JPMorgan remains top underwriter of high-yield bonds for 2013 so far

• Junk issuance hit $249.83 billion year to date after record month

New York, Sept. 30 - JPMorgan continued its lengthy dominance of the high-yield league tables, notching another month as the leading underwriter of high-yield bonds for the year so far, according to data compiled by Prospect News.

Meanwhile issuance hit a monthly record of $47.41 billion in September, narrowly breaking the old peak of $46.17 billion set in May.

Although BofA Merrill Lynch was the top junk underwriter for the third quarter and for September, JPMorgan has led on a year-to-date basis for 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.

For 2013 through the end of the third quarter, 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.

Citigroup moved up to fourth place from sixth for the year through August, pushing Deutsche Bank down to fifth.

New deal activity rebounded strongly after the August pause. September's figure was almost four times the $12.33 billion seen the month before.

Issuance for the year so far now totals $249.83 billion, 7% ahead of the $233.92 billion seen at the same stage of 2012. Last year went on to be the biggest ever in high-yield bonds with new deal volume of $327.06 billion.

Global issuance for the first three quarters of 2013 is $319.51 billion, 16% stronger than the $275.18 billion level for the equivalent period of 2012. JPMorgan was also first on this basis.

Year-to-date issuance in Europe moved up to $61.91 billion after September saw more than $5 billion of new deals. By comparison, the first nine months of 2012 saw $35.80 billion of new issues in this market.

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	29.033	212	11.62%	1	29.438	224	12.58%
2	Bank of America	27.270	227	10.92%	2	27.099	214	11.58%
3	Goldman Sachs	21.750	135	8.71%	5	19.369	122	8.28%
4	Citigroup	20.220	164	8.09%	6	19.348	154	8.27%
5	Deutsche Bank	20.081	157	8.04%	4	20.158	155	8.62%
6	Credit Suisse	18.526	151	7.42%	3	22.487	153	9.61%
7	Wells Fargo	18.485	159	7.40%	7	16.479	150	7.04%
8	Barclays	17.173	138	6.87%	8	15.899	128	6.80%
9	Morgan Stanley	15.949	113	6.38%	9	14.742	109	6.30%
10	RBC	9.774	92	3.91%	10	9.227	82	3.94%
	Total	249.826	544	233.924	483
	Average size:	0.459	0.484
U.S. market, including emerging markets, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	32.913	236	11.24%	1	31.388	239	12.25%
2	Bank of America	29.911	244	10.22%	2	28.435	223	11.10%
3	Citigroup	25.171	198	8.60%	4	23.306	170	9.10%
4	Goldman Sachs	24.129	143	8.24%	6	19.907	126	7.77%
5	Deutsche Bank	23.604	184	8.06%	5	22.028	167	8.60%
6	Credit Suisse	21.236	168	7.26%	3	25.060	169	9.78%
7	Barclays	19.752	153	6.75%	7	16.573	132	6.47%
8	Wells Fargo	18.485	159	6.32%	8	16.479	150	6.43%
9	Morgan Stanley	17.300	123	5.91%	9	14.817	110	5.78%
10	RBC	9.774	92	3.34%	11	9.227	82	3.60%
	Total	292.696	635	256.155	530
	Average size:	0.461	0.483
Global market, industrialized country issuers, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	34.249	264	10.72%	1	31.699	246	11.52%
2	Bank of America	30.364	256	9.50%	2	28.164	226	10.23%
3	Goldman Sachs	25.879	175	8.10%	6	21.451	140	7.80%
4	Deutsche Bank	25.433	198	7.96%	4	23.389	188	8.50%
5	Citigroup	23.956	194	7.50%	5	21.881	177	7.95%
6	Credit Suisse	22.728	188	7.11%	3	24.036	172	8.73%
7	Barclays	19.549	162	6.12%	7	17.782	144	6.46%
8	Wells Fargo	18.583	160	5.82%	9	16.479	150	5.99%
9	Morgan Stanley	17.773	128	5.56%	8	16.541	130	6.01%
10	RBC	10.663	104	3.34%	10	9.850	88	3.58%
	Total	319.505	713	275.181	574
	Average size:	0.448	0.479
European currencies, industrialized country issuers, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	5.052	39	8.16%	1	3.151	32	8.80%
2	JPMorgan	4.679	45	7.56%	4	2.080	20	5.81%
3	BNP	4.027	34	6.50%	5	1.957	20	5.47%
4	Goldman Sachs	3.620	35	5.85%	7	1.880	15	5.25%
5	Credit Suisse	3.428	29	5.54%	10	1.428	17	3.99%
6	HSBC	3.233	29	5.22%	11	1.413	13	3.95%
7	Citigroup	3.121	24	5.04%	2	2.433	22	6.80%
8	UniCredit	3.005	27	4.85%	12	1.244	11	3.48%
9	Bank of America	2.788	26	4.50%	15	0.984	11	2.75%
10	Lloyds	2.380	24	3.84%	22	0.477	4	1.33%
	Total	61.913	143	35.797	75
	Average size:	0.433	0.477
U.S. market, third quarter
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	10.507	71	13.31%	2	10.467	84	11.02%
2	JPMorgan	8.838	63	11.20%	1	11.977	93	12.61%
3	Citigroup	7.273	60	9.21%	6	7.958	61	8.38%
4	Credit Suisse	6.748	51	8.55%	4	9.480	58	9.98%
5	Goldman Sachs	5.717	42	7.24%	3	9.907	52	10.43%
6	Wells Fargo	5.492	49	6.96%	7	6.170	62	6.50%
7	Morgan Stanley	5.316	35	6.73%	9	5.091	39	5.36%
8	Deutsche Bank	4.998	40	6.33%	5	8.773	65	9.24%
9	Barclays	4.430	38	5.61%	8	5.179	42	5.45%
10	RBC	2.948	23	3.73%	10	3.694	34	3.89%
	Total	78.932	162	94.956	187
	Average size:	0.487	0.508
U.S. market, September
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	6.709	36	14.15%	3	3.977	35	8.97%
2	JPMorgan	5.553	30	11.71%	1	6.006	48	13.54%
3	Citigroup	4.994	31	10.53%	5	3.292	25	7.42%
4	Credit Suisse	4.536	27	9.57%	2	5.375	24	12.12%
5	Deutsche Bank	3.083	19	6.50%	6	3.270	28	7.37%
6	Wells Fargo	2.991	18	6.31%	7	3.269	33	7.37%
7	Goldman Sachs	2.854	20	6.02%	4	3.953	24	8.91%
8	Morgan Stanley	2.354	14	4.97%	8	2.665	19	6.01%
9	RBC	2.271	13	4.79%	10	2.200	18	4.96%
10	Barclays	2.250	15	4.75%	11	1.682	18	3.79%
	Total	47.411	67	44.355	86
	Average size:	0.708	0.516
Global market, industrialized country issuers, third quarter
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	10.808	76	10.88%	2	10.980	87	9.82%
2	JPMorgan	10.431	80	10.51%	1	12.823	101	11.47%
3	Citigroup	8.996	72	9.06%	6	9.394	72	8.40%
4	Credit Suisse	7.599	59	7.65%	4	9.893	63	8.85%
5	Goldman Sachs	6.765	51	6.81%	3	10.465	57	9.36%
6	Morgan Stanley	6.541	44	6.59%	9	5.623	44	5.03%
7	Deutsche Bank	6.186	49	6.23%	5	9.613	76	8.60%
8	Wells Fargo	5.492	49	5.53%	7	6.170	62	5.52%
9	Barclays	4.577	41	4.61%	8	5.941	48	5.31%
10	RBC	3.161	26	3.18%	10	3.951	37	3.53%
	Total	99.294	209	111.812	225
	Average size:	0.475	0.497
Global market, industrialized country issuers, September
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	6.863	38	12.63%	3	4.368	37	8.18%
2	JPMorgan	6.072	36	11.17%	1	6.348	52	11.89%
3	Citigroup	5.573	37	10.25%	4	4.211	33	7.88%
4	Credit Suisse	4.980	32	9.16%	2	5.788	29	10.84%
5	Goldman Sachs	3.208	23	5.90%	5	3.975	25	7.44%
6	Deutsche Bank	3.137	20	5.77%	6	3.871	34	7.25%
7	Wells Fargo	2.991	18	5.50%	7	3.269	33	6.12%
8	Morgan Stanley	2.887	19	5.31%	9	2.862	21	5.36%
9	RBC	2.349	15	4.32%	11	2.221	19	4.16%
10	Barclays	2.250	15	4.14%	10	2.444	24	4.58%
	Total	54.357	86	53.413	104
	Average size:	0.632	0.514

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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