CSFB top high yield underwriter year to date

* High yield issuance $45.11 billion year to date

* Deutsche Bank top high yield underwriter in third quarter

* High yield issuance $4.92 billion in third quarter

* Deutsche Bank top high yield underwriter in September

* High yield issuance $2.45 billion in September

New York, Sept. 30 - High-yield bond issuance rebounded in September from its paltry pace the month before to $2.45 billion in 10 deals, according to data compiled by Prospect News.

That was more than double the $1.18 billion in six deals recorded in August and nearly double the $1.30 billion in seven deals seen in July.

But after the two previous months, September's figure was the lowest this year and the smallest month for new issuance since September 2001 when the terrorist attacks on New York City and Washington, D.C. put the brakes on market activity.

The slow pace of the three months also meant the third quarter's total issuance of $4.92 billion was by far the lowest so far this year. The second quarter saw $21.86 billion of issuance, 4.4 times as much, and the first quarter saw $18.34 billion, 3.7 times bigger. The quarter just completed was also only 60.8% of the year-ago figure.

Year-to-date volume of $45.11 billion is less than three quarters - 71.8% - of the comparable 2001 figure of $62.86 billion. The number of deals, however, has slumped less, with the 191 total so far being 85.3% of the 224 for the first three quarters of 2001.

By underwriters, Credit Suisse First Boston remains number one for the year so far with $7.67 billion of deals.

But Deutsche Bank Securities Inc. placed first for both September and third quarter, in large part because of its role as bookrunner for $695 million in leveraged buyout financing for Jefferson Smurfit plc (the euro portion is not counted in the Prospect News tables, which include dollar-denominated issues only).

That strong performance lifted Deutsche to the number-two position year to date, pushing ahead of Salomon Smith Barney.

Compared to 2001, the rise is even more marked. At the same point a year ago, Deutsche was ranked number seven among high-yield underwriters.

2002 Year To Date

2001 Comparables

	Underwriter	Amount	No.	Rank	Amount	No.
1.	CS First Boston	7,669.87	53	1	9,996.75	50
2.	Deutsche Bank	5,232.74	32	7	4,325.95	26
3.	Salomon SB	5,152.87	35	2	8,312.49	35
4.	JP Morgan	4,408.63	33	6	5,647.38	36
5.	Banc of America	4,155.91	33	5	5,842.45	37
6.	Lehman	3,644.88	19	9	3,954.18	20
7.	Goldman Sachs	3,636.79	12	3	8,268.57	33
8.	Morgan Stanley	3,410.58	17	4	6,028.18	23
9.	UBS Warburg	2,848.29	17	10	2,250.65	13
10.	Merrill Lynch	986.38	7	8	4,239.62	21
11.	Bear Stearns	974.33	7	11	2,094.25	14
12.	Dresdner KW	589.78	5	17	123.65	1
13.	Wachovia	538.92	7	19	37.30	1
14.	Jefferies	514.41	6	12	598.10	6
15.	CIBC	418.88	5	15	245.05	2
16.	BMO	267.39	3	-	-	-
17.	TD Securities	265.54	2	13	348.00	3
18.	ABN Amro	198.67	1	-	-	-
19.	ING	128.01	1	-	-	-
20.	Scotia	40.54	1	-	-	-
	Total	$45,110.88	191	$62,863.36	224
	Average size	$236.18	$280.64
Third Quarter 2002
					2001 Comparables
	Underwriter	Amount	No.	Rank	Amount	No.
1.	Deutsche	955.59	5	6	636.10	4
2.	Morgan Stanley	700.00	1	7	598.80	4
3.	Salomon	596.56	4	11	148.00	2
4.	JP Morgan	550.39	4	2	1,098.37	8
5.	CS First Boston	491.18	4	1	1,685.77	1
6.	Goldman Sachs	479.50	3	3	1,003.15	7
7.	UBS Warburg	447.50	3	10	198.10	1
8.	Banc of America	288.65	4	5	889.77	8
9.	Jefferies	135.00	1	12	100.90	1
10.	Lehman	122.99	1	9	310.70	3
	Total	$4,922.52	23	$8,102.65	40
	Average size	$214.02	$202.57
September 2002
					2001 Comparables
	Underwriter	Amount	No.	Rank	Amount	No.
1.	Deutsche	868.09	4	-	-	-
2.	Morgan Stanley	700.00	1	-	-	-
3.	UBS Warburg	199.60	1	-	-	-
4.	Banc of America	188.31	3	-	-	-
5.	JP Morgan	125.26	1	-	-	-
5.	Salomon	125.26	1	-	-	-
7.	CS First Boston	85.00	1	1	150.00	1
8.	Dresdner KW	69.98	1	-	-	-
9.	Goldman Sachs	53.25	1	2	71.05	1
10.	Wachovia	33.33	1	-	-	-
	Total	$2,448.09	10	$363.15	2
	Average size	$244.81	$181.53
Prospect News High Yield Underwriter Rankings

Criteria

* The tables include all dollar-denominated offerings sold in the U.S. as public or Rule 144A deals reported to Prospect News.

* 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 above $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.

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