CSFB top U.S. market high-yield underwriter year to date

* U.S. market high-yield issuance totals $36.72 billion year to date

* Citigroup top global high-yield underwriter year to date

* Global high-yield issuance totals $41.88 billion year to date

* Deutsche Bank top European high-yield underwriter year to date

* European high-yield issuance totals $9.84 billion year to date

New York, April 29 - Credit Suisse First Boston returned to the number one position in Prospect News' league tables of junk bond underwriters.

After placing first at the end of January and February, CSFB lost out to JPMorgan for the first quarter. However, for the year through April, CSFB is back in first place with $5.07 billion of high-yield bonds brought to market.

For issuers from industrialized countries in the U.S. market, Banc of America Securities pulled ahead of Citigroup. For the year through April, Citigroup had been ahead, but by only $19 million.

On a global basis - counting all currencies and issuers from industrialized countries - Citigroup came in first, as it did for the year through March.

Issuance volume, however, was down sharply from last year.

For April the total was $5.46 billion in the U.S. market (including emerging markets) and $5.57 billion globally (excluding emerging markets), 37% and 30% respectively of the activity in April 2004.

The U.S. market figure was the smallest since the $5.41 billion of November 2002, before the recent surge in new deal activity began.

The U.S. market year-to-date total is now $36.72 billion, only 63% of the $57.91 billion total at the same point in 2004.

The only relative bright spot is Europe, where year-to-date activity totals $9.84 billion, up from $7.85 billion for the comparable period of 2004.

The U.S. market figures cover dollar-denominated high-yield deals issued in the United States as registered offerings or under Rule 144A and include all issuers, regardless of their home country. The global figures cover all major currencies but exclude emerging markets issuers. For Europe, the totals are calculated on the same basis as the global numbers but for European currencies only.

Year-to-date, U.S. market, all issuers

2004 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	CSFB	5.074	31	13.82%	1	9.610	61	16.59%
2	JPMorgan	4.882	29	13.29%	3	6.041	39	10.43%
3	Citigroup	4.436	29	12.08%	2	8.436	51	14.57%
4	Banc of America	4.299	34	11.71%	4	5.954	47	10.28%
5	Deutsche Bank	3.010	20	8.20%	5	5.462	38	9.43%
6	Lehman	2.579	22	7.02%	8	3.389	26	5.85%
7	UBS	2.460	20	6.70%	6	4.535	31	7.83%
8	Goldman Sachs	2.170	15	5.91%	9	2.690	19	4.65%
9	Morgan Stanley	1.802	7	4.91%	7	4.054	22	7.00%
10	Wachovia	1.453	9	3.96%	14	0.681	9	1.18%
	Total	36.723	145	57.914	230
	Average size:	0.253	0.252
April, U.S. market, all issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	CSFB	1.026	6	18.80%	1	3.579	25	24.29%
2	Goldman Sachs	0.700	7	12.82%	9	0.581	6	3.94%
3	UBS	0.503	4	9.22%	8	0.692	6	4.70%
4	Morgan Stanley	0.460	1	8.43%	11	0.265	4	1.80%
5	Lehman	0.449	6	8.24%	6	0.907	8	6.16%
6	Banc of America	0.394	3	7.22%	5	1.300	10	8.83%
7	Wachovia	0.321	1	5.88%	14	0.075	1	0.51%
8	Bear Stearns	0.268	2	4.90%	10	0.370	3	2.51%
9	Citigroup	0.237	2	4.35%	2	2.495	16	16.93%
10	JPMorgan	0.229	4	4.20%	4	1.634	9	11.09%
	Total	5.457	25	14.734	57
	Average size:	0.218	0.258
Year-to-date, U.S. market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	4.299	34	13.47%	3	5.954	47	11.17%
2	Citigroup	3.924	25	12.29%	2	8.076	49	15.15%
3	JPMorgan	3.838	26	12.03%	4	5.941	38	11.15%
4	CSFB	3.629	23	11.37%	1	8.644	57	16.22%
5	Deutsche Bank	2.936	19	9.20%	5	4.261	34	7.99%
6	Lehman	2.579	22	8.08%	8	3.049	24	5.72%
7	UBS	2.212	19	6.93%	7	3.771	25	7.08%
8	Goldman Sachs	2.170	15	6.80%	9	2.690	19	5.05%
9	Wachovia	1.453	9	4.55%	14	0.681	9	1.28%
10	Bear Stearns	1.441	10	4.51%	11	1.694	14	3.18%
	Total	31.915	127	53.304	214
	Average size:	0.251	0.249
April, U.S. market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	CSFB	0.717	4	17.48%	1	2.979	24	22.17%
2	Goldman Sachs	0.700	7	17.06%	9	0.581	6	4.33%
3	UBS	0.503	4	12.26%	8	0.692	6	5.15%
4	Lehman	0.449	6	10.96%	6	0.907	8	6.75%
5	Banc of America	0.394	3	9.60%	4	1.300	10	9.68%
6	Wachovia	0.321	1	7.83%	14	0.075	1	0.56%
7	Bear Stearns	0.268	2	6.52%	10	0.370	3	2.75%
8	JPMorgan	0.229	4	5.59%	3	1.634	9	12.16%
9	Jefferies	0.210	2	5.13%	12	0.180	3	1.34%
10	Deutsche Bank	0.119	1	2.90%	5	0.948	11	7.06%
	Total	4.101	20	13.433	55
	Average size:	0.205	0.244
Year-to-date, global market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	5.432	35	12.97%	2	8.606	52	13.87%
2	CSFB	5.184	30	12.38%	1	10.080	64	16.25%
3	Deutsche Bank	4.741	30	11.32%	5	6.110	44	9.85%
4	Banc of America	4.531	36	10.82%	4	6.110	49	9.85%
5	JPMorgan	4.524	32	10.80%	3	6.630	42	10.69%
6	Goldman Sachs	3.378	21	8.07%	9	3.130	23	5.04%
7	Lehman	3.045	26	7.27%	8	3.166	26	5.10%
8	UBS	2.538	20	6.06%	7	3.771	25	6.08%
9	Merrill Lynch	1.475	11	3.52%	10	2.644	20	4.26%
10	Wachovia	1.453	9	3.47%	15	0.681	9	1.10%
	Total	41.883	158	62.048	239
	Average size:	0.265	0.260
April, global market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	CSFB	0.717	4	12.86%	1	3.611	27	19.75%
2	Goldman Sachs	0.700	7	12.55%	8	0.940	9	5.14%
3	Lehman	0.674	9	12.09%	7	0.953	9	5.22%
4	Deutsche Bank	0.641	4	11.49%	6	1.353	15	7.40%
5	UBS	0.503	4	9.02%	9	0.692	6	3.79%
6	BNP Paribas	0.425	2	7.63%	14	0.393	1	2.15%
7	Banc of America	0.394	3	7.07%	4	1.457	12	7.97%
8	JPMorgan	0.388	6	6.97%	3	1.753	10	9.59%
9	Wachovia	0.321	1	5.76%	19	0.075	1	0.41%
10	Bear Stearns	0.268	2	4.80%	12	0.489	4	2.68%
	Total	5.574	26	18.280	65
	Average size:	0.214	0.281
Year-to-date, European currencies, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	1.805	11	18.34%	1	1.849	10	21.15%
2	CSFB	1.555	7	15.80%	2	1.436	7	16.42%
3	Citigroup	1.447	9	14.70%	6	0.530	3	6.07%
4	Goldman Sachs	1.208	6	12.27%	8	0.440	4	5.03%
5	BNP Paribas	0.802	3	8.15%	9	0.393	1	4.49%
6	JPMorgan	0.686	6	6.97%	4	0.689	4	7.88%
7	Lehman	0.466	4	4.73%	15	0.117	2	1.33%
8	ING	0.351	3	3.56%	-	-	-	-
9	UBS	0.327	1	3.32%	-	-	-	-
10	Morgan Stanley	0.235	2	2.39%	11	0.359	3	4.10%
	Total	9.843	30	8.745	25
	Average size:	0.328	0.350
Prospect News High-Yield Underwriter Rankings

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.

* 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.

* Fixed-rate medium-term notes with a face value more than $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.

* 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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