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

• Junk issues total $157.46 billion for 2013 so far as market sees biggest month ever

New York, May 31 - JPMorgan continued as the number one underwriter of high-yield bonds as the market recorded its biggest month ever for new deals, 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.

Meanwhile May saw $45.47 billion of new junk bonds brought to market in 101 tranches. That narrowly beat the previous monthly record of $44.36 billion set in September 2012.

Year-to-date issuance now totals $157.46 billion in 346 tranches, 21% ahead of the $130.40 billion for the comparable period of last year, which ended up being the most active year ever for sales of high-yield debt.

Even if no more bonds are issued in the remaining seven months of the year, 2013 would still be the fourth busiest year on record.

Among the banks, JPMorgan has now underwritten $19.57 billion of high-yield bonds, or 12.4% of the total, down from 13.4% for the first four months of the year.

BofA Merrill Lynch moved up one position to second place from third the previous month while Deutsche Bank made the opposite move, to third from second.

Citigroup continued at number four after falling from second in the previous monthly statistics. Wells Fargo was once more fifth.

Global issuance for the first five months of 2013 is $203.96 billion, 34% stronger than the $152.71 billion for the same period of 2012. JPMorgan was first once more.

Issuance in the European market is now $41.60 billion for the year so far, more than double the $18.97 billion for the first five months of 2012.

Deutsche Bank was back in the number one position in Europe after BNP took top ranking for the year through April.

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	19.573	141	12.43%	1	16.353	120	12.54%
2	Bank of America	15.515	143	9.85%	2	15.710	120	12.05%
3	Deutsche Bank	14.371	108	9.13%	4	10.963	86	8.41%
4	Citigroup	12.344	96	7.84%	5	10.613	86	8.14%
5	Wells Fargo	12.291	103	7.81%	7	9.356	77	7.18%
6	Barclays	12.270	95	7.79%	6	9.546	77	7.32%
7	Goldman Sachs	11.585	85	7.36%	9	8.766	65	6.72%
8	Morgan Stanley	10.628	75	6.75%	8	9.052	64	6.94%
9	Credit Suisse	10.431	85	6.62%	3	12.618	91	9.68%
10	RBC	5.892	58	3.74%	10	5.291	45	4.06%
	Total	157.463	346	130.398	274
	Average size:	0.455	0.476
U.S. market, including emerging markets, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	23.204	164	11.98%	1	17.404	128	12.07%
2	Bank of America	18.078	159	9.33%	2	16.343	123	11.33%
3	Deutsche Bank	17.607	132	9.09%	5	12.229	94	8.48%
4	Citigroup	16.347	126	8.44%	4	13.339	95	9.25%
5	Barclays	13.938	106	7.19%	6	9.970	80	6.91%
6	Goldman Sachs	13.815	92	7.13%	9	9.013	67	6.25%
7	Credit Suisse	12.628	98	6.52%	3	14.146	102	9.81%
8	Wells Fargo	12.291	103	6.34%	7	9.356	77	6.49%
9	Morgan Stanley	11.727	83	6.05%	8	9.127	65	6.33%
10	RBC	5.892	58	3.04%	10	5.291	45	3.67%
	Total	193.714	422	144.197	303
	Average size:	0.459	0.476
Global market, industrialized country issuers, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	23.113	175	11.33%	1	17.768	134	11.64%
2	Deutsche Bank	18.581	140	9.11%	4	13.187	107	8.64%
3	Bank of America	18.264	165	8.95%	2	16.262	129	10.65%
4	Goldman Sachs	14.511	114	7.11%	8	9.719	75	6.36%
5	Barclays	14.298	113	7.01%	7	10.139	84	6.64%
6	Citigroup	14.166	112	6.95%	5	11.585	97	7.59%
7	Credit Suisse	13.577	110	6.66%	3	13.754	105	9.01%
8	Wells Fargo	12.488	105	6.12%	9	9.356	77	6.13%
9	Morgan Stanley	11.227	81	5.50%	6	10.152	79	6.65%
10	RBC	6.380	64	3.13%	10	5.656	48	3.70%
	Total	203.958	459	152.708	322
	Average size:	0.444	0.474
European currencies, industrialized country issuers, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	3.901	29	9.38%	1	2.143	20	11.30%
2	JPMorgan	3.373	33	8.11%	2	1.234	12	6.50%
3	BNP	2.786	25	6.70%	3	1.168	10	6.16%
4	Credit Suisse	2.656	21	6.38%	5	1.037	13	5.46%
5	Goldman Sachs	2.576	26	6.19%	11	0.772	8	4.07%
6	Bank of America	2.324	19	5.59%	16	0.471	8	2.48%
7	HSBC	2.130	21	5.12%	4	1.130	10	5.96%
8	Barclays	1.928	17	4.63%	13	0.593	7	3.12%
9	UniCredit	1.828	19	4.39%	12	0.771	5	4.06%
10	Citigroup	1.688	15	4.06%	9	0.873	10	4.60%
	Total	41.601	97	18.971	39
	Average size:	0.429	0.486
U.S. market, May
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	5.450	48	11.99%	3	2.030	17	10.75%
2	JPMorgan	4.419	41	9.72%	5	1.522	15	8.06%
3	Barclays	4.316	32	9.49%	7	1.072	8	5.68%
4	Goldman Sachs	4.314	33	9.49%	9	0.989	9	5.24%
5	Deutsche Bank	3.216	33	7.07%	1	2.553	12	13.52%
6	Morgan Stanley	3.007	20	6.61%	2	2.154	12	11.40%
7	Credit Suisse	2.883	25	6.34%	4	1.909	13	10.11%
8	Citigroup	2.679	28	5.89%	10	0.908	10	4.81%
9	Jefferies	2.646	15	5.82%	12	0.679	7	3.60%
10	Wells Fargo	2.640	23	5.81%	11	0.759	8	4.02%
	Total	45.474	101	18.884	45
	Average size:	0.450	0.420
Global market, industrialized country issuers, May
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	6.426	59	10.85%	5	1.599	16	7.43%
2	Bank of America	6.031	54	10.18%	4	2.030	17	9.43%
3	Goldman Sachs	5.525	44	9.33%	9	0.989	9	4.59%
4	Barclays	5.014	38	8.46%	7	1.072	8	4.98%
5	Deutsche Bank	4.190	42	7.07%	1	2.809	14	13.05%
6	Credit Suisse	3.778	32	6.38%	3	2.230	16	10.36%
7	Citigroup	3.233	33	5.46%	10	0.908	10	4.22%
8	Morgan Stanley	3.131	21	5.28%	2	2.487	15	11.55%
9	Jefferies	2.879	17	4.86%	12	0.757	8	3.51%
10	Wells Fargo	2.740	24	4.63%	11	0.759	8	3.52%
	Total	59.237	136	21.531	52
	Average size:	0.436	0.414

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.