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

* U.S. market high-yield issuance totals $31.27 billion year to date

* Citigroup top global high-yield underwriter year to date

* Global high-yield issuance totals $36.18 billion year to date

* CSFB top European high-yield underwriter year to date

* European high-yield issuance totals $8.37 billion year to date

New York, March 31 - JPMorgan jumped to the top of the U.S. high-yield league tables for the year so far, according to data compiled by Prospect News.

From sixth place at the end of February, the firm came in number one for the first quarter with $4.65 billion of bonds brought to market.

JPMorgan's role as sole bookrunner for DaVita Inc.'s $1.35 billion two-part offering of notes played a big part in its sudden ascent, with Noble Group Ltd.'s $700 million transaction also making a significant contribution.

Credit Suisse First Boston had been number one in February and January while Citigroup was first for all of 2004.

For the year through the end of March, Citigroup placed second with $4.20 billion and CSFB was third with $4.05 billion. Banc of America in fourth place was only marginally behind with $3.91 billion.

If only issuers from industrialized countries are counted, Citigroup placed first in the U.S. market with $3.93 billion, just $19 million ahead of Banc of America with $3.91 billion. Banc of America had been on top the previous month.

Citigroup was also the top underwriter in the global high-yield market - all currencies, industrialized countries only - followed by CSFB, Banc of America and, only marginally behind, JPMorgan. Citigroup was number one the previous month too.

Meanwhile CSFB was the top underwriter year to date in Europe, displacing Citigroup, the previous number one firm.

U.S. market volume for March was $9.70 billion bringing the year-to-date total to $31.27 billion.

After running close to year-ago levels earlier in the year, issuance ran out of steam in March. The comparable figures for 2004 are $16.68 billion in March and $43.18 billion total for the first quarter.

Total global volume shows a similar pattern: $36.18 billion for the year so far compared to $43.77 billion in 2004.

However European activity is much stronger at $8.37 billion for the first three months of the year compared to $3.90 billion for the same period of 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	JPMorgan	4.653	25	14.88%	4	4.407	30	10.21%
2	Citigroup	4.199	27	13.43%	2	5.941	35	13.76%
3	CSFB	4.047	25	12.94%	1	6.032	36	13.97%
4	Banc of America	3.905	31	12.49%	3	4.653	37	10.78%
5	Deutsche Bank	2.892	19	9.25%	6	3.812	25	8.83%
6	Lehman	2.129	16	6.81%	8	2.482	18	5.75%
7	UBS	1.957	16	6.26%	5	3.843	25	8.90%
8	Goldman Sachs	1.471	8	4.70%	9	2.109	13	4.89%
9	Morgan Stanley	1.342	6	4.29%	7	3.789	18	8.78%
10	Merrill Lynch	1.256	9	4.02%	10	1.775	12	4.11%
	Total	31.266	120	43.180	173
	Average size:	0.261	0.250
March, U.S. market, all issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	2.936	12	30.28%	3	2.004	13	12.02%
2	Citigroup	1.487	10	15.33%	5	1.377	9	8.26%
3	Banc of America	1.032	8	10.64%	2	2.062	18	12.36%
4	CSFB	0.770	5	7.94%	4	1.816	10	10.89%
5	Goldman Sachs	0.638	3	6.58%	8	1.123	8	6.74%
6	Deutsche Bank	0.572	5	5.90%	9	1.081	8	6.48%
7	Morgan Stanley	0.500	2	5.16%	1	2.194	7	13.16%
8	Wachovia	0.357	3	3.69%	13	0.317	3	1.90%
9	Merrill Lynch	0.330	2	3.41%	11	0.701	5	4.20%
10	UBS	0.287	3	2.96%	6	1.262	5	7.56%
	Total	9.696	38	16.678	67
	Average size:	0.255	0.249
Year-to-date, U.S. market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	3.924	25	14.11%	2	5.581	33	14.00%
2	Banc of America	3.905	31	14.04%	3	4.653	37	11.67%
3	JPMorgan	3.609	22	12.97%	4	4.307	29	10.80%
4	CSFB	2.912	19	10.47%	1	5.665	33	14.21%
5	Deutsche Bank	2.817	18	10.13%	6	3.313	23	8.31%
6	Lehman	2.129	16	7.66%	8	2.142	16	5.37%
7	UBS	1.709	15	6.14%	7	3.079	19	7.72%
8	Goldman Sachs	1.471	8	5.29%	9	2.109	13	5.29%
9	Merrill Lynch	1.182	8	4.25%	11	1.280	11	3.21%
10	Bear Stearns	1.173	8	4.22%	10	1.324	11	3.32%
	Total	27.814	107	39.871	159
	Average size:	0.260	0.251
March, U.S. market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	2.242	11	26.53%	3	1.904	12	11.84%
2	Citigroup	1.337	9	15.81%	5	1.377	9	8.56%
3	Banc of America	1.032	8	12.21%	2	2.062	18	12.82%
4	CSFB	0.770	5	9.11%	4	1.816	10	11.30%
5	Goldman Sachs	0.638	3	7.55%	8	1.123	8	6.99%
6	Deutsche Bank	0.572	5	6.76%	11	0.582	6	3.62%
7	Wachovia	0.357	3	4.23%	13	0.317	3	1.97%
8	Merrill Lynch	0.330	2	3.91%	10	0.701	5	4.36%
9	UBS	0.287	3	3.39%	6	1.262	5	7.85%
10	Jefferies	0.265	3	3.13%	9	0.712	7	4.43%
	Total	8.452	35	16.078	65
	Average size:	0.241	0.247
Year-to-date, global market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	5.370	34	14.84%	2	6.002	35	13.71%
2	CSFB	4.467	26	12.35%	1	6.469	37	14.78%
3	Banc of America	4.137	33	11.43%	5	4.653	37	10.63%
4	JPMorgan	4.135	26	11.43%	3	4.877	32	11.14%
5	Deutsche Bank	4.101	26	11.33%	4	4.757	29	10.87%
6	Goldman Sachs	2.679	14	7.40%	9	2.190	14	5.00%
7	Lehman	2.370	17	6.55%	8	2.213	17	5.06%
8	UBS	2.035	16	5.63%	7	3.079	19	7.04%
9	Merrill Lynch	1.367	10	3.78%	11	1.280	11	2.92%
10	Morgan Stanley	1.177	7	3.25%	6	3.673	17	8.39%
	Total	36.184	131	43.768	174
	Average size:	0.276	0.252
March, global market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	2.404	12	21.14%	1	2.393	14	13.39%
2	Citigroup	1.436	10	12.63%	5	1.377	9	7.70%
3	CSFB	1.391	9	12.23%	2	2.261	12	12.65%
4	Goldman Sachs	1.259	7	11.07%	9	1.123	8	6.29%
5	Banc of America	1.131	9	9.95%	4	2.062	18	11.54%
6	Deutsche Bank	1.062	9	9.34%	8	1.136	8	6.35%
7	Merrill Lynch	0.515	4	4.53%	11	0.701	5	3.92%
8	Wachovia	0.357	3	3.14%	13	0.317	3	1.78%
9	UBS	0.287	3	2.52%	6	1.262	5	7.06%
10	Jefferies	0.265	3	2.33%	10	0.712	7	3.98%
	Total	11.370	43	17.871	71
	Average size:	0.264	0.252
Year-to-date, European currencies, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	CSFB	1.555	7	18.58%	2	0.804	4	20.62%
2	Citigroup	1.447	9	17.29%	4	0.420	2	10.79%
3	Deutsche Bank	1.283	8	15.33%	1	1.444	6	37.05%
4	Goldman Sachs	1.208	6	14.43%	7	0.081	1	2.07%
5	JPMorgan	0.527	4	6.29%	3	0.570	3	14.62%
6	BNP Paribas	0.459	2	5.49%
7	UBS	0.327	1	3.90%
8	Lehman	0.241	1	2.88%	9	0.070	1	1.80%
9	Morgan Stanley	0.235	2	2.81%
10	Banc of America	0.232	2	2.77%
	Total	8.370	24	3.897	15
	Average size:	0.349	0.260
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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