JPMorgan once again top underwriter of high-yield bonds year to date

• Junk issuance now at $202.42 billion year to date

New York, Aug. 30 - JPMorgan was once more the leading underwriter of high-yield bonds, continuing a lengthy reign at the top of the league tables, 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 was again in second place while Goldman Sachs continued in third position, which it had gained in June after moving up one rung. Deutsche was fourth, also unchanged.

Wells Fargo moved up one place to fifth position, pushing Citigroup down to sixth.

New deal volume was subdued at $12.33 billion for the month, well under half the $29.47 billion of August 2012.

August's total was also down from $19.19 billion in July although it was comparable with June's $13.62 billion.

However the year-to-date figures remain strong, crossing the $200 billion mark in the most recent month.

For the eight months through August, the total of deals is $202.42 billion, 6.8% ahead of the $189.57 billion at the same stage in the record-setting year of 2012.

Global issuance for the first eight months of 2013 is $265.15 billion, 19.6% better than the $221.77 billion level for the comparable period of 2012. JPMorgan was first again on this basis.

European volume edged higher to $56.58 billion but remains much stronger than in 2012, which saw $27.21 billion for the comparable year-to-date timespan.

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	23.902	182	11.81%	1	23.432	176	12.36%
2	Bank of America	20.562	191	10.16%	2	23.122	179	12.20%
3	Goldman Sachs	18.895	115	9.33%	6	15.416	98	8.13%
4	Deutsche Bank	16.998	138	8.40%	4	16.887	127	8.91%
5	Wells Fargo	15.494	141	7.65%	8	13.210	117	6.97%
6	Citigroup	15.073	131	7.45%	5	16.055	129	8.47%
7	Barclays	14.840	122	7.33%	7	14.217	110	7.50%
8	Credit Suisse	13.837	122	6.84%	3	17.112	129	9.03%
9	Morgan Stanley	13.512	98	6.68%	9	12.077	90	6.37%
10	RBC	7.349	77	3.63%	10	7.027	64	3.71%
	Total	202.415	477	189.569	397
	Average size:	0.424	0.478
U.S. market, including emerging markets, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	27.782	206	11.50%	1	24.682	187	11.90%
2	Bank of America	23.124	207	9.57%	2	24.357	187	11.74%
3	Goldman Sachs	21.274	123	8.81%	6	15.953	102	7.69%
4	Deutsche Bank	20.362	163	8.43%	5	18.311	137	8.83%
5	Citigroup	19.773	164	8.18%	3	19.568	143	9.43%
6	Barclays	17.169	136	7.11%	7	14.640	113	7.06%
7	Credit Suisse	16.162	136	6.69%	4	18.810	142	9.07%
8	Wells Fargo	15.494	141	6.41%	8	13.210	117	6.37%
9	Morgan Stanley	14.722	107	6.09%	9	12.152	91	5.86%
10	RBC	7.349	77	3.04%	11	7.027	64	3.39%
	Total	241.614	559	207.409	437
	Average size:	0.432	0.475
Global market, industrialized country issuers, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	28.801	228	10.86%	1	25.351	194	11.43%
2	Bank of America	23.501	218	8.86%	2	23.796	189	10.73%
3	Goldman Sachs	22.671	152	8.55%	6	17.477	115	7.88%
4	Deutsche Bank	22.296	178	8.41%	3	19.518	154	8.80%
5	Citigroup	18.196	154	6.86%	5	17.670	144	7.97%
6	Credit Suisse	17.561	153	6.62%	4	18.249	143	8.23%
7	Barclays	17.216	146	6.49%	7	15.338	120	6.92%
8	Wells Fargo	15.592	142	5.88%	9	13.210	117	5.96%
9	Morgan Stanley	14.803	108	5.58%	8	13.679	109	6.17%
10	RBC	8.127	86	3.06%	10	7.628	69	3.44%
	Total	265.147	627	221.768	470
	Average size:	0.423	0.472
European currencies, industrialized country issuers, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	4.998	38	8.83%	1	2.550	26	9.37%
2	JPMorgan	4.459	43	7.88%	5	1.737	16	6.38%
3	BNP	3.779	32	6.68%	4	1.795	18	6.59%
4	Goldman Sachs	3.367	33	5.95%	3	1.880	15	6.91%
5	Credit Suisse	3.183	27	5.63%	10	1.037	13	3.81%
6	UniCredit	3.005	27	5.31%	14	0.924	9	3.40%
7	HSBC	2.909	27	5.14%	8	1.193	11	4.38%
8	Citigroup	2.740	21	4.84%	6	1.515	14	5.57%
9	Bank of America	2.734	25	4.83%	16	0.593	9	2.18%
10	Barclays	2.337	23	4.13%	9	1.121	10	4.12%
	Total	56.577	130	27.214	58
	Average size:	0.435	0.469
U.S. market, August
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	1.567	16	12.71%	2	3.577	30	12.14%
2	Goldman Sachs	1.500	10	12.17%	8	2.018	16	6.85%
3	JPMorgan	1.482	15	12.02%	1	4.267	35	14.48%
4	Deutsche Bank	1.055	9	8.56%	5	2.715	24	9.21%
5	Wells Fargo	0.935	12	7.59%	6	2.111	19	7.16%
6	Credit Suisse	0.821	10	6.66%	4	2.773	20	9.41%
7	Citigroup	0.797	11	6.47%	3	2.900	23	9.84%
8	Morgan Stanley	0.779	9	6.32%	9	1.913	15	6.49%
9	RBS	0.465	7	3.77%	13	0.569	6	1.93%
10	Barclays	0.445	7	3.61%	7	2.045	15	6.94%
	Total	12.329	40	29.469	53
	Average size:	0.308	0.556
Global market, industrialized country issuers, August
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	1.606	17	11.24%	2	3.577	30	10.96%
2	JPMorgan	1.521	16	10.64%	1	4.648	38	14.25%
3	Goldman Sachs	1.500	10	10.50%	6	2.469	19	7.57%
4	Deutsche Bank	1.305	10	9.13%	5	2.715	24	8.32%
5	Citigroup	1.261	13	8.83%	3	2.900	23	8.89%
6	Credit Suisse	1.071	11	7.50%	4	2.773	20	8.50%
7	Wells Fargo	0.935	12	6.55%	7	2.111	19	6.47%
8	Morgan Stanley	0.779	9	5.45%	9	2.039	16	6.25%
9	HSBC	0.576	4	4.03%	15	0.402	3	1.23%
10	Barclays	0.484	8	3.39%	8	2.045	15	6.27%
	Total	14.287	44	32.629	60
	Average size:	0.325	0.544

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.