CSFB top U.S. market high-yield underwriter for January

* U.S. market high-yield issuance totals $12.36 billion for January

* Citigroup top global high-yield underwriter for January

* Global high-yield issuance totals $12.77 billion for January

* Deutsche Bank top European high-yield underwriter for January

* European high-yield issuance totals $2.39 billion for January

New York, Jan. 31 - Credit Suisse First Boston was back as number one underwriter of high-yield bonds in the U.S. market for January - but it was not a clear cut win. Citigroup, which knocked CSFB off the top perch for all of 2004, was the leading bank if emerging markets issuers are excluded and Citi also came first for global high-yield issuance.

Citigroup also placed first in Europe for January, according to the Prospect News data.

Total U.S. market volume for the month was $12.36 billion, down from December's $14.67 billion but still above the $11.86 billion monthly average for all of 2004.

European volume for the month was $2.39 billion, more than double the $1.03 billion monthly average for last year.

For January, CSFB brought to market $2.32 billion of bonds, helped significantly by its role as one of three bookrunners on the month's largest deal, Intelsat's $2.55 billion of bonds in three tranches.

Citigroup meanwhile came number two if emerging markets are included and was helped to its first place for industrialized countries only by its role as one of three bookrunners on the month's largest tranche of bonds, Novelis Inc.'s $1.4 billion.

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.

January, U.S. market, all issuers

2004 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	CSFB	2.314	12	18.71%	15	0.092	129	0.06%
2	Citigroup	1.660	8	13.43%	26	0.062	131	0.04%
3	Lehman	1.519	8	12.29%	5	0.212	69	0.15%
4	Banc of America	1.391	9	11.25%	16	0.083	121	0.06%
5	Deutsche Bank	1.329	8	10.75%	17	0.083	99	0.06%
6	JPMorgan	1.197	9	9.68%	24	0.062	121	0.04%
7	UBS	0.893	4	7.22%	25	0.062	76	0.04%
8	Morgan Stanley	0.592	2	4.79%	1	0.450	55	0.32%
9	Goldman Sachs	0.375	2	3.03%	7	0.197	66	0.14%
10	Merrill Lynch	0.298	2	2.41%	27	0.050	40	0.04%
	Total	12.364	41	142.378	575
	Average size:	0.302	0.248
January, U.S. market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	1.535	7	14.79%	24	0.062	121	0.05%
2	Lehman	1.519	8	14.64%	3	0.212	66	0.16%
3	Banc of America	1.391	9	13.41%	14	0.083	120	0.06%
4	Deutsche Bank	1.329	8	12.81%	13	0.083	90	0.06%
5	CSFB	1.253	7	12.07%	12	0.092	121	0.07%
6	JPMorgan	0.846	7	8.16%	22	0.062	112	0.05%
7	UBS	0.645	3	6.22%	23	0.062	63	0.05%
8	Morgan Stanley	0.592	2	5.70%	15	0.080	51	0.06%
9	Goldman Sachs	0.375	2	3.61%	5	0.197	63	0.15%
10	Merrill Lynch	0.298	2	2.87%	25	0.050	38	0.04%
	Total	10.378	32	131.130	532
	Average size:	0.324	0.246
January, global market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	2.376	12	18.60%	28	0.062	136	0.04%
2	Deutsche Bank	2.122	12	16.62%	19	0.083	124	0.05%
3	Banc of America	1.524	10	11.93%	18	0.083	127	0.05%
4	Lehman	1.519	8	11.90%	5	0.212	70	0.14%
5	CSFB	1.253	7	9.81%	16	0.092	142	0.06%
6	JPMorgan	0.920	8	7.21%	26	0.062	123	0.04%
7	Goldman Sachs	0.721	3	5.65%	7	0.197	79	0.13%
8	Morgan Stanley	0.666	3	5.21%	21	0.080	63	0.05%
9	UBS	0.645	3	5.05%	27	0.062	64	0.04%
10	Merrill Lynch	0.298	2	2.34%	29	0.050	45	0.03%
	Total	12.772	40	153.577	614
	Average size:	0.319	0.250
January, European currencies, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	0.841	5	35.13%	15	0.067	13	0.31%
2	Deutsche Bank	0.793	4	33.15%	7	0.128	31	0.60%
3	Goldman Sachs	0.346	1	14.45%	3	0.202	16	0.94%
4	Banc of America	0.133	1	5.55%	16	0.067	7	0.31%
5	BNP Paribas	0.133	1	5.55%	18	0.063	7	0.30%
6	JPMorgan	0.074	1	3.09%	4	0.175	10	0.82%
6	Morgan Stanley	0.074	1	3.09%	14	0.087	12	0.41%
	Total	2.394	8	21.380	76
	Average size:	0.299	0.281
Prospect News High-Yield Underwriter Rankings

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.

* 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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