JPMorgan top underwriter of high-yield bonds for 2013 to date

• Junk issuance total tops $300 billion year to date, total now $304.88 billion

New York, Nov. 27 - JPMorgan extended its long residency at the top of the league tables for underwriters of high-yield bonds, according to data compiled by Prospect News.

The bank was number one for the year through November, as it has been in the year-to-date rankings for every month so far this year. It was also first for all of 2012 and has led every year since 2005.

There was also no change in the rest of the top five banks compared to the month before. BofA Merrill Lynch was second, Goldman Sachs third, Citigroup fourth and Deutsche Bank fifth.

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

In Europe, JPMorgan took the number one position for a second month after dislodging long-time leader Deutsche Bank in October. JPMorgan's lead over Deutsche widened slightly to $0.50 billion, or 0.5% of the market, from just 0.2% the month before.

Total issuance in the U.S. market was $27.57 billion, a little higher than October's $26.26 billion and substantially below the record $47.02 billion seen in September.

The total for the year so far crossed $300 billion during November and is now $304.88 billion.

That figure is $4.63 billion, or 1.5%, ahead of the figure for the same period of 2012. Last year went on to set an annual issuance record of $327.06 billion. To match that amount, the high-yield market needs $22.18 billion of new deals in December, or 80% of the total in November.

Global issuance year to date is now $390.15 billion, substantially ahead of the $353.18 billion for the same period of 2012.

European issuance is also far outstripping last year's levels and now totals $76.86 billion versus $44.92 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	34.822	261	11.42%	1	35.882	275	11.95%
2	Bank of America	33.315	279	10.93%	2	33.991	275	11.32%
3	Goldman Sachs	27.284	175	8.95%	4	25.806	172	8.59%
4	Citigroup	25.092	203	8.23%	6	25.585	199	8.52%
5	Deutsche Bank	24.177	190	7.93%	5	25.604	198	8.53%
6	Credit Suisse	22.373	178	7.34%	3	27.413	194	9.13%
7	Barclays	21.928	164	7.19%	7	21.936	174	7.31%
8	Wells Fargo	21.140	185	6.93%	8	20.979	194	6.99%
9	Morgan Stanley	19.812	144	6.50%	9	19.465	149	6.48%
10	RBC	12.140	116	3.98%	10	10.840	101	3.61%
	Total	304.881	659	300.252	628
	Average size:	0.463	0.478
U.S. market, including emerging markets, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	39.631	291	11.19%	1	39.440	298	11.73%
2	Bank of America	36.192	299	10.22%	2	36.566	293	10.87%
3	Citigroup	30.233	240	8.54%	3	31.888	229	9.48%
4	Goldman Sachs	30.087	186	8.50%	6	26.610	178	7.91%
5	Deutsche Bank	28.800	224	8.13%	5	28.561	217	8.49%
6	Credit Suisse	25.316	198	7.15%	4	30.226	213	8.99%
7	Barclays	24.508	179	6.92%	7	23.421	181	6.96%
8	Morgan Stanley	21.361	155	6.03%	9	19.877	152	5.91%
9	Wells Fargo	21.140	185	5.97%	8	20.979	194	6.24%
10	RBC	12.140	116	3.43%	11	10.840	101	3.22%
	Total	354.110	768	336.297	701
	Average size:	0.461	0.480
Global market, industrialized country issuers, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	41.969	326	10.76%	1	38.920	305	11.02%
2	Bank of America	36.650	309	9.39%	2	35.577	293	10.07%
3	Goldman Sachs	31.893	220	8.17%	5	28.649	199	8.11%
4	Deutsche Bank	30.401	240	7.79%	4	29.516	239	8.36%
5	Citigroup	29.252	237	7.50%	6	28.574	229	8.09%
6	Credit Suisse	27.106	220	6.95%	3	29.607	220	8.38%
7	Barclays	25.324	196	6.49%	7	25.265	197	7.15%
8	Morgan Stanley	22.498	166	5.77%	8	21.689	176	6.14%
9	Wells Fargo	21.333	187	5.47%	9	21.015	195	5.95%
10	RBC	13.079	128	3.35%	10	11.853	111	3.36%
	Total	390.157	869	353.182	750
	Average size:	0.449	0.471
European currencies, industrialized country issuers, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	6.709	59	8.73%	4	2.733	27	6.08%
2	Deutsche Bank	6.225	49	8.10%	1	3.706	39	8.25%
3	BNP	4.662	42	6.07%	5	2.688	26	5.98%
4	Goldman Sachs	4.200	41	5.47%	6	2.515	23	5.60%
5	Credit Suisse	3.960	34	5.15%	9	1.972	23	4.39%
6	UniCredit	3.804	36	4.95%	12	1.626	15	3.62%
7	HSBC	3.686	34	4.80%	8	1.996	21	4.44%
8	Citigroup	3.544	28	4.61%	3	2.889	29	6.43%
9	Barclays	3.357	31	4.37%	2	3.329	23	7.41%
10	Bank of America	3.130	28	4.07%	13	1.379	16	3.07%
	Total	76.859	180	44.918	99
	Average size:	0.427	0.454
U.S. market, November
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	4.060	29	14.73%	2	3.125	26	11.04%
2	Barclays	3.682	17	13.36%	8	1.747	13	6.17%
3	JPMorgan	2.721	25	9.87%	6	2.524	22	8.92%
4	Citigroup	2.137	19	7.75%	3	3.056	23	10.80%
5	Goldman Sachs	1.904	16	6.91%	1	3.749	24	13.25%
6	Credit Suisse	1.580	11	5.73%	7	2.031	15	7.18%
7	Wells Fargo	1.532	14	5.56%	10	1.396	16	4.93%
8	Deutsche Bank	1.354	15	4.91%	5	2.543	16	8.99%
9	Morgan Stanley	1.144	9	4.15%	4	2.747	19	9.71%
10	RBC	1.059	11	3.84%	11	0.540	8	1.91%
	Total	27.568	62	28.296	65
	Average size:	0.445	0.435
Global market, industrialized country issuers, November
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	4.366	31	11.95%	3	3.212	27	9.24%
2	Barclays	4.113	21	11.26%	6	2.893	16	8.32%
3	JPMorgan	3.720	33	10.18%	5	2.953	25	8.50%
4	Goldman Sachs	2.279	20	6.24%	1	4.337	29	12.48%
5	Citigroup	2.277	20	6.23%	2	3.283	26	9.45%
6	Credit Suisse	2.112	16	5.78%	8	2.376	18	6.84%
7	Deutsche Bank	2.008	22	5.50%	7	2.756	18	7.93%
8	Wells Fargo	1.627	15	4.45%	10	1.396	16	4.02%
9	Morgan Stanley	1.326	11	3.63%	4	3.064	22	8.82%
10	RBC	1.163	12	3.18%	11	0.741	10	2.13%
	Total	36.532	81	34.756	82
	Average size:	0.451	0.424

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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