CSFB top U.S. market high-yield underwriter year to date

* U.S. market high-yield issuance totals $21.87 billion year to date

* Citigroup top global high-yield underwriter year to date

* Global high-yield issuance totals $25.11 billion year to date

* Citigroup top European high-yield underwriter year to date

* European high-yield issuance totals $5.45 billion year to date

New York, Feb. 28 - Credit Suisse First Boston remained the number one underwriter of high-yield bonds in the U.S. market for the year so far - but for a second month it was not a clear cut win, according to data compiled by Prospect News.

Banc of America Securities was the leading bank in the United States if emerging markets issuers are excluded while Citigroup was first in global high-yield issuance and in Europe.

CSFB had taken the number one spot in the U.S. market for January after being beaten to first place by Citigroup for all of 2004.

Banc of America's win for issuers from industrialized countries in the U.S. market was the result of a large number of deals on which the firm was joint bookrunner rather than any single big offering, Illustrating the point, Banc of America, brought to market $2.87 billion of bonds in 23 deals, an average per-deal credit of $125 million, while Citigroup at number two had $2.59 billion in 16 deals, an average per deal of $162 million.

B of A's largest solo deal in February was Stewart Enterprises, Inc.'s $300 million transaction.

Total volume for February came in at $9.51 billion.

While down significantly from $12.36 billion in January, it was still a solid performance, beating, for example, every month from July to October of last year.

However the year-to-date pace has now slipped behind last year at $21.87 billion compared to $26.50 billion at the same point in 2004.

On a global basis, looking at industrialized country issuers only, the figures are closer at $25.11 billion this year compared to $25.897 billion 12 months earlier.

European issuance is running at more than double last year's rate. So far this year there has been $5.45 billion of deals compared to $2.10 billion in 2004.

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. The global figures cover all major currencies but exclude emerging markets issuers. For Europe, the totals are calculated on the same basis as the global numbers but for European currencies only.

Year-to-date, U.S. market, all issuers

2004 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	CSFB	3.277	20	14.99%	2	4.215	26	15.90%
2	Banc of America	2.873	23	13.14%	4	2.592	19	9.78%
3	Citigroup	2.712	17	12.40%	1	4.564	26	17.22%
4	Deutsche Bank	2.395	15	10.95%	3	2.731	17	10.31%
5	Lehman	1.942	14	8.88%	8	1.306	11	4.93%
6	JPMorgan	1.792	14	8.19%	6	2.403	17	9.07%
7	UBS	1.670	13	7.64%	5	2.582	20	9.74%
8	Bear Stearns	1.098	7	5.02%	11	0.963	9	3.63%
9	Merrill Lynch	0.926	7	4.23%	9	1.073	7	4.05%
10	Morgan Stanley	0.842	4	3.85%	7	1.595	11	6.02%
	Total	21.871	83	26.502	106
	Average size:	0.264	0.250
February, U.S. market, all issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	1.482	14	15.58%	14	0.025	7	0.23%
2	Deutsche Bank	1.066	7	11.21%	1	0.540	11	4.83%
3	Citigroup	1.052	9	11.06%	16	0.025	14	0.22%
4	CSFB	0.963	8	10.13%	6	0.150	11	1.34%
5	Bear Stearns	0.861	5	9.06%	7	0.099	4	0.89%
6	UBS	0.777	9	8.18%	2	0.258	7	2.31%
7	Merrill Lynch	0.627	5	6.60%	10	0.056	4	0.50%
8	Wachovia	0.609	4	6.41%	12	0.037	3	0.33%
9	JPMorgan	0.595	5	6.26%	15	0.025	7	0.22%
10	Goldman Sachs	0.458	3	4.81%	5	0.210	1	1.88%
	Total	9.506	42	11.175	51
	Average size:	0.226	0.219
Year-to-date, U.S. market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	2.873	23	14.61%	4	2.592	19	10.89%
2	Citigroup	2.587	16	13.16%	1	4.204	24	17.67%
3	Deutsche Bank	2.321	14	11.80%	3	2.731	17	11.48%
4	CSFB	2.142	14	10.90%	2	3.849	23	16.18%
5	Lehman	1.942	14	9.88%	9	0.966	9	4.06%
6	JPMorgan	1.441	12	7.33%	5	2.403	17	10.10%
7	UBS	1.422	12	7.23%	6	1.818	14	7.64%
8	Bear Stearns	1.098	7	5.59%	10	0.843	8	3.54%
9	Merrill Lynch	0.852	6	4.33%	11	0.579	6	2.43%
10	Morgan Stanley	0.842	4	4.28%	7	1.479	10	6.21%
	Total	19.662	73	23.793	94
	Average size:	0.269	0.253
February, U.S. market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	1.482	14	15.96%	14	0.025	7	0.24%
2	Citigroup	1.052	9	11.33%	16	0.025	14	0.24%
3	Deutsche Bank	0.992	6	10.68%	1	0.540	11	5.14%
4	CSFB	0.889	7	9.58%	6	0.150	10	1.43%
5	Bear Stearns	0.861	5	9.28%	7	0.099	4	0.94%
6	UBS	0.777	9	8.37%	2	0.258	5	2.46%
7	Wachovia	0.609	4	6.56%	12	0.037	3	0.35%
8	JPMorgan	0.595	5	6.41%	15	0.025	7	0.24%
9	Merrill Lynch	0.553	4	5.96%	10	0.056	4	0.53%
10	Goldman Sachs	0.458	3	4.93%	5	0.210	1	2.00%
	Total	9.284	41	10.510	47
	Average size:	0.226	0.224
Year-to-date, global market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	3.935	24	15.67%	1	4.625	26	17.86%
2	Deutsche Bank	3.114	18	12.40%	3	3.621	21	13.98%
3	CSFB	3.075	17	12.25%	2	4.208	25	16.25%
4	Banc of America	3.006	24	11.97%	4	2.592	19	10.01%
5	Lehman	2.183	15	8.69%	10	0.966	9	3.73%
6	JPMorgan	1.806	15	7.19%	5	2.484	18	9.59%
7	UBS	1.749	13	6.96%	6	1.818	14	7.02%
8	Goldman Sachs	1.420	7	5.65%	9	1.066	6	4.12%
9	Bear Stearns	1.098	7	4.37%	8	1.116	9	4.31%
10	Morgan Stanley	0.916	5	3.65%	7	1.479	10	5.71%
	Total	25.113	89	25.897	103
	Average size:	0.282	0.251
February, global market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	CSFB	1.822	10	15.59%	6	0.150	11	1.29%
2	Citigroup	1.559	12	13.33%	16	0.025	15	0.21%
3	Banc of America	1.482	14	12.68%	14	0.025	7	0.22%
4	Deutsche Bank	0.992	6	8.48%	1	0.580	14	4.97%
5	JPMorgan	0.886	7	7.58%	15	0.025	7	0.21%
6	Bear Stearns	0.861	5	7.37%	7	0.099	4	0.85%
7	UBS	0.777	9	6.65%	2	0.258	5	2.21%
8	Goldman Sachs	0.699	4	5.98%	5	0.210	1	1.80%
9	Lehman	0.664	7	5.68%	8	0.099	5	0.85%
10	Wachovia	0.609	4	5.21%	12	0.037	3	0.32%
	Total	11.688	48	11.669	52
	Average size:	0.243	0.224
Year-to-date, European currencies, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	1.348	8	24.73%	2	0.420	2	19.99%
2	CSFB	0.933	3	17.12%	3	0.359	2	17.07%
3	Deutsche Bank	0.793	4	14.55%	1	0.890	4	42.30%
4	Goldman Sachs	0.587	2	10.77%	6	0.081	1	3.83%
5	BNP Paribas	0.459	2	8.43%	-	-	-	-
6	JPMorgan	0.364	3	6.68%	5	0.081	1	3.83%
7	UBS	0.327	1	5.99%	-	-	-	-
8	Lehman	0.241	1	4.42%	-	-	-	-
9	ING	0.191	1	3.51%	-	-	-	-
10	Banc of America	0.133	1	2.44%	-	-	-	-
	Total	5.451	16	2.104	9
	Average size:	0.341	0.234
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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