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

• Junk issues total $111.24 billion for 2013 so far

New York, April 30 - JPMorgan was once more the leading underwriter of high-yield bonds, according to data compiled by Prospect News.

The bank has been first in the year-to-date rankings every month so far in 2013. It was also the top underwriter for 2012 as a whole and has led the rankings every year since 2005.

So far this year, JPMorgan has underwritten $14.90 billion of high-yield bonds, or 13.4% of the total.

Away from the top spot, however, there were several moves.

Deutsche Bank rose to second place from fourth for the year through March. BofA Merrill Lynch was unchanged in third place while Citigroup fell to fourth from second. Wells Fargo was again fifth.

April saw $22.21 billion of new deals, very similar to February's $22.18 billion but only 63% of March's $35.26 billion.

Total issuance in the U.S. market for 2013 so far is $111.24 billion, almost identical to the $111.51 billion at the same stage in the record-setting year of 2012.

Global issuance for the first four months of 2013 is $144.73 billion, ahead of the $131.18 billion for 2012. Again, JPMorgan finished first.

Europe has now seen $29.66 billion of new deals, well ahead of the $17.11 billion for the same period of 2012.

BNP moved up to the top position in Europe, pushing Deutsche Bank into second place. Apart from January, Deutsche has had a long run in the number one position.

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	14.904	99	13.40%	1	14.832	105	13.30%
2	Deutsche Bank	11.179	74	10.05%	7	8.410	74	7.54%
3	Bank of America	10.142	95	9.12%	2	13.680	103	12.27%
4	Citigroup	9.666	68	8.69%	4	9.705	76	8.70%
5	Wells Fargo	9.651	80	8.68%	5	8.598	69	7.71%
6	Barclays	8.031	63	7.22%	6	8.474	69	7.60%
7	Morgan Stanley	7.621	55	6.85%	9	6.899	52	6.19%
8	Goldman Sachs	7.271	52	6.54%	8	7.777	56	6.97%
9	Credit Suisse	7.241	58	6.51%	3	10.708	78	9.60%
10	RBC	3.437	39	3.09%	10	3.970	35	3.56%
	Total	111.240	244	111.514	229
	Average size:	0.456	0.487
U.S. market, including emerging markets, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	17.761	119	12.48%	1	15.882	113	13.12%
2	Deutsche Bank	13.776	94	9.68%	5	9.175	80	7.58%
3	Citigroup	12.921	92	9.08%	4	10.931	84	9.03%
4	Bank of America	12.454	109	8.75%	2	14.013	105	11.58%
5	Wells Fargo	9.651	80	6.78%	7	8.598	69	7.10%
6	Goldman Sachs	9.501	59	6.68%	8	8.024	58	6.63%
7	Barclays	9.482	72	6.67%	6	8.897	72	7.35%
8	Credit Suisse	9.040	68	6.35%	3	12.237	89	10.11%
9	Morgan Stanley	8.553	62	6.01%	9	6.974	53	5.76%
10	UBS	3.453	40	2.43%	11	3.677	37	3.04%
	Total	142.263	305	121.012	254
	Average size:	0.466	0.476
Global market, industrialized country issuers, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	16.688	116	11.53%	1	16.169	118	12.33%
2	Deutsche Bank	13.698	95	9.46%	5	10.378	93	7.91%
3	Bank of America	12.258	110	8.47%	2	14.231	112	10.85%
4	Citigroup	10.933	79	7.55%	4	10.677	87	8.14%
5	Wells Fargo	9.748	81	6.74%	8	8.598	69	6.55%
6	Barclays	9.376	74	6.48%	6	9.066	76	6.91%
7	Credit Suisse	8.912	73	6.16%	3	11.524	89	8.79%
8	Goldman Sachs	8.866	69	6.13%	7	8.730	66	6.66%
9	Morgan Stanley	8.096	60	5.59%	9	7.665	64	5.84%
10	RBC	3.675	43	2.54%	11	4.335	38	3.30%
	Total	144.733	324	131.177	270
	Average size:	0.447	0.486
European currencies, industrialized country issuers, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	BNP	2.527	21	8.52%	7	0.833	7	4.87%
2	Deutsche Bank	2.469	20	8.32%	1	1.887	18	11.03%
3	Bank of America	1.949	14	6.57%	16	0.471	8	2.75%
4	HSBC	1.620	17	5.46%	3	1.130	10	6.61%
5	Credit Agricole	1.536	13	5.18%	15	0.512	6	3.00%
6	Credit Suisse	1.437	13	4.85%	10	0.716	10	4.19%
7	JPMorgan	1.367	15	4.61%	2	1.156	11	6.76%
8	Barclays	1.345	11	4.53%	13	0.593	7	3.46%
9	Goldman Sachs	1.245	14	4.20%	9	0.772	8	4.51%
10	UniCredit	1.165	12	3.93%	11	0.706	4	4.13%
	Total	29.660	67	17.106	34
	Average size:	0.443	0.503
U.S. market, April
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	3.671	13	16.53%	10	1.165	11	5.57%
2	Wells Fargo	2.476	19	11.15%	6	1.364	16	6.52%
3	JPMorgan	2.020	17	9.10%	1	2.951	20	14.10%
4	Bank of America	1.973	15	8.89%	2	2.137	21	10.21%
5	Credit Suisse	1.430	14	6.44%	7	1.322	13	6.31%
6	Barclays	1.175	10	5.29%	4	1.427	15	6.82%
7	Morgan Stanley	0.983	9	4.43%	5	1.425	10	6.81%
8	RBC	0.889	9	4.00%	8	1.277	10	6.10%
9	Citigroup	0.806	9	3.63%	9	1.225	11	5.85%
10	RBS	0.725	7	3.26%	15	0.449	5	2.15%
	Total	22.206	54	20.931	49
	Average size:	0.411	0.427
Global market, industrialized country issuers, April
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	3.952	16	13.20%	8	1.357	13	6.01%
2	Bank of America	2.633	16	8.79%	2	2.137	21	9.46%
3	Wells Fargo	2.476	19	8.27%	7	1.364	16	6.04%
4	JPMorgan	2.439	20	8.15%	1	2.951	20	13.06%
5	Credit Suisse	1.785	17	5.96%	9	1.356	14	6.00%
6	Barclays	1.175	10	3.92%	4	1.461	16	6.47%
7	Morgan Stanley	1.037	10	3.46%	6	1.425	10	6.31%
8	RBC	1.010	11	3.37%	5	1.428	11	6.32%
9	Citigroup	0.937	11	3.13%	10	1.225	11	5.42%
10	RBS	0.801	8	2.68%	15	0.449	5	1.99%
	Total	29.940	76	22.592	53
	Average size:	0.394	0.426

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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