JPMorgan number one underwriter of high-yield bonds for year to date

• Junk issues total $172.05 billion for 2013 to date

New York, June 28 - JPMorgan recorded another month as the number one 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.

June saw issuance plunge compared to May's record level. The month saw $13.51 billion of new high-yield bonds, about 30% of the $46.17 billion in May. It was the smallest total since the $8.57 billion of June 2012.

Year-to-date issuance is now $172.05 billion, 24% ahead of the $138.97 billion total at the same point in the record year of 2012.

Among the banks, BofA Merrill Lynch continued in second place, Goldman Sachs moved up one position to third, while Deutsche fell to fourth place. It had slipped to third from second in the May league tables.

Citigroup eased by one position to fifth.

Global issuance for the first five months of 2013 is $221.50 billion, 36% above the $163.37 billion level for the same period of 2012. JPMorgan was first once more.

Issuance in the European market was $44.74 billion for the first half of the year, more than double the $20.66 billion for the corresponding timespan in 2012.

Deutsche Bank was again number one in Europe.

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	20.618	149	11.98%	1	17.461	131	12.56%
2	Bank of America	16.763	156	9.74%	2	16.632	130	11.97%
3	Goldman Sachs	16.033	93	9.32%	9	9.463	70	6.81%
4	Deutsche Bank	15.407	118	8.96%	5	11.384	90	8.19%
5	Citigroup	13.092	102	7.61%	4	11.389	93	8.20%
6	Wells Fargo	12.994	110	7.55%	7	10.309	88	7.42%
7	Barclays	12.659	99	7.36%	6	10.720	86	7.71%
8	Credit Suisse	11.625	98	6.76%	3	13.007	95	9.36%
9	Morgan Stanley	10.873	78	6.32%	8	9.651	70	6.94%
10	RBC	6.673	67	3.88%	10	5.534	48	3.98%
	Total	172.049	380	138.968	296
	Average size:	0.453	0.469
U.S. market, including emerging markets, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	24.249	172	11.56%	1	18.711	142	12.13%
2	Bank of America	19.325	172	9.21%	2	17.548	135	11.37%
3	Deutsche Bank	18.771	143	8.95%	5	12.650	98	8.20%
4	Goldman Sachs	18.264	100	8.71%	9	9.710	72	6.29%
5	Citigroup	17.644	134	8.41%	4	14.232	104	9.22%
6	Barclays	14.877	112	7.09%	6	11.143	89	7.22%
7	Credit Suisse	13.950	112	6.65%	3	14.618	107	9.47%
8	Wells Fargo	12.994	110	6.20%	7	10.309	88	6.68%
9	Morgan Stanley	11.972	86	5.71%	8	9.726	71	6.30%
10	RBC	6.673	67	3.18%	11	5.534	48	3.59%
	Total	209.727	459	154.316	330
	Average size:	0.457	0.468
Global market, industrialized country issuers, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	24.442	184	11.04%	1	18.876	145	11.55%
2	Deutsche Bank	19.571	150	8.84%	4	13.776	112	8.43%
3	Bank of America	19.556	180	8.83%	2	17.184	139	10.52%
4	Goldman Sachs	19.114	124	8.63%	7	10.986	83	6.72%
5	Citigroup	15.072	119	6.80%	5	12.487	105	7.64%
6	Credit Suisse	14.942	126	6.75%	3	14.143	109	8.66%
7	Barclays	14.889	120	6.72%	6	11.841	96	7.25%
8	Wells Fargo	13.091	111	5.91%	9	10.309	88	6.31%
9	Morgan Stanley	11.472	84	5.18%	8	10.919	86	6.68%
10	RBC	7.315	75	3.30%	11	5.899	51	3.61%
	Total	221.496	503	163.370	349
	Average size:	0.440	0.468
European currencies, industrialized country issuers, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	4.114	31	9.20%	1	2.311	21	11.19%
2	JPMorgan	3.423	33	7.65%	3	1.234	12	5.97%
3	Credit Suisse	3.026	25	6.76%	8	1.037	13	5.02%
4	BNP	2.786	25	6.23%	5	1.168	10	5.66%
5	Goldman Sachs	2.672	27	5.97%	2	1.343	11	6.50%
6	Bank of America	2.626	23	5.87%	16	0.471	8	2.28%
7	HSBC	2.270	23	5.07%	6	1.130	10	5.47%
8	Barclays	2.230	21	4.98%	7	1.121	10	5.43%
9	Citigroup	1.846	16	4.13%	9	0.998	11	4.83%
10	UniCredit	1.828	19	4.09%	13	0.771	5	3.73%
	Total	44.735	105	20.656	43
	Average size:	0.426	0.480
U.S. market, second quarter
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	9.173	46	11.10%	7	3.468	25	7.17%
2	Bank of America	8.513	75	10.30%	2	5.089	48	10.52%
3	Deutsche Bank	7.817	56	9.46%	4	4.139	27	8.55%
4	JPMorgan	7.734	67	9.36%	1	5.580	46	11.53%
5	Wells Fargo	5.919	50	7.16%	8	3.076	35	6.36%
6	Barclays	5.879	46	7.11%	5	3.673	32	7.59%
7	Credit Suisse	5.350	51	6.47%	6	3.620	30	7.48%
8	Morgan Stanley	4.235	32	5.13%	3	4.177	28	8.63%
9	Citigroup	4.233	43	5.12%	9	2.909	28	6.01%
10	RBC	4.124	37	4.99%	10	2.841	23	5.87%
	Total	82.641	190	48.386	116
	Average size:	0.435	0.417
Global market, industrialized country issuers, second quarter
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	10.764	61	10.08%	6	4.039	28	7.37%
2	JPMorgan	10.193	88	9.54%	1	5.657	47	10.33%
3	Bank of America	9.955	85	9.32%	2	5.089	48	9.29%
4	Deutsche Bank	9.185	69	8.60%	3	4.755	32	8.68%
5	Credit Suisse	6.928	65	6.49%	7	3.975	34	7.26%
6	Barclays	6.870	56	6.43%	5	4.236	36	7.73%
7	Wells Fargo	5.919	50	5.54%	8	3.076	35	5.61%
8	Citigroup	5.076	51	4.75%	9	3.035	29	5.54%
9	RBC	4.650	43	4.35%	10	2.992	24	5.46%
10	Morgan Stanley	4.413	34	4.13%	4	4.678	32	8.54%
	Total	106.803	256	54.785	132
	Average size:	0.417	0.415
U.S. market, June
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	4.448	8	32.92%	6	0.697	5	8.13%
2	Bank of America	1.002	11	7.42%	4	0.922	10	10.76%
3	JPMorgan	0.957	7	7.08%	2	1.108	11	12.92%
4	Credit Suisse	0.949	11	7.02%	10	0.389	4	4.54%
5	UBS	0.815	7	6.03%	8	0.422	4	4.93%
6	Deutsche Bank	0.791	8	5.85%	9	0.421	4	4.91%
7	RBC	0.780	9	5.77%	11	0.243	3	2.83%
8	Citigroup	0.748	6	5.53%	5	0.776	7	9.06%
9	Wells Fargo	0.715	7	5.29%	3	0.953	11	11.12%
10	Jefferies	0.548	4	4.05%
	Total	13.511	33	8.571	22
	Average size:	0.409	0.390
Global market, industrialized country issuers, June
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	4.603	10	25.34%	2	1.267	8	11.89%
2	JPMorgan	1.417	10	7.80%	3	1.108	11	10.39%
3	Credit Suisse	1.378	16	7.58%	10	0.389	4	3.65%
4	Bank of America	1.304	15	7.18%	5	0.922	10	8.65%
5	Citigroup	1.081	9	5.95%	6	0.902	8	8.46%
6	UBS	1.012	9	5.57%	9	0.422	4	3.96%
7	Deutsche Bank	1.003	10	5.52%	8	0.589	5	5.52%
8	RBC	0.935	11	5.15%	12	0.243	3	2.28%
9	Wells Fargo	0.715	7	3.94%	4	0.953	11	8.94%
10	RBS	0.646	6	3.56%	18	0.107	2	1.00%
	Total	18.165	47	10.662	27
	Average size:	0.386	0.395

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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