | Citigroup | 11.506 | 95 | 8.15% | 6 | 12.432 | 80 | 8.11%
|
5 | Deutsche Bank | 11.384 | 90 | 8.06% | 3 | 15.623 | 92 | 10.19%
|
6 | Barclays | 10.720 | 86 | 7.59% | 8 | 10.671 | 81 | 6.96%
|
7 | Wells Fargo | 10.309 | 88 | 7.30% | 9 | 7.111 | 67 | 4.64%
|
8 | Goldman Sachs | 9.736 | 71 | 6.89% | 7 | 12.048 | 75 | 7.86%
|
9 | Morgan Stanley | 9.651 | 70 | 6.83% | 5 | 12.755 | 80 | 8.32%
|
10 | RBC | 5.534 | 48 | 3.92% | 11 | 4.657 | 33 | 3.04%
|
| Total | 141.248 | 301 | 153.311 | 349 |
|
| Average size: | 0.469 | 0.439 |
|
|
|
Year to date, global market, industrialized country issuers |
|
| | | | | 2011 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 19.075 | 148 | 11.64% | 1 | 22.497 | 136 | 11.20%
|
2 | Bank of America | 17.267 | 140 | 10.54% | 2 | 20.817 | 163 | 10.36%
|
3 | Credit Suisse | 14.226 | 110 | 8.68% | 4 | 19.074 | 119 | 9.49%
|
4 | Deutsche Bank | 13.776 | 112 | 8.41% | 3 | 20.397 | 123 | 10.15%
|
5 | Citigroup | 12.604 | 107 | 7.69% | 6 | 15.316 | 97 | 7.62%
|
6 | Barclays | 11.438 | 94 | 6.98% | 8 | 13.099 | 94 | 6.52%
|
7 | Morgan Stanley | 10.919 | 86 | 6.66% | 7 | 14.319 | 87 | 7.13%
|
8 | Goldman Sachs | 10.857 | 82 | 6.63% | 5 | 16.526 | 97 | 8.23%
|
9 | Wells Fargo | 10.309 | 88 | 6.29% | 9 | 7.111 | 67 | 3.54%
|
10 | UBS | 5.975 | 59 | 3.65% | 10 | 6.141 | 46 | 3.06%
|
| Total | 163.843 | 351 | 200.895 | 460 |
|
| Average size: | 0.467 | 0.437 |
|
|
|
|
|
Year to date, European currencies, industrialized country issuers |
|
| | | | | 2011 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Deutsche Bank | 2.311 | 21 | 11.64% | 1 | 4.679 | 30 | 11.53%
|
2 | JPMorgan | 1.234 | 12 | 6.22% | 6 | 2.362 | 14 | 5.82%
|
3 | Morgan Stanley | 1.187 | 15 | 5.98% | 10 | 1.564 | 7 | 3.85%
|
4 | BNP | 1.168 | 10 | 5.89% | 8 | 1.941 | 17 | 4.78%
|
5 | HSBC | 1.130 | 10 | 5.69% | 15 | 0.913 | 8 | 2.25%
|
6 | Credit Suisse | 1.037 | 13 | 5.22% | 3 | 4.426 | 25 | 10.91%
|
7 | Citigroup | 0.998 | 11 | 5.03% | 4 | 2.788 | 16 | 6.87%
|
8 | Commerzbank | 0.947 | 7 | 4.77% | 18 | 0.671 | 7 | 1.65%
|
9 | Goldman Sachs | 0.940 | 9 | 4.74% | 2 | 4.477 | 22 | 11.03%
|
10 | RBS | 0.919 | 7 | 4.63% | 9 | 1.800 | 13 | 4.43%
|
| Total | 19.850 | 41 | 40.583 | 83 |
|
| Average size: | 0.484 | 0.489 |
|
|
|
Second quarter, U.S. market, all issuers |
|
| | | | | 2011 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 6.246 | 52 | 10.75% | 1 | 11.042 | 72 | 11.39%
|
2 | Bank of America | 5.839 | 52 | 10.05% | 2 | 10.495 | 78 | 10.83%
|
3 | Citigroup | 5.183 | 35 | 8.92% | 4 | 9.725 | 55 | 10.03%
|
4 | Deutsche Bank | 4.739 | 30 | 8.16% | 3 | 10.401 | 54 | 10.73%
|
5 | Morgan Stanley | 4.177 | 28 | 7.19% | 5 | 7.759 | 43 | 8.00%
|
6 | Credit Suisse | 3.803 | 32 | 6.55% | 6 | 7.227 | 49 | 7.46%
|
7 | Barclays | 3.797 | 33 | 6.54% | 8 | 4.948 | 41 | 5.10%
|
8 | Goldman Sachs | 3.742 | 26 | 6.44% | 7 | 6.974 | 49 | 7.19%
|
9 | Wells Fargo | 3.076 | 35 | 5.29% | 9 | 3.147 | 31 | 3.25%
|
10 | UBS | 2.911 | 25 | 5.01% | 12 | 2.535 | 17 | 2.62%
|
| Total | 58.094 | 133 | 96.934 | 212 |
|
| Average size: | 0.437 | 0.457 |
|
|
|
Second quarter, U.S. market, industrialized country issuers |
|
| | | | | 2011 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 5.779 | 49 | 11.40% | 3 | 8.495 | 57 | 11.72%
|
2 | Bank of America | 5.172 | 49 | 10.20% | 1 | 9.658 | 71 | 13.32%
|
3 | Morgan Stanley | 4.177 | 28 | 8.24% | 5 | 7.246 | 39 | 10.00%
|
4 | Deutsche Bank | 4.139 | 27 | 8.16% | 2 | 8.729 | 41 | 12.04%
|
5 | Goldman Sachs | 3.742 | 26 | 7.38% | 7 | 5.117 | 37 | 7.06%
|
6 | Credit Suisse | 3.703 | 31 | 7.30% | 6 | 5.426 | 40 | 7.48%
|
7 | Barclays | 3.673 | 32 | 7.24% | 8 | 3.718 | 30 | 5.13%
|
8 | Wells Fargo | 3.076 | 35 | 6.07% | 9 | 3.147 | 31 | 4.34%
|
9 | Citigroup | 3.026 | 30 | 5.97% | 4 | 7.604 | 40 | 10.49%
|
10 | RBC | 2.841 | 23 | 5.60% | 10 | 2.603 | 17 | 3.59%
|
| Total | 50.699 | 122 | 72.495 | 165 |
|
| Average size: | 0.416 | 0.439 |
|
|
|
Second quarter, global market, industrialized country issuers |
|
| | | | | 2011 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 5.857 | 50 | 10.59% | 3 | 9.620 | 64 | 10.14%
|
2 | Bank of America | 5.172 | 49 | 9.35% | 2 | 10.239 | 75 | 10.79%
|
3 | Deutsche Bank | 4.755 | 32 | 8.60% | 1 | 10.760 | 57 | 11.34%
|
4 | Morgan Stanley | 4.678 | 32 | 8.46% | 6 | 8.318 | 42 | 8.77%
|
5 | Credit Suisse | 4.058 | 35 | 7.34% | 7 | 7.964 | 54 | 8.40%
|
6 | Goldman Sachs | 3.909 | 27 | 7.07% | 5 | 8.566 | 53 | 9.03%
|
7 | Barclays | 3.832 | 34 | 6.93% | 8 | 4.928 | 36 | 5.20%
|
8 | Citigroup | 3.151 | 31 | 5.70% | 4 | 9.431 | 50 | 9.94%
|
9 | Wells Fargo | 3.076 | 35 | 5.56% | 9 | 3.147 | 31 | 3.32%
|
10 | RBC | 2.992 | 24 | 5.41% | 10 | 3.000 | 20 | 3.16%
|
| Total | 55.292 | 135 | 94.852 | 224 |
|
| Average size: | 0.410 | 0.423 |
|
|
|
June, U.S. market, all issuers |
|
| | | | | 2011 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 1.307 | 14 | 11.47% | 7 | 1.065 | 6 | 6.53%
|
2 | Bank of America | 1.205 | 12 | 10.58% | 1 | 2.328 | 16 | 14.28%
|
3 | Barclays | 1.174 | 9 | 10.30% | 4 | 1.521 | 9 | 9.33%
|
4 | PNC | 1.000 | 1 | 8.78% | 12 | 0.400 | 2 | 2.45%
|
5 | Goldman Sachs | 0.970 | 6 | 8.52% | 3 | 1.739 | 13 | 10.67%
|
6 | Wells Fargo | 0.953 | 11 | 8.36% | 16 | 0.330 | 4 | 2.02%
|
7 | Citigroup | 0.893 | 9 | 7.84% | 5 | 1.351 | 14 | 8.29%
|
8 | Morgan Stanley | 0.599 | 6 | 5.26% | 2 | 2.042 | 13 | 12.53%
|
9 | Credit Suisse | 0.472 | 5 | 4.14% | 6 | 1.092 | 13 | 6.70%
|
10 | UBS | 0.422 | 4 | 3.71% | 17 | 0.275 | 3 | 1.69%
|
| Total | 11.393 | 29 | 16.298 | 39 |
|
| Average size: | 0.393 | 0.418 |
|
|
|
June, U.S. market, industrialized country issuers |
|
| | | | | 2011 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 1.307 | 14 | 12.11% | 5 | 1.065 | 6 | 7.75%
|
2 | Barclays | 1.174 | 9 | 10.87% | 4 | 1.154 | 6 | 8.40%
|
3 | Bank of America | 1.005 | 11 | 9.31% | 1 | 2.240 | 15 | 16.30%
|
4 | PNC | 1.000 | 1 | 9.27% | 12 | 0.400 | 2 | 2.91%
|
5 | Goldman Sachs | 0.970 | 6 | 8.99% | 3 | 1.739 | 13 | 12.65%
|
6 | Wells Fargo | 0.953 | 11 | 8.83% | 13 | 0.330 | 4 | 2.40%
|
7 | Citigroup | 0.893 | 9 | 8.28% | 7 | 0.985 | 11 | 7.16%
|
8 | Morgan Stanley | 0.599 | 6 | 5.55% | 2 | 2.042 | 13 | 14.85%
|
9 | Credit Suisse | 0.472 | 5 | 4.37% | 6 | 1.004 | 12 | 7.31%
|
10 | UBS | 0.422 | 4 | 3.91% | 14 | 0.275 | 3 | 2.00%
|
| Total | 10.793 | 27 | 13.748 | 35 |
|
| Average size: | 0.400 | 0.393 |
|
|
|
June, global market, industrialized country issuers |
|
| | | | | 2011 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 1.307 | 14 | 11.80% | 5 | 1.357 | 7 | 7.98%
|
2 | Barclays | 1.299 | 10 | 11.73% | 6 | 1.324 | 7 | 7.78%
|
3 | Goldman Sachs | 1.138 | 7 | 10.27% | 3 | 2.087 | 15 | 12.28%
|
4 | Citigroup | 1.018 | 10 | 9.19% | 7 | 1.037 | 12 | 6.10%
|
5 | Bank of America | 1.005 | 11 | 9.07% | 1 | 2.347 | 16 | 13.80%
|
6 | Wells Fargo | 0.953 | 11 | 8.60% | 15 | 0.330 | 4 | 1.94%
|
7 | Morgan Stanley | 0.767 | 7 | 6.92% | 2 | 2.222 | 14 | 13.07%
|
8 | Deutsche Bank | 0.589 | 5 | 5.31% | 8 | 0.911 | 8 | 5.36%
|
9 | Credit Suisse | 0.472 | 5 | 4.26% | 4 | 1.459 | 14 | 8.58%
|
10 | UBS | 0.422 | 4 | 3.81% | 10 | 0.607 | 5 | 3.57%
|
| Total | 11.078 | 29 | 17.002 | 45 |
|
| Average size: | 0.382 | 0.378 |
|
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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.
• 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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