JPMorgan remains top underwriter of high-yield bonds for year to date

• Junk market sees $53.77 billion of issuance for 2013 so far

New York, Feb. 28 - JPMorgan continued at the top of the league tables for underwriters of high-yield bonds, according to data compiled by Prospect News.

The bank was first for the month of January and, while Bank of America led for February, JPMorgan continues to be in the number one position for the year to date through February.

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

For the year so far, it has brought to market $7.57 billion of new deals, 14.1% of the market.

Citigroup was second for the year so far, unchanged from January but an improvement on its fifth place for 2012 as a whole.

Bank of America moved up to third from sixth, Deutsche Bank was unchanged at fourth and Wells Fargo slipped to fifth from second.

Issuance for February was $22.18 billion, down 30% from the $31.59 billion seen in January and well below the $36.41 billion of February 2012.

Thanks to a strong January, however, year-to-date volume of $53.77 billion is only slightly below the $57.77 billion for the first two months of 2012.

The headline figures exclude emerging markets deals. Including these offerings, issuance so far in 2013 is $68.50 billion of deals. JPMorgan was first on this basis as well.

Global issuance, excluding emerging markets, totaled $71.41 billion for the first two months of this year. Again, JPMorgan finished first.

In Europe, activity for the year so far is now $15.65 billion, solidly ahead of the $9.82 billion for the same period of 2012.

Deutsche Bank was back on top in Europe, after having its long reign in the number one position interrupted in January by JPMorgan.

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	7.572	51	14.08%	1	7.034	50	12.18%
2	Citigroup	5.925	41	11.02%	4	5.947	42	10.29%
3	Bank of America	5.681	51	10.56%	2	6.989	43	12.10%
4	Deutsche Bank	4.970	44	9.24%	8	4.027	36	6.97%
5	Wells Fargo	4.695	41	8.73%	6	4.666	29	8.08%
6	Barclays	4.370	35	8.13%	5	4.952	32	8.57%
7	Goldman Sachs	3.582	26	6.66%	7	4.252	27	7.36%
8	Credit Suisse	2.812	24	5.23%	3	6.288	39	10.88%
9	Morgan Stanley	2.673	23	4.97%	9	3.799	25	6.58%
10	RBC	1.948	22	3.62%	10	1.826	13	3.16%
	Total	53.773	121	57.770	106
	Average size:	0.444	0.545
U.S. market, including emerging markets, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	8.909	60	13.00%	1	7.452	54	11.75%
2	Citigroup	7.603	52	11.10%	4	6.517	46	10.27%
3	Bank of America	7.080	60	10.34%	3	6.989	43	11.02%
4	Deutsche Bank	5.810	50	8.48%	6	4.692	41	7.40%
5	Barclays	5.347	40	7.81%	5	5.252	34	8.28%
6	Wells Fargo	4.695	41	6.85%	7	4.666	29	7.35%
7	Credit Suisse	3.905	30	5.70%	2	7.417	47	11.69%
8	Goldman Sachs	3.807	27	5.56%	8	4.366	28	6.88%
9	Morgan Stanley	2.898	25	4.23%	9	3.799	25	5.99%
10	UBS	2.102	25	3.07%	12	1.109	13	1.75%
	Total	68.503	148	63.441	121
	Average size:	0.463	0.524
Global market, industrialized country issuers, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	8.613	61	12.06%	1	7.940	59	11.45%
2	Deutsche Bank	7.039	60	9.86%	5	5.264	47	7.59%
3	Bank of America	6.778	60	9.49%	2	7.390	49	10.65%
4	Citigroup	6.659	47	9.32%	4	6.383	48	9.20%
5	Barclays	5.157	41	7.22%	6	5.129	34	7.39%
6	Goldman Sachs	4.698	38	6.58%	7	4.829	34	6.96%
7	Wells Fargo	4.695	41	6.57%	8	4.666	29	6.73%
8	Credit Suisse	3.961	35	5.55%	3	6.491	43	9.36%
9	Morgan Stanley	2.927	26	4.10%	9	4.323	34	6.23%
10	BNP	2.157	15	3.02%	14	1.379	13	1.99%
	Total	71.414	161	69.359	129
	Average size:	0.444	0.538
European currencies, industrialized country issuers, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	2.019	15	12.90%	1	1.156	10	11.77%
2	BNP	1.614	12	10.31%	5	0.608	4	6.19%
3	Credit Agricole	0.939	7	6.00%	16	0.223	3	2.27%
4	Bank of America	0.931	8	5.95%	13	0.320	5	3.26%
5	Credit Suisse	0.916	9	5.85%	17	0.203	4	2.07%
6	JPMorgan	0.874	9	5.59%	3	0.825	8	8.40%
7	HSBC	0.870	8	5.56%	2	0.906	8	9.22%
8	Barclays	0.787	6	5.03%	19	0.177	2	1.80%
9	Goldman Sachs	0.766	9	4.89%	8	0.496	6	5.05%
10	UniCredit	0.670	8	4.28%	7	0.546	3	5.56%
	Total	15.651	35	9.822	18
	Average size:	0.447	0.546
U.S. market, February
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	3.308	28	14.92%	1	4.718	26	12.96%
2	Deutsche Bank	2.567	21	11.57%	9	2.413	19	6.63%
3	JPMorgan	2.486	21	11.21%	2	4.408	30	12.11%
4	Citigroup	2.017	18	9.09%	4	3.614	23	9.93%
5	Barclays	1.872	16	8.44%	6	2.958	15	8.12%
6	Goldman Sachs	1.756	14	7.92%	5	3.070	17	8.43%
7	Wells Fargo	1.607	13	7.25%	8	2.676	15	7.35%
8	Credit Suisse	1.101	10	4.97%	3	3.871	21	10.63%
9	Jefferies	0.968	6	4.36%	16	0.327	2	0.90%
10	Morgan Stanley	0.854	8	3.85%	7	2.894	16	7.95%
	Total	22.178	51	36.407	61
	Average size:	0.435	0.597
Global market, industrialized country issuers, February
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	4.117	31	13.59%	6	3.489	28	7.53%
2	Bank of America	4.077	33	13.46%	2	4.957	30	10.69%
3	JPMorgan	2.682	23	8.85%	1	5.233	38	11.29%
4	Barclays	2.562	20	8.46%	8	3.134	17	6.76%
5	Citigroup	2.098	19	6.93%	4	4.050	29	8.74%
6	Goldman Sachs	2.033	18	6.71%	5	3.567	23	7.69%
7	BNP	1.673	9	5.52%	14	0.953	9	2.06%
8	Wells Fargo	1.607	13	5.31%	9	2.676	15	5.77%
9	Credit Suisse	1.379	11	4.55%	3	4.074	25	8.79%
10	Jefferies	0.968	6	3.19%	22	0.327	2	0.71%
	Total	30.289	66	46.356	79
	Average size:	0.459	0.587

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).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.