JPMorgan is top underwriter of high-yield bonds for first quarter

• Junk sees $88.82 billion of deals in first three months of 2013

New York, March 28 - JPMorgan was the top underwriter of high-yield bonds in the first quarter of 2013, continuing a long run in the league-table number one spot, according to data compiled by Prospect News.

JPMorgan was first in January and for the year through February. It was also the top underwriter for 2012 as a whole and has led the rankings every year since 2005.

So far in 2013, JPMorgan has brought $13.17 billion of new bonds to market, giving it a 14.8% market share.

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

BofA Merrill Lynch was third, the same as in February while Deutsche Bank was unchanged at fourth. Wells Fargo was again fifth.

New deal activity in March totaled $35.05 billion, up 58% from $22.18 billion in February and 11% better than January's $31.59 billion.

Issuance for the year so far is $88.82 billion, slightly below the $90.58 billion seen in the first quarter of the record year of 2012.

Global issuance in the first quarter totaled $114.32 billion, slightly ahead of the $108.59 billion comparable figure for 2012. Again, JPMorgan finished first.

In Europe, activity for the first quarter was $23.19 billion, substantially better than the $15.75 billion for the same period of 2012.

Deutsche Bank was again on top in Europe, unchanged from February, 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. 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	13.165	82	14.82%	1	11.881	85	13.12%
2	Citigroup	8.766	58	9.87%	4	8.480	65	9.36%
3	Bank of America	8.075	79	9.09%	2	11.543	82	12.74%
4	Deutsche Bank	7.414	60	8.35%	5	7.245	63	8.00%
5	Wells Fargo	7.175	61	8.08%	6	7.233	53	7.99%
6	Barclays	7.138	53	8.04%	7	7.047	54	7.78%
7	Goldman Sachs	6.861	47	7.72%	8	5.995	45	6.62%
8	Morgan Stanley	6.544	45	7.37%	9	5.474	42	6.04%
9	Credit Suisse	5.717	43	6.44%	3	9.386	65	10.36%
10	RBC	2.538	30	2.86%	11	2.693	25	2.97%
	Total	88.821	189	90.583	180
	Average size:	0.470	0.503
U.S. market, including emerging markets, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	15.443	97	13.94%	1	12.465	90	12.77%
2	Citigroup	11.393	77	10.28%	4	9.049	69	9.27%
3	Bank of America	9.789	90	8.83%	2	11.709	83	12.00%
4	Deutsche Bank	8.910	72	8.04%	5	7.910	68	8.11%
5	Barclays	8.589	62	7.75%	6	7.347	56	7.53%
6	Morgan Stanley	7.301	51	6.59%	9	5.549	43	5.69%
7	Wells Fargo	7.175	61	6.48%	7	7.233	53	7.41%
8	Goldman Sachs	7.086	48	6.39%	8	6.242	47	6.40%
9	Credit Suisse	6.870	50	6.20%	3	10.815	75	11.08%
10	UBS	2.858	34	2.58%	11	2.801	29	2.87%
	Total	110.800	231	97.587	200
	Average size:	0.480	0.488
Global market, industrialized country issuers, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	14.530	96	12.71%	1	13.218	98	12.17%
2	Citigroup	9.902	67	8.66%	4	9.452	76	8.71%
3	Deutsche Bank	9.652	78	8.44%	5	9.021	80	8.31%
4	Bank of America	9.531	93	8.34%	2	12.094	91	11.14%
5	Barclays	8.483	64	7.42%	6	7.605	60	7.00%
6	Goldman Sachs	8.230	62	7.20%	8	6.948	55	6.40%
7	Wells Fargo	7.272	62	6.36%	7	7.233	53	6.66%
8	Credit Suisse	7.033	55	6.15%	3	10.169	75	9.36%
9	Morgan Stanley	6.965	49	6.09%	9	6.241	54	5.75%
10	UBS	2.838	32	2.48%	11	3.564	36	3.28%
	Total	114.324	246	108.585	217
	Average size:	0.465	0.500
European currencies, industrialized country issuers, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	2.188	17	9.44%	1	1.695	16	10.77%
2	BNP	2.143	17	9.24%	9	0.732	5	4.65%
3	Barclays	1.345	11	5.80%	13	0.559	6	3.55%
4	Bank of America	1.290	13	5.56%	14	0.471	8	2.99%
5	HSBC	1.287	13	5.55%	3	0.906	8	5.75%
6	Credit Agricole	1.254	11	5.41%	17	0.288	4	1.83%
7	JPMorgan	1.198	13	5.17%	2	1.156	11	7.34%
8	Credit Suisse	1.083	10	4.67%	12	0.682	9	4.33%
9	Goldman Sachs	1.019	12	4.39%	8	0.772	8	4.90%
10	Citigroup	1.003	8	4.33%	5	0.873	10	5.54%
	Total	23.189	51	15.746	31
	Average size:	0.455	0.508
U.S. market, March
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	5.593	31	15.96%	1	4.847	35	14.77%
2	Morgan Stanley	3.871	22	11.05%	9	1.675	17	5.10%
3	Goldman Sachs	3.279	21	9.35%	8	1.743	18	5.31%
4	Credit Suisse	2.905	19	8.29%	4	3.099	26	9.44%
5	Citigroup	2.840	17	8.10%	6	2.533	23	7.72%
6	Barclays	2.768	18	7.90%	7	2.094	22	6.38%
7	Wells Fargo	2.479	20	7.07%	5	2.568	24	7.83%
8	Deutsche Bank	2.444	16	6.97%	3	3.219	27	9.81%
9	Bank of America	2.394	28	6.83%	2	4.554	39	13.88%
10	Jefferies	1.188	7	3.39%	16	0.286	3	0.87%
	Total	35.049	68	32.812	74
	Average size:	0.515	0.443
Global market, industrialized country issuers, March
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	5.918	35	13.79%	1	5.278	39	13.46%
2	Morgan Stanley	4.038	23	9.41%	9	1.918	20	4.89%
3	Goldman Sachs	3.532	24	8.23%	8	2.119	21	5.40%
4	Barclays	3.326	23	7.75%	7	2.476	26	6.31%
5	Citigroup	3.243	20	7.56%	5	3.070	28	7.83%
6	Credit Suisse	3.072	20	7.16%	4	3.677	32	9.37%
7	Bank of America	2.753	33	6.42%	2	4.705	42	11.99%
8	Deutsche Bank	2.613	18	6.09%	3	3.757	33	9.58%
9	Wells Fargo	2.577	21	6.01%	6	2.568	24	6.55%
10	Jefferies	1.188	7	2.77%	18	0.286	3	0.73%
	Total	42.911	85	39.226	88
	Average size:	0.505	0.446

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.