JPMorgan starts 2013 as top underwriter of high-yield bonds

• Junk market sees $31.99 billion of issuance in January

New York, Jan. 31 - JPMorgan started the new year the way it finished the old one - on top of the high-yield underwriting league tables, according to data compiled by Prospect News.

The firm brought to market $5.09 billion of new deals, 15.9% of the market.

JPMorgan was the top underwriter for 2012 as a whole and has led the rankings every year since 2005.

Citigroup was second for January, followed by Wells Fargo, Barclays and Deutsche Bank. The positions are notably different compared to those for last year as a whole: Citi was fifth for 2012, Wells Fargo eighth, Barclays seventh and Deutsche fourth. However the relatively small volume in a single month means the January rankings can be volatile.

Total activity in January was $31.99 billion, solidly ahead of the $27 billion monthly average recorded in 2012, which ended with a record-setting $327.94 billion of new deals. The month's tally was nearly 50% more than the $21.64 billion seen in January 2012.

The headline figures exclude emerging markets deals. Including these offerings, January saw $40.57 billion of deals. JPMorgan was also first on this basis as well.

Global issuance, excluding emerging markets, totaled $41.53 billion in January. Again, JPMorgan was on top.

In Europe, there was $7.87 billion of deals for the month, much more than the $0.42 billion seen in January 2012.

JPMorgan also led in Europe, breaking Deutsche Bank's long run at the top.

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

2012 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	5.086	30	15.90%	1	2.627	20	12.29%
2	Citigroup	3.988	24	12.47%	3	2.333	19	10.92%
3	Wells Fargo	3.168	29	9.90%	6	1.990	14	9.32%
4	Barclays	2.497	19	7.81%	5	1.994	17	9.34%
5	Deutsche Bank	2.403	23	7.51%	7	1.614	17	7.55%
6	Bank of America	2.373	23	7.42%	4	2.271	17	10.63%
7	Morgan Stanley	1.899	16	5.94%	9	0.905	9	4.24%
8	Goldman Sachs	1.825	12	5.71%	8	1.182	10	5.53%
9	Credit Suisse	1.711	14	5.35%	2	2.417	18	11.32%
10	RBC	1.444	16	4.51%	10	0.817	6	3.82%
	Total	31.994	71	21.363	45
	Average size:	0.451	0.475
U.S. market, including emerging markets, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	5.765	34	14.21%	2	2.729	21	11.34%
2	Citigroup	4.530	27	11.16%	3	2.656	21	11.03%
3	Bank of America	3.265	28	8.05%	4	2.271	17	9.44%
4	Wells Fargo	3.168	29	7.81%	6	1.990	14	8.27%
5	Deutsche Bank	2.926	27	7.21%	7	1.984	19	8.24%
6	Barclays	2.783	20	6.86%	5	1.994	17	8.29%
7	Credit Suisse	2.479	17	6.11%	1	2.851	21	11.84%
8	Morgan Stanley	2.024	17	4.99%	9	0.905	9	3.76%
9	Goldman Sachs	1.825	12	4.50%	8	1.182	10	4.91%
10	UBS	1.477	17	3.64%	12	0.618	7	2.57%
	Total	40.573	84	24.069	51
	Average size:	0.483	0.472
Global market, industrialized country issuers, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	5.931	38	14.28%	1	2.707	21	11.77%
2	Citigroup	4.640	29	11.17%	4	2.333	19	10.14%
3	Wells Fargo	3.168	29	7.63%	6	1.990	14	8.65%
4	Deutsche Bank	2.922	29	7.04%	7	1.775	19	7.72%
5	Bank of America	2.701	27	6.51%	2	2.432	19	10.57%
6	Goldman Sachs	2.665	20	6.42%	8	1.263	11	5.49%
7	Barclays	2.595	21	6.25%	5	1.994	17	8.67%
8	Credit Suisse	2.582	24	6.22%	3	2.417	18	10.51%
9	Morgan Stanley	2.153	19	5.19%	10	0.986	10	4.29%
10	RBC	1.509	17	3.64%	9	0.989	7	4.30%
	Total	41.525	96	23.002	50
	Average size:	0.433	0.460
European currencies, industrialized country issuers, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	0.678	7	8.62%
2	Credit Suisse	0.638	8	8.11%
3	Goldman Sachs	0.539	6	6.86%
4	Deutsche Bank	0.519	6	6.60%	4	0.080	1	19.05%
5	Citigroup	0.519	4	6.59%
6	SG CIB	0.361	5	4.59%
7	UniCredit	0.340	4	4.32%	2	0.080	1	19.05%
8	Credit Agricole CIB	0.329	4	4.19%
9	BNP	0.324	5	4.11%
10	HSBC	0.320	5	4.06%
	Total	7.867	22	0.422	2
	Average size:	0.358	0.211

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.

• Emerging market deals are excluded unless noted otherwise.

• 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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