• Junk issuance narrowly misses setting record, totals $324.3 billion
New York, Dec. 31 - JPMorgan added another year to its lengthy domination of the league tables for underwriters of high-yield bonds, according to data compiled by Prospect News.
The bank has now led the rankings for nine straight years since taking the top spot in 2005.
Meanwhile the junk market narrowly missed setting a new record for annual issuance. The total for 2013 is $324.30 billion, just $2.76 billion, or 0.8%, short of the $327.06 billion brought to market in 2012.
As in 2012, BofA Merrill Lynch placed second among junk underwriters.
However Goldman Sachs moved up sharply, finishing 2013 in the number three spot, improved from sixth the year before.
Citigroup added one notch to end the year in fourth place, up from fifth in 2012. Deutsche Bank made the opposite move, slipping to fifth from fourth.
Credit Suisse, third in 2012, fell to sixth in the year just completed.
The remaining members of the top 10, Barclays, Wells Fargo, Morgan Stanley and RBC, were all unchanged from 2012.
If emerging markets issues are included, junk issuance in the U.S. market did set a new annual record, reaching $376.09 billion, up from $365.46 billion the year before.
JPMorgan was also number one for the tables calculated on this basis, followed by BofA Merrill Lynch and Citigroup, all unchanged from 2012.
Global high-yield issuance, including all major currencies but excluding emerging markets, also set a record in 2013 thanks to a surge in Europe. Volume for the year was $416.20 billion, up from $381.73 billion the year before.
As in 2012, JPMorgan and BofA Merrill Lynch took first and second places, respectively. Goldman Sachs rose to third from sixth.
Europe saw junk activity jump to $82.21 billion for the year, up 77% from $46.34 billion in 2012.
JPMorgan won top position in Europe, ousting Deutsche Bank, which led in 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 | 37.059 | 275 | 11.43% | 1 | 38.427 | 296 | 11.75%
|
2 | Bank of America | 34.522 | 291 | 10.65% | 2 | 37.176 | 299 | 11.37%
|
3 | Goldman Sachs | 28.391 | 183 | 8.75% | 6 | 27.169 | 187 | 8.31%
|
4 | Citigroup | 26.638 | 217 | 8.21% | 5 | 28.059 | 220 | 8.58%
|
5 | Deutsche Bank | 25.162 | 198 | 7.76% | 4 | 28.609 | 216 | 8.75%
|
6 | Credit Suisse | 24.567 | 189 | 7.58% | 3 | 29.901 | 215 | 9.14%
|
7 | Barclays | 22.600 | 168 | 6.97% | 7 | 23.742 | 190 | 7.26%
|
8 | Wells Fargo | 22.030 | 194 | 6.79% | 8 | 22.470 | 206 | 6.87%
|
9 | Morgan Stanley | 21.962 | 156 | 6.77% | 9 | 21.172 | 167 | 6.47%
|
10 | RBC | 13.060 | 123 | 4.03% | 10 | 12.325 | 115 | 3.77%
|
| Total | 324.298 | 696 | 327.055 | 691 |
|
| Average size: | 0.466 | 0.473 |
|
|
|
U.S. market, including emerging markets, year to date |
|
| | | | | 2012 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 42.050 | 307 | 11.18% | 1 | 41.986 | 319 | 11.49%
|
2 | Bank of America | 37.399 | 311 | 9.94% | 2 | 39.752 | 317 | 10.88%
|
3 | Citigroup | 31.882 | 255 | 8.48% | 3 | 34.362 | 250 | 9.40%
|
4 | Goldman Sachs | 31.281 | 195 | 8.32% | 6 | 28.934 | 197 | 7.92%
|
5 | Deutsche Bank | 29.975 | 234 | 7.97% | 5 | 31.814 | 236 | 8.71%
|
6 | Credit Suisse | 27.613 | 210 | 7.34% | 4 | 32.714 | 234 | 8.95%
|
7 | Barclays | 25.282 | 184 | 6.72% | 7 | 25.310 | 198 | 6.93%
|
8 | Morgan Stanley | 23.591 | 168 | 6.27% | 9 | 21.867 | 172 | 5.98%
|
9 | Wells Fargo | 22.030 | 194 | 5.86% | 8 | 22.470 | 206 | 6.15%
|
10 | RBC | 13.060 | 123 | 3.47% | 11 | 12.325 | 115 | 3.37%
|
| Total | 376.092 | 809 | 365.455 | 769 |
|
| Average size: | 0.465 | 0.475 |
|
|
|
Global market, industrialized country issuers, year to date |
|
| | | | | 2012 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 44.479 | 344 | 10.69% | 1 | 41.529 | 327 | 10.88%
|
2 | Bank of America | 38.659 | 323 | 9.29% | 2 | 38.825 | 318 | 10.17%
|
3 | Goldman Sachs | 33.172 | 231 | 7.97% | 6 | 30.435 | 216 | 7.97%
|
4 | Deutsche Bank | 31.948 | 256 | 7.68% | 3 | 32.584 | 258 | 8.54%
|
5 | Citigroup | 30.849 | 252 | 7.41% | 5 | 31.186 | 251 | 8.17%
|
6 | Credit Suisse | 29.600 | 235 | 7.11% | 4 | 32.235 | 242 | 8.44%
|
7 | Barclays | 26.342 | 205 | 6.33% | 7 | 27.274 | 215 | 7.14%
|
8 | Morgan Stanley | 24.730 | 179 | 5.94% | 8 | 23.460 | 195 | 6.15%
|
9 | Wells Fargo | 22.262 | 197 | 5.35% | 9 | 22.506 | 207 | 5.90%
|
10 | RBC | 14.098 | 137 | 3.39% | 10 | 13.580 | 127 | 3.56%
|
| Total | 416.199 | 927 | 381.732 | 819 |
|
| Average size: | 0.449 | 0.466 |
|
|
|
|
|
European currencies, industrialized country issuers, year to date |
|
| | | | | 2012 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 6.982 | 63 | 8.49% | 5 | 2.796 | 28 | 6.03%
|
2 | Deutsche Bank | 6.787 | 57 | 8.26% | 1 | 3.769 | 40 | 8.13%
|
3 | BNP | 5.101 | 49 | 6.20% | 6 | 2.688 | 26 | 5.80%
|
4 | Goldman Sachs | 4.333 | 43 | 5.27% | 4 | 2.938 | 25 | 6.34%
|
5 | Credit Suisse | 4.260 | 38 | 5.18% | 7 | 2.112 | 24 | 4.56%
|
6 | HSBC | 3.895 | 38 | 4.74% | 8 | 1.996 | 21 | 4.31%
|
7 | UniCredit | 3.885 | 38 | 4.73% | 11 | 1.626 | 15 | 3.51%
|
8 | Barclays | 3.703 | 36 | 4.50% | 2 | 3.532 | 25 | 7.62%
|
9 | Citigroup | 3.596 | 29 | 4.37% | 3 | 3.027 | 30 | 6.53%
|
10 | Bank of America | 3.181 | 29 | 3.87% | 12 | 1.442 | 17 | 3.11%
|
| Total | 82.208 | 195 | 46.341 | 103 |
|
| Average size: | 0.422 | 0.450 |
|
|
|
U.S. market, fourth quarter |
|
| | | | | 2012 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 7.926 | 62 | 10.77% | 2 | 8.989 | 72 | 9.65%
|
2 | Bank of America | 7.385 | 63 | 10.03% | 1 | 10.077 | 85 | 10.82%
|
3 | Citigroup | 6.523 | 54 | 8.86% | 3 | 8.711 | 66 | 9.35%
|
4 | Goldman Sachs | 6.338 | 47 | 8.61% | 6 | 7.800 | 65 | 8.37%
|
5 | Credit Suisse | 6.071 | 38 | 8.25% | 7 | 7.414 | 62 | 7.96%
|
6 | Morgan Stanley | 6.013 | 43 | 8.17% | 8 | 6.430 | 58 | 6.90%
|
7 | Barclays | 5.224 | 30 | 7.10% | 5 | 7.843 | 62 | 8.42%
|
8 | Deutsche Bank | 5.020 | 43 | 6.82% | 4 | 8.452 | 61 | 9.08%
|
9 | Wells Fargo | 3.544 | 35 | 4.82% | 9 | 5.991 | 56 | 6.43%
|
10 | RBC | 3.118 | 31 | 4.24% | 11 | 3.097 | 33 | 3.33%
|
| Total | 73.595 | 153 | 93.131 | 208 |
|
| Average size: | 0.481 | 0.448 |
|
|
|
Global market, industrialized country issuers, fourth quarter |
|
| | | | | 2012 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 10.012 | 78 | 10.48% | 2 | 9.830 | 81 | 9.23%
|
2 | Bank of America | 8.492 | 67 | 8.89% | 1 | 10.661 | 92 | 10.01%
|
3 | Morgan Stanley | 6.957 | 51 | 7.28% | 8 | 6.918 | 65 | 6.49%
|
4 | Goldman Sachs | 6.928 | 55 | 7.25% | 6 | 8.983 | 76 | 8.43%
|
5 | Credit Suisse | 6.903 | 47 | 7.22% | 7 | 8.198 | 70 | 7.69%
|
6 | Citigroup | 6.817 | 57 | 7.13% | 4 | 9.305 | 74 | 8.73%
|
7 | Barclays | 6.427 | 42 | 6.72% | 3 | 9.492 | 71 | 8.91%
|
8 | Deutsche Bank | 6.235 | 58 | 6.52% | 5 | 9.195 | 70 | 8.63%
|
9 | Wells Fargo | 3.679 | 37 | 3.85% | 9 | 6.027 | 57 | 5.66%
|
10 | RBC | 3.321 | 34 | 3.47% | 10 | 3.730 | 39 | 3.50%
|
| Total | 95.573 | 214 | 106.550 | 245 |
|
| Average size: | 0.447 | 0.435 |
|
|
|
U.S. market, December |
|
| | | | | 2012 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 2.741 | 19 | 12.65% | 3 | 2.545 | 21 | 9.50%
|
2 | Credit Suisse | 2.194 | 11 | 10.13% | 4 | 2.488 | 21 | 9.28%
|
3 | Morgan Stanley | 2.150 | 12 | 9.93% | 7 | 1.707 | 18 | 6.37%
|
4 | Bank of America | 2.012 | 15 | 9.29% | 1 | 3.186 | 24 | 11.88%
|
5 | Citigroup | 1.621 | 15 | 7.48% | 5 | 2.474 | 21 | 9.23%
|
6 | Goldman Sachs | 1.478 | 11 | 6.82% | 10 | 1.363 | 15 | 5.09%
|
7 | Jefferies | 1.420 | 5 | 6.55% | 12 | 1.008 | 6 | 3.76%
|
8 | Deutsche Bank | 1.259 | 12 | 5.81% | 2 | 3.005 | 18 | 11.21%
|
9 | Barclays | 1.175 | 9 | 5.43% | 6 | 1.806 | 16 | 6.74%
|
10 | RBC | 0.920 | 7 | 4.25% | 9 | 1.485 | 14 | 5.54%
|
| Total | 21.662 | 44 | 26.804 | 63 |
|
| Average size: | 0.492 | 0.425 |
|
|
|
Global market, industrialized country issuers, December |
|
| | | | | 2012 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 2.924 | 22 | 10.92% | 5 | 2.608 | 22 | 9.14%
|
2 | Bank of America | 2.814 | 17 | 10.51% | 1 | 3.249 | 25 | 11.38%
|
3 | Credit Suisse | 2.427 | 14 | 9.06% | 3 | 2.628 | 22 | 9.21%
|
4 | Morgan Stanley | 2.231 | 13 | 8.33% | 8 | 1.770 | 19 | 6.20%
|
5 | Citigroup | 1.672 | 16 | 6.25% | 4 | 2.612 | 22 | 9.15%
|
6 | Deutsche Bank | 1.664 | 18 | 6.21% | 2 | 3.068 | 19 | 10.75%
|
7 | Goldman Sachs | 1.650 | 14 | 6.16% | 7 | 1.786 | 17 | 6.26%
|
8 | Barclays | 1.521 | 14 | 5.68% | 6 | 2.009 | 18 | 7.04%
|
9 | Jefferies | 1.420 | 5 | 5.30% | 12 | 1.008 | 6 | 3.53%
|
10 | RBC | 1.019 | 9 | 3.80% | 9 | 1.726 | 16 | 6.05%
|
| Total | 26.778 | 62 | 28.550 | 69 |
|
| Average size: | 0.432 | 0.414 |
|
|
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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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