JPMorgan continues as top underwriter of high-yield bonds for 2013 so far

• Junk issuance totals $277.81 billion for year to date

New York, Oct. 31 - JPMorgan clocked up another month on top of the high-yield league tables, placing first for the year through October, according to data compiled by Prospect News.

The bank has been No. 1 in the year-to-date rankings for every month so far this year. It also took the lead position for all of 2012 and for every year since 2005.

BofA Merrill Lynch was second, as it was the month before, and Goldman Sachs remained in third.

Citigroup continued in fourth position while Deutsche Bank was fifth, both also unchanged from the month before.

JPMorgan was also first if junk-rated emerging markets issues are included and also first on a global basis, counting high-yield issues in all currencies, but excluding offerings from companies based in emerging markets.

JPMorgan was also No. 1 in European high yield, dislodging Deutsche Bank, which had been the perennial leader. However, the two firms are separated by a market share of just 0.21%, or $140 million of bonds.

U.S. high-yield issuance for October was $26.76 billion, far below the record $47.02 billion seen in September but consistent with the average monthly volume for the year.

The total for 2013 so far is now $277.81 billion, slightly ahead of the $271.96 billion for the comparable period of last year.

Activity this year had been running ahead of 2012 levels, but with the month just completed falling behind the $38.03 billion of October 2012, the margin has narrowed. Last year went on to set a record total of $327.06 billion of new high-yield bonds. For this year to match that figure will require another $50 billion of deals in the remaining two months of the year.

Global issuance year to date is now $354.13 billion, far ahead of the $318.43 billion for the same period of 2012.

European issuance remains above last year's levels and now totals $68.23 billion versus $39.76 billion at the same stage of 2012.

The U.S. market figures cover dollar-denominated high-yield deals issued in the United States as registered offerings or under Rule 144A. Both U.S. and global figures exclude emerging markets offerings.

U.S. market, year to date

2012 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	32.101	236	11.56%	1	33.358	253	12.27%
2	Bank of America	29.422	250	10.59%	2	30.866	249	11.35%
3	Goldman Sachs	25.380	159	9.14%	6	22.057	148	8.11%
4	Citigroup	23.121	184	8.32%	5	22.529	176	8.28%
5	Deutsche Bank	22.990	175	8.28%	4	23.061	182	8.48%
6	Credit Suisse	20.793	167	7.48%	3	25.382	179	9.33%
7	Wells Fargo	19.608	171	7.06%	8	19.583	178	7.20%
8	Morgan Stanley	18.667	135	6.72%	9	16.718	130	6.15%
9	Barclays	18.247	147	6.57%	7	20.190	161	7.42%
10	RBC	11.116	105	4.00%	10	10.300	93	3.79%
	Total	277.814	597	271.956	563
	Average size:	0.465	0.483
U.S. market, including emerging markets, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	36.607	264	11.26%	1	36.037	272	11.90%
2	Bank of America	32.237	269	9.91%	2	32.343	260	10.68%
3	Citigroup	28.262	221	8.69%	3	28.147	201	9.29%
4	Goldman Sachs	28.125	169	8.65%	6	22.861	154	7.55%
5	Deutsche Bank	27.058	204	8.32%	5	25.708	198	8.49%
6	Credit Suisse	23.503	184	7.23%	4	27.997	196	9.24%
7	Barclays	20.826	162	6.40%	7	21.674	168	7.16%
8	Morgan Stanley	20.018	145	6.16%	9	16.879	132	5.57%
9	Wells Fargo	19.608	171	6.03%	8	19.583	178	6.47%
10	RBC	11.116	105	3.42%	11	10.300	93	3.40%
	Total	325.227	699	302.832	625
	Average size:	0.465	0.485
Global market, industrialized country issuers, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	38.249	293	10.80%	1	35.967	280	11.30%
2	Bank of America	32.451	278	9.16%	2	32.364	266	10.16%
3	Goldman Sachs	29.614	200	8.36%	6	24.312	170	7.63%
4	Deutsche Bank	28.560	218	8.06%	4	26.760	221	8.40%
5	Citigroup	27.142	217	7.66%	5	25.290	203	7.94%
6	Credit Suisse	24.994	204	7.06%	3	27.231	202	8.55%
7	Barclays	21.211	175	5.99%	7	22.372	181	7.03%
8	Morgan Stanley	21.172	155	5.98%	9	18.625	154	5.85%
9	Wells Fargo	19.706	172	5.56%	8	19.619	179	6.16%
10	RBC	11.951	116	3.37%	10	11.113	101	3.49%
	Total	354.125	788	318.425	668
	Average size:	0.449	0.477
European currencies, industrialized country issuers, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	5.710	51	8.37%	5	2.304	24	5.79%
2	Deutsche Bank	5.571	42	8.16%	1	3.493	37	8.79%
3	BNP	4.447	39	6.52%	3	2.601	25	6.54%
4	Goldman Sachs	3.826	37	5.61%	7	2.052	19	5.16%
5	Credit Suisse	3.428	29	5.02%	9	1.728	21	4.35%
6	Citigroup	3.405	27	4.99%	2	2.662	26	6.69%
7	HSBC	3.276	30	4.80%	11	1.670	17	4.20%
8	UniCredit	3.222	29	4.72%	14	1.244	11	3.13%
9	Barclays	2.926	27	4.29%	6	2.182	20	5.49%
10	Bank of America	2.824	26	4.14%	13	1.291	15	3.25%
	Total	68.234	163	39.760	86
	Average size:	0.419	0.462
U.S. market, October
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	3.327	23	12.43%	8	2.688	26	7.07%
2	JPMorgan	2.969	23	11.09%	2	3.919	29	10.31%
3	Citigroup	2.932	20	10.95%	4	3.181	22	8.36%
4	Morgan Stanley	2.718	22	10.16%	9	1.976	21	5.19%
5	Deutsche Bank	2.706	18	10.11%	6	2.903	27	7.63%
6	Credit Suisse	2.297	16	8.58%	7	2.895	26	7.61%
7	Bank of America	2.284	22	8.54%	3	3.766	35	9.90%
8	RBC	1.139	13	4.26%	13	1.073	11	2.82%
9	Wells Fargo	1.123	12	4.20%	5	3.104	28	8.16%
10	Barclays	0.871	9	3.25%	1	4.291	33	11.28%
	Total	26.761	52	38.032	80
	Average size:	0.515	0.475
Global market, industrialized country issuers, October
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	3.782	27	11.41%	2	4.268	34	9.87%
2	Morgan Stanley	3.399	27	10.25%	9	2.084	24	4.82%
3	Goldman Sachs	3.370	24	10.17%	8	2.861	30	6.61%
4	Citigroup	3.034	21	9.15%	4	3.410	26	7.88%
5	Deutsche Bank	2.706	18	8.16%	5	3.371	33	7.79%
6	Credit Suisse	2.297	16	6.93%	6	3.194	30	7.39%
7	Bank of America	2.284	22	6.89%	3	4.200	40	9.71%
8	Barclays	1.297	12	3.91%	1	4.590	37	10.61%
9	RBC	1.139	13	3.44%	12	1.263	13	2.92%
10	Wells Fargo	1.123	12	3.39%	7	3.140	29	7.26%
	Total	33.149	73	43.244	94
	Average size:	0.454	0.460

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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