JPMorgan holds on to top spot among underwriters of high-yield bonds

• Junk issues total $190.97 billion for year so far

New York, July 31 - JPMorgan continued its long reign at the top of the rankings for underwriters 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.

BofA Merrill Lynch remained in second place in the tables while Goldman Sachs held in third position, which it had gained in June after moving up one rung. Deutsche was again fourth. Citigroup took the number five spot.

Market activity recovered somewhat from June's trough. July saw $18.78 billion of deals, up from $13.63 billion in June but still the second smallest month this year and also behind the $21.13 billion of July 2012.

However year-to-date issuance still looks strong at $190.97 billion, 19.3% ahead of the $160.10 billion recorded for the same period of 2012. Last year went on to become the biggest ever in the junk market.

Global issuance for the first five months of 2013 is $251.88 billion, 33% above the $189.14 billion level for the comparable span of 2012. JPMorgan was first again.

European market activity is now $56.19 billion for the year to date, 2.3 times the $24.43 billion for the same period of 2012.

Deutsche Bank was once more on top 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	22.191	164	11.62%	2	19.165	141	11.97%
2	Bank of America	19.170	175	10.04%	1	19.545	149	12.21%
3	Goldman Sachs	17.395	105	9.11%	5	13.398	82	8.37%
4	Deutsche Bank	16.386	129	8.58%	4	14.172	103	8.85%
5	Citigroup	14.470	119	7.58%	6	13.155	106	8.22%
6	Wells Fargo	14.429	127	7.56%	8	11.098	98	6.93%
7	Barclays	14.395	115	7.54%	7	12.172	95	7.60%
8	Morgan Stanley	13.056	90	6.84%	9	10.164	75	6.35%
9	Credit Suisse	13.017	112	6.82%	3	14.340	109	8.96%
10	RBC	6.966	71	3.65%	10	6.098	54	3.81%
	Total	190.972	437	160.100	344
	Average size:	0.437	0.465
U.S. market, including emerging markets, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	25.822	187	11.28%	2	20.415	152	11.47%
2	Bank of America	21.732	191	9.50%	1	20.780	157	11.68%
3	Deutsche Bank	19.750	154	8.63%	5	15.596	113	8.76%
4	Goldman Sachs	19.626	112	8.57%	6	13.935	86	7.83%
5	Citigroup	19.022	151	8.31%	3	16.667	120	9.37%
6	Barclays	16.724	129	7.31%	7	12.595	98	7.08%
7	Credit Suisse	15.342	126	6.70%	4	16.038	122	9.01%
8	Wells Fargo	14.429	127	6.30%	8	11.098	98	6.24%
9	Morgan Stanley	14.266	99	6.23%	9	10.239	76	5.75%
10	RBC	6.966	71	3.04%	11	6.098	54	3.43%
	Total	228.874	517	177.939	384
	Average size:	0.443	0.463
Global market, industrialized country issuers, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	27.052	209	10.74%	1	20.702	156	10.95%
2	Bank of America	22.071	201	8.76%	2	20.219	159	10.69%
3	Deutsche Bank	21.434	168	8.51%	3	16.803	130	8.88%
4	Goldman Sachs	21.171	142	8.41%	5	15.008	96	7.93%
5	Citigroup	17.129	140	6.80%	6	14.770	121	7.81%
6	Barclays	16.732	138	6.64%	7	13.293	105	7.03%
7	Credit Suisse	16.491	142	6.55%	4	15.476	123	8.18%
8	Wells Fargo	14.527	128	5.77%	9	11.098	98	5.87%
9	Morgan Stanley	14.347	100	5.70%	8	11.640	93	6.15%
10	RBC	7.743	80	3.07%	11	6.699	59	3.54%
	Total	251.878	584	189.139	410
	Average size:	0.431	0.461
European currencies, industrialized country issuers, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	4.998	38	8.89%	1	2.550	26	10.44%
2	JPMorgan	4.459	43	7.94%	6	1.356	13	5.55%
3	BNP	3.779	32	6.73%	3	1.507	16	6.17%
4	Goldman Sachs	3.367	33	5.99%	4	1.429	12	5.85%
5	Credit Suisse	3.183	27	5.66%	9	1.037	13	4.24%
6	UniCredit	3.005	27	5.35%	13	0.924	9	3.78%
7	Bank of America	2.734	25	4.87%	15	0.593	9	2.43%
8	HSBC	2.695	26	4.80%	7	1.193	11	4.88%
9	Citigroup	2.526	20	4.50%	2	1.515	14	6.20%
10	Barclays	2.337	23	4.16%	8	1.121	10	4.59%
	Total	56.193	129	24.431	53
	Average size:	0.436	0.461
U.S. market, July
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	2.407	19	12.82%	2	2.913	19	13.78%
2	Morgan Stanley	2.182	12	11.62%	12	0.513	5	2.43%
3	Barclays	1.735	16	9.24%	6	1.452	9	6.87%
4	JPMorgan	1.573	15	8.38%	5	1.704	10	8.07%
5	Wells Fargo	1.436	17	7.64%	8	0.789	10	3.74%
6	Credit Suisse	1.391	14	7.41%	7	1.333	14	6.31%
7	Goldman Sachs	1.362	12	7.25%	1	3.935	12	18.62%
8	Citigroup	1.352	16	7.20%	4	1.766	13	8.36%
9	Deutsche Bank	0.979	11	5.21%	3	2.788	13	13.19%
10	Jefferies	0.707	4	3.77%	15	0.225	1	1.06%
	Total	18.779	54	21.131	48
	Average size:	0.348	0.440
Global market, industrialized country issuers, July
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Morgan Stanley	2.875	16	9.51%	11	0.722	7	2.80%
2	JPMorgan	2.610	25	8.63%	5	1.827	11	7.09%
3	Bank of America	2.515	21	8.32%	2	3.035	20	11.78%
4	Goldman Sachs	2.057	18	6.80%	1	4.021	13	15.61%
5	Citigroup	2.032	20	6.72%	4	2.283	16	8.86%
6	Deutsche Bank	1.863	18	6.16%	3	3.027	18	11.75%
7	Barclays	1.843	18	6.09%	6	1.452	9	5.63%
8	Credit Suisse	1.548	16	5.12%	7	1.333	14	5.17%
9	Wells Fargo	1.436	17	4.75%	10	0.789	10	3.06%
10	UniCredit	1.301	9	4.30%	24	0.154	4	0.60%
	Total	30.237	78	25.769	61
	Average size:	0.388	0.422

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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