Bank of America takes top position among high-yield bond underwriters

• Junk market issuance totals $180.34 billion year to date

New York, July 31 - Bank of America took first place among underwriters of high-yield bonds for the year to date, dislodging JPMorgan, which had dominated the league table for most of the year, according to data compiled by Prospect News.

However Bank of America has a slim lead of just $245 million, or 0.21% of market share.

Until July, JPMorgan had placed first in the year-to-date tables for five straight months. Credit Suisse was number one in January.

Citigroup moved up to third in the latest rankings, while Credit Suisse slipped one notch to fourth.

New deal volume for the month was solid at $25.22 billion, double June's slender $11.12 billion of activity. However July was only generally in line with most months so far this year and well below the $39.34 billion seen in February, the busiest month of 2012 so far.

Year-to-date issuance now stands at $180.34 billion, 14% less than the $209.22 billion at the same stage of 2011.

However 2012 is already busier than every previous year in the junk market except for 2010 and 2011.

The figures for this year are similar if emerging markets are excluded. On this basis issuance totals $162.22 billion so far this year, slightly behind the 2011 pace of $169.40 billion.

Globally, counting all currencies but excluding emerging markets, 2012 is also lagging 2011, with $189.70 billion versus $220.59 billion.

In Europe, Deutsche Bank once more led the rankings. Volume is just over half last year's level. So far this year, there has been $23.88 billion of new deals in the European market compared to $43.92 billion for the same period in 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	Bank of America	20.987	158	11.64%	2	22.963	174	10.98%
2	JPMorgan	20.622	153	11.43%	1	26.826	154	12.82%
3	Citigroup	16.874	121	9.36%	5	17.890	110	8.55%
4	Credit Suisse	16.038	122	8.89%	4	18.977	116	9.07%
5	Deutsche Bank	15.802	114	8.76%	3	20.354	120	9.73%
6	Goldman Sachs	14.293	88	7.93%	6	15.153	95	7.24%
7	Barclays	12.802	99	7.10%	8	14.172	104	6.77%
8	Wells Fargo	11.098	98	6.15%	9	8.332	73	3.98%
9	Morgan Stanley	10.239	76	5.68%	7	14.250	93	6.81%
10	UBS	6.994	63	3.88%	10	6.686	49	3.20%
	Total	180.344	387	209.216	462
	Average size:	0.466	0.453
Year to date, U.S. market, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	19.545	149	12.05%	2	20.436	157	12.06%
2	JPMorgan	19.282	143	11.89%	1	22.391	130	13.22%
3	Credit Suisse	14.340	109	8.84%	3	16.609	101	9.80%
4	Deutsche Bank	14.172	103	8.74%	4	16.575	95	9.78%
5	Goldman Sachs	13.756	84	8.48%	7	12.586	79	7.43%
6	Citigroup	13.271	108	8.18%	5	14.085	87	8.31%
7	Barclays	12.172	95	7.50%	8	12.122	88	7.16%
8	Wells Fargo	11.098	98	6.84%	9	8.332	73	4.92%
9	Morgan Stanley	10.164	75	6.27%	6	13.219	84	7.80%
10	RBC	6.098	54	3.76%	11	5.178	36	3.06%
	Total	162.216	349	169.396	378
	Average size:	0.465	0.448
Year to date, global market, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	20.819	158	10.97%	1	24.932	146	11.30%
2	Bank of America	20.219	159	10.66%	2	21.979	169	9.96%
3	Deutsche Bank	16.710	128	8.81%	3	21.477	128	9.74%
4	Credit Suisse	15.476	123	8.16%	4	21.440	130	9.72%
5	Goldman Sachs	15.366	98	8.10%	6	17.099	102	7.75%
6	Citigroup	14.887	123	7.85%	5	17.328	106	7.86%
7	Barclays	13.293	105	7.01%	8	14.643	102	6.64%
8	Morgan Stanley	11.640	93	6.14%	7	14.819	92	6.72%
9	Wells Fargo	11.098	98	5.85%	9	8.332	73	3.78%
10	UBS	6.778	68	3.57%	10	7.121	52	3.23%
	Total	189.699	412	220.593	496
	Average size:	0.460	0.445
Year to date, European currencies, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	2.458	24	10.29%	1	4.807	32	10.94%
2	Citigroup	1.515	14	6.35%	4	3.149	18	7.17%
3	Goldman Sachs	1.429	12	5.99%	2	4.513	23	10.28%
4	BNP	1.414	14	5.92%	9	1.977	18	4.50%
5	Morgan Stanley	1.395	17	5.84%	10	1.599	8	3.64%
6	JPMorgan	1.356	13	5.68%	5	2.541	16	5.78%
7	HSBC	1.193	11	5.00%	16	0.913	8	2.08%
8	Barclays	1.121	10	4.70%	6	2.520	14	5.74%
9	Credit Suisse	1.037	13	4.34%	3	4.426	25	10.08%
10	RBS	0.981	8	4.11%	7	2.303	16	5.24%
	Total	23.875	51	43.918	88
	Average size:	0.468	0.499
July, U.S. market, all issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	4.584	16	18.18%	9	0.787	5	4.38%
2	Bank of America	3.439	23	13.63%	7	1.210	6	6.73%
3	Deutsche Bank	3.152	16	12.50%	8	0.952	3	5.30%
4	Citigroup	2.642	17	10.47%	3	2.287	8	12.73%
5	JPMorgan	1.911	11	7.58%	2	2.341	9	13.03%
6	Barclays	1.658	10	6.58%	4	1.701	8	9.47%
7	Credit Suisse	1.420	15	5.63%	1	2.450	12	13.63%
8	UBS	1.281	9	5.08%	11	0.527	3	2.93%
9	Wells Fargo	0.789	10	3.13%	6	1.221	6	6.79%
10	RBC	0.564	6	2.24%	12	0.521	3	2.90%
	Total	25.221	57	17.969	32
	Average size:	0.442	0.562
July, U.S. market, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	4.293	14	19.98%	10	0.537	4	3.34%
2	Bank of America	2.913	19	13.55%	7	1.127	5	7.00%
3	Deutsche Bank	2.788	13	12.97%	8	0.952	3	5.92%
4	Citigroup	1.766	13	8.22%	3	1.652	7	10.27%
5	JPMorgan	1.704	10	7.93%	2	2.257	8	14.03%
6	Barclays	1.452	9	6.76%	5	1.451	7	9.02%
7	Credit Suisse	1.333	14	6.20%	1	2.367	11	14.71%
8	Wells Fargo	0.789	10	3.67%	6	1.221	6	7.59%
9	UBS	0.742	7	3.45%	11	0.527	3	3.28%
10	RBC	0.564	6	2.62%	12	0.521	3	3.24%
	Total	21.490	50	16.085	29
	Average size:	0.430	0.555
July, global market, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	4.380	15	17.13%	12	0.573	5	2.91%
2	Bank of America	3.035	20	11.87%	7	1.162	6	5.90%
3	Deutsche Bank	2.935	16	11.48%	8	1.079	5	5.48%
4	Citigroup	2.283	16	8.93%	3	2.013	9	10.22%
5	JPMorgan	1.827	11	7.14%	1	2.435	10	12.36%
6	Barclays	1.452	9	5.68%	4	1.543	8	7.83%
7	Credit Suisse	1.333	14	5.21%	2	2.367	11	12.01%
8	UBS	0.802	9	3.14%	9	0.980	6	4.97%
9	RBC	0.800	8	3.13%	13	0.521	3	2.65%
10	Wells Fargo	0.789	10	3.09%	6	1.221	6	6.20%
	Total	25.572	61	19.698	36
	Average size:	0.419	0.547

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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