JPMorgan still on top among underwriters of high-yield bonds

• Junk market issuance totals $234.62 billion year to date after biggest month ever

New York, Sept. 28 - JPMorgan held on to the number one position among underwriters of high-yield bonds for the year to date after the busiest month ever in the history of junk debt, according to data compiled by Prospect News.

JPMorgan had been on top of the year-to-date tables for six straight months to start the year, but Bank of America moved ahead in July.

In August, however, JPMorgan returned to first place, although its lead was slim at just $310 million.

For the year through September, JPMorgan widened the gap, moving $2.29 billion ahead of Bank of America, or just under 1% of the market.

Credit Suisse and Deutsche Bank continued in third and fourth positions, but Goldman Sachs moved up to fifth, pushing Citigroup down into sixth.

September saw $44.66 billion of new junk bonds come to market, the biggest monthly total ever. Issuance activity was more than 22% ahead of the previous record month, February of this year, which saw $36.41 billion.

The market now looks to set for a new annual record. Year-to-date volume is now $234.62 billion, just $18 billion behind the all-time high of $252.90 billion in 2010. If the current pace is sustained, which is by no means certain, the record could fall as soon as October.

(The Prospect News league tables are being presented on a new basis this month. Headline figures now exclude emerging markets offerings in order to better reflect the true high-yield market.)

Including emerging markets, U.S. volume was $256.85 billion for the first three quarters of this year and JPMorgan was number one.

For global issuance, excluding emerging markets, activity totaled $275.57 billion through the end of September. JPMorgan led this table too.

Volume in Europe, however, is lagging last year, at $35.68 billion versus $44.87 billion at the same stage 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.

U.S. market, year to date

2011 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	29.461	223	12.56%	1	23.355	140	13.24%
2	Bank of America	27.172	215	11.58%	2	21.485	166	12.18%
3	Credit Suisse	22.487	153	9.58%	4	16.971	104	9.62%
4	Deutsche Bank	20.158	155	8.59%	3	17.007	99	9.64%
5	Goldman Sachs	19.369	121	8.26%	8	12.699	81	7.20%
6	Citigroup	19.348	154	8.25%	5	14.743	92	8.36%
7	Wells Fargo	16.552	151	7.05%	9	8.627	76	4.89%
8	Barclays	15.999	129	6.82%	7	12.878	96	7.30%
9	Morgan Stanley	14.680	108	6.26%	6	14.009	91	7.94%
10	RBC	9.227	81	3.93%	11	5.262	37	2.98%
	Total	234.623	484	176.429	396
	Average size:	0.485	0.446
U.S. market, including emerging markets, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	31.411	238	12.23%	1	27.789	164	12.84%
2	Bank of America	28.508	224	11.10%	2	24.012	183	11.09%
3	Credit Suisse	25.060	169	9.76%	4	19.339	119	8.93%
4	Citigroup	23.306	170	9.07%	5	18.549	115	8.57%
5	Deutsche Bank	22.028	167	8.58%	3	20.786	124	9.60%
6	Goldman Sachs	19.907	125	7.75%	6	15.266	97	7.05%
7	Barclays	16.672	133	6.49%	8	14.927	112	6.89%
8	Wells Fargo	16.552	151	6.44%	9	8.627	76	3.98%
9	Morgan Stanley	14.755	109	5.74%	7	15.039	100	6.95%
10	UBS	9.275	81	3.61%	10	6.817	50	3.15%
	Total	256.854	531	216.502	482
	Average size:	0.484	0.449
Global market, industrialized country issuers, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	31.722	245	11.51%	1	26.078	157	11.41%
2	Bank of America	28.237	227	10.25%	2	23.027	178	10.07%
3	Credit Suisse	24.034	172	8.72%	3	21.985	134	9.62%
4	Deutsche Bank	23.389	188	8.49%	4	21.959	133	9.61%
5	Citigroup	21.881	177	7.94%	5	18.037	112	7.89%
6	Goldman Sachs	21.449	139	7.78%	6	17.212	104	7.53%
7	Barclays	17.881	145	6.49%	8	15.398	110	6.74%
8	Wells Fargo	16.552	151	6.01%	9	8.627	76	3.77%
9	Morgan Stanley	16.479	129	5.98%	7	15.791	100	6.91%
10	RBC	9.847	87	3.57%	12	6.501	49	2.84%
	Total	275.569	574	228.611	517
	Average size:	0.480	0.442
European currencies, industrialized country issuers, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	3.151	32	8.83%	1	4.857	33	10.83%
2	Citigroup	2.433	22	6.82%	4	3.199	19	7.13%
3	None/Unknown	2.419	3	6.78%	32	0.080	1	0.18%
4	JPMorgan	2.080	20	5.83%	5	2.723	17	6.07%
5	BNP	1.957	20	5.48%	9	2.027	19	4.52%
6	Barclays	1.883	16	5.28%	6	2.520	14	5.62%
7	Goldman Sachs	1.880	15	5.27%	3	4.513	23	10.06%
8	RBS	1.671	14	4.68%	7	2.353	17	5.24%
9	Morgan Stanley	1.592	19	4.46%	10	1.782	9	3.97%
10	Credit Suisse	1.428	17	4.00%	2	4.609	26	10.27%
	Total	35.675	74	44.868	90
	Average size:	0.482	0.499
U.S. market, third quarter
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	12.000	92	12.55%	1	3.221	18	13.93%
2	Bank of America	10.540	85	11.02%	5	2.175	14	9.41%
3	Goldman Sachs	9.907	51	10.36%	12	0.651	6	2.82%
4	Credit Suisse	9.480	58	9.91%	2	2.729	14	11.80%
5	Deutsche Bank	8.773	65	9.17%	8	1.384	7	5.98%
6	Citigroup	7.958	61	8.32%	3	2.311	12	10.00%
7	Wells Fargo	6.243	63	6.53%	7	1.516	9	6.56%
8	Barclays	5.279	43	5.52%	4	2.207	15	9.54%
9	Morgan Stanley	5.028	38	5.26%	9	1.253	11	5.42%
10	RBC	3.694	33	3.86%	14	0.605	4	2.62%
	Total	95.654	188	23.117	47
	Average size:	0.509	0.492
Global market, industrialized country issuers, third quarter
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	12.846	100	11.45%	1	3.581	21	12.92%
2	Bank of America	11.053	88	9.85%	5	2.211	15	7.98%
3	Goldman Sachs	10.462	56	9.32%	13	0.686	7	2.48%
4	Credit Suisse	9.891	63	8.82%	2	2.911	15	10.50%
5	Deutsche Bank	9.613	76	8.57%	6	1.562	10	5.63%
6	Citigroup	9.394	72	8.37%	3	2.722	15	9.82%
7	Wells Fargo	6.243	63	5.56%	8	1.516	9	5.47%
8	Barclays	6.040	49	5.38%	4	2.299	16	8.29%
9	Morgan Stanley	5.560	43	4.96%	9	1.471	13	5.31%
10	RBC	3.949	36	3.52%	14	0.605	4	2.18%
	Total	112.200	225	27.716	57
	Average size:	0.499	0.486
U.S. market, September
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	5.929	46	13.28%	2	0.832	9	13.81%
2	Credit Suisse	5.375	24	12.04%	14	0.099	1	1.64%
3	Goldman Sachs	3.953	23	8.85%	12	0.113	2	1.88%
4	Bank of America	3.951	35	8.85%	1	1.049	9	17.41%
5	Citigroup	3.292	25	7.37%	5	0.425	3	7.06%
6	Deutsche Bank	3.270	28	7.32%	7	0.308	3	5.11%
7	Wells Fargo	3.243	33	7.26%	8	0.295	3	4.90%
8	Morgan Stanley	2.603	18	5.83%	3	0.789	7	13.10%
9	RBS	2.202	16	4.93%	9	0.295	3	4.89%
10	RBC	2.200	17	4.93%	15	0.083	1	1.38%
	Total	44.655	86	6.023	14
	Average size:	0.519	0.430
Global market, industrialized country issuers, September
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	6.272	50	11.74%	2	1.015	10	14.48%
2	Credit Suisse	5.785	29	10.83%	10	0.281	2	4.01%
3	Bank of America	4.342	37	8.13%	1	1.049	9	14.96%
4	Citigroup	4.211	33	7.88%	5	0.475	4	6.78%
5	Goldman Sachs	3.972	24	7.44%	13	0.113	2	1.62%
6	Deutsche Bank	3.871	34	7.25%	7	0.358	4	5.11%
7	Wells Fargo	3.243	33	6.07%	9	0.295	3	4.21%
8	RBS	2.891	22	5.41%	8	0.345	4	4.92%
9	Morgan Stanley	2.800	20	5.24%	3	0.972	8	13.86%
10	Barclays	2.444	24	4.58%	4	0.756	8	10.78%
	Total	53.403	103	7.009	17
	Average size:	0.518	0.412

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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