JPMorgan back as top underwriter of high-yield bonds

• Junk market issuance totals $207.86 billion year to date

New York, Aug. 31 - JPMorgan recaptured the number one position among underwriters of high-yield bonds for the year to date, according to data compiled by Prospect News.

JPMorgan had been top of the year-to-date tables for five consecutive months, but Bank of America moved ahead in July, although with a slim lead of $245 million.

In August, however, JPMorgan returned to first place, although again by a narrow margin, just $325 million, or 0.15% of the market.

Bank of America was second for 2012 so far, followed by Citigroup in third place and Credit Suisse in fourth. The latter two were unchanged from July.

New issue volume for the month was $29.87 billion, up from $23.62 billion in July.

Year-to-date issuance now totals $207.86 billion, very similar to the $210.48 billion at the same stage in 2011. Even if no more deals are priced over the next four months, 2012 will be the third biggest year ever in the junk bond market, trailing only 2010's $291.85 billion and 2011's $255.20 billion.

The figures for this year are similar if emerging markets are excluded. On this basis issuance totals $190.03 billion so far this year, comfortably ahead of the 2011 pace of $170.41 billion.

Globally, counting all currencies but excluding emerging markets, 2012 is also leading 2011, with $222.22 billion versus $221.60 billion.

In Europe, Deutsche Bank once more led the rankings. Year-to-date activity totals $27.21 billion compared to $43.92 billion for the comparable period 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	24.782	188	11.92%	1	26.957	155	12.81%
2	Bank of America	24.457	188	11.77%	2	22.963	174	10.91%
3	Citigroup	19.568	143	9.41%	5	18.124	112	8.61%
4	Credit Suisse	18.810	142	9.05%	4	19.240	118	9.14%
5	Deutsche Bank	18.311	137	8.81%	3	20.478	121	9.73%
6	Goldman Sachs	15.953	102	7.67%	6	15.153	95	7.20%
7	Barclays	14.740	114	7.09%	8	14.172	104	6.73%
8	Wells Fargo	13.309	118	6.40%	9	8.332	73	3.96%
9	Morgan Stanley	12.152	91	5.85%	7	14.250	93	6.77%
10	UBS	7.561	68	3.64%	10	6.817	50	3.24%
	Total	207.864	438	210.479	468
	Average size:	0.475	0.450
Year to date, U.S. market, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	23.532	177	12.38%	1	22.523	131	13.22%
2	Bank of America	23.221	180	12.22%	2	20.436	157	11.99%
3	Credit Suisse	17.112	129	9.01%	3	16.872	103	9.90%
4	Deutsche Bank	16.887	127	8.89%	4	16.699	96	9.80%
5	Citigroup	16.055	129	8.45%	5	14.318	89	8.40%
6	Goldman Sachs	15.416	98	8.11%	7	12.586	79	7.39%
7	Barclays	14.316	111	7.53%	8	12.122	88	7.11%
8	Wells Fargo	13.309	118	7.00%	9	8.332	73	4.89%
9	Morgan Stanley	12.077	90	6.36%	6	13.219	84	7.76%
10	RBC	7.027	64	3.70%	11	5.178	36	3.04%
	Total	190.025	398	170.406	382
	Average size:	0.477	0.446
Year to date, global market, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	25.450	195	11.45%	1	25.064	147	11.31%
2	Bank of America	23.895	190	10.75%	2	21.979	169	9.92%
3	Deutsche Bank	19.518	154	8.78%	4	21.601	129	9.75%
4	Credit Suisse	18.249	143	8.21%	3	21.704	132	9.79%
5	Citigroup	17.670	144	7.95%	5	17.562	108	7.92%
6	Goldman Sachs	17.477	115	7.86%	6	17.099	102	7.72%
7	Barclays	15.437	121	6.95%	8	14.643	102	6.61%
8	Morgan Stanley	13.679	109	6.16%	7	14.819	92	6.69%
9	Wells Fargo	13.309	118	5.99%	9	8.332	73	3.76%
10	UBS	7.644	76	3.44%	10	7.253	53	3.27%
	Total	222.224	471	221.602	500
	Average size:	0.472	0.443
Year to date, European currencies, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	2.550	26	9.37%	1	4.807	32	10.94%
2	Goldman Sachs	1.880	15	6.91%	2	4.513	23	10.28%
3	BNP	1.795	18	6.59%	9	1.977	18	4.50%
4	JPMorgan	1.737	16	6.38%	5	2.541	16	5.78%
5	Citigroup	1.515	14	5.57%	4	3.149	18	7.17%
6	Morgan Stanley	1.395	17	5.13%	10	1.599	8	3.64%
7	HSBC	1.193	11	4.38%	16	0.913	8	2.08%
8	Barclays	1.121	10	4.12%	6	2.520	14	5.74%
9	Credit Suisse	1.037	13	3.81%	3	4.426	25	10.08%
10	RBS	0.981	8	3.61%	7	2.303	16	5.24%
	Total	27.214	58	43.918	88
	Average size:	0.469	0.499
August, U.S. market, all issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	4.366	36	14.62%	4	0.132	1	10.43%
2	Bank of America	3.677	31	12.31%
3	Citigroup	2.900	23	9.71%	2	0.234	2	18.51%
4	Credit Suisse	2.773	20	9.28%	1	0.263	2	20.87%
5	Deutsche Bank	2.715	24	9.09%	5	0.124	1	9.86%
6	Wells Fargo	2.211	20	7.40%
7	Barclays	2.145	16	7.18%
8	Goldman Sachs	2.018	16	6.76%
9	Morgan Stanley	1.913	15	6.40%
10	RBC	0.930	10	3.11%
	Total	29.867	54	1.262	6
	Average size:	0.553	0.210
August, U.S. market, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	4.366	36	14.62%	4	0.132	1	13.04%
2	Bank of America	3.677	31	12.31%
3	Citigroup	2.900	23	9.71%	2	0.234	2	23.15%
4	Credit Suisse	2.773	20	9.28%	1	0.263	2	26.11%
5	Deutsche Bank	2.715	24	9.09%	5	0.124	1	12.33%
6	Wells Fargo	2.211	20	7.40%
7	Barclays	2.145	16	7.18%
8	Goldman Sachs	2.018	16	6.76%
9	Morgan Stanley	1.913	15	6.40%
10	RBC	0.930	10	3.11%
	Total	29.867	54	1.009	4
	Average size:	0.553	0.252
August, global market, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	4.748	39	14.37%	4	0.132	1	13.04%
2	Bank of America	3.677	31	11.13%
3	Citigroup	2.900	23	8.78%	2	0.234	2	23.15%
4	Credit Suisse	2.773	20	8.39%	1	0.263	2	26.11%
5	Deutsche Bank	2.715	24	8.22%	5	0.124	1	12.33%
6	Goldman Sachs	2.469	19	7.47%
7	Wells Fargo	2.211	20	6.69%
8	Barclays	2.145	16	6.49%
9	Morgan Stanley	2.039	16	6.17%
10	RBC	0.930	10	2.81%
	Total	33.027	61	1.009	4
	Average size:	0.541	0.252

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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