Goldman Sachs starts 2014 as top high-yield underwriter

• Junk issuance totals $22.44 billion in January

New York, Jan. 31 - Goldman Sachs & Co. topped the high-yield underwriter league tables for January in a sharp change from the 2013 figures, according to data compiled by Prospect News.

Notably, JPMorgan finished the month in fifth place. The bank led the year-to-date rankings for every single month in 2013 and was number one for last year as well as every one of the eight years before that.

Contributing to Goldman's total in January was the $1.4 billion offering of 14.5% PIK notes issued by First Data Holdings, Inc. that it priced at 94.5 during the month. Goldman was the sole bookrunner for the transaction, which was brought on behalf of affiliates of Goldman and raised no proceeds for First Data.

Credit Suisse was second in the league tables, up from sixth for all of 2013, while Morgan Stanley took the number three position for January, improved from ninth for 2013.

Citigroup was fourth, the same as for 2013, and JPMorgan rounded out the top five.

The rankings were unchanged if emerging markets deals are included.

For global high yield - excluding emerging markets - Goldman was again top and Credit Suisse second. Deutsche Bank, JPMorgan and Citi followed.

In Europe, Deutsche Bank was number one. It had been the long-time leader but was ejected from the top spot for 2013 as a whole by JPMorgan.

Issuance in the U.S. market totaled $22.44 billion for the month, down 29% from the $31.49 billion of January 2013. However the figure was almost unchanged from December's $22.41 billion.

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

2013 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	2.984	12	13.30%	7	1.825	12	5.80%
2	Credit Suisse	2.796	17	12.46%	9	1.711	14	5.43%
3	Morgan Stanley	2.324	12	10.36%	8	1.819	15	5.78%
4	Citigroup	2.258	13	10.06%	2	3.908	23	12.41%
5	JPMorgan	1.828	12	8.15%	1	5.086	30	16.15%
6	Bank of America	1.451	13	6.47%	6	2.373	23	7.53%
7	Barclays	1.393	10	6.21%	4	2.497	19	7.93%
8	Deutsche Bank	1.254	12	5.59%	5	2.403	23	7.63%
9	Wells Fargo	1.241	10	5.53%	3	2.988	27	9.49%
10	RBC	0.943	8	4.20%	10	1.364	15	4.33%
	Total	22.443	42	31.494	69
	Average size:	0.534	0.456
U.S. market, including emerging markets, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	3.450	14	13.07%	9	1.825	12	4.56%
2	Credit Suisse	3.058	18	11.58%	7	2.479	17	6.19%
3	Morgan Stanley	3.048	16	11.55%	8	1.944	16	4.85%
4	Citigroup	2.744	16	10.39%	2	4.450	26	11.10%
5	JPMorgan	2.178	13	8.25%	1	5.765	34	14.39%
6	Bank of America	1.567	14	5.94%	3	3.265	28	8.15%
7	Deutsche Bank	1.404	13	5.32%	5	2.926	27	7.30%
8	Barclays	1.393	10	5.28%	6	2.783	20	6.95%
9	Wells Fargo	1.241	10	4.70%	4	2.988	27	7.46%
10	RBC	0.943	8	3.57%	11	1.364	15	3.40%
	Total	26.399	49	40.073	82
	Average size:	0.539	0.489
Global market, industrialized country issuers, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	3.323	13	11.05%	5	2.785	21	6.79%
2	Credit Suisse	2.898	18	9.64%	8	2.582	24	6.29%
3	Deutsche Bank	2.806	18	9.33%	3	3.587	30	8.74%
4	JPMorgan	2.571	17	8.55%	1	5.931	38	14.46%
5	Citigroup	2.460	15	8.18%	2	4.560	28	11.12%
6	Morgan Stanley	2.419	13	8.04%	9	2.073	18	5.05%
7	Barclays	2.011	14	6.69%	7	2.595	21	6.33%
8	Bank of America	1.655	15	5.51%	6	2.701	27	6.58%
9	Wells Fargo	1.241	10	4.13%	4	2.988	27	7.28%
10	Credit Agricole	1.238	8	4.12%	13	0.725	7	1.77%
	Total	30.070	57	41.025	94
	Average size:	0.528	0.436
European currencies, industrialized country issuers, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	1.552	6	20.34%	1	1.184	7	15.05%
2	Credit Agricole	0.789	6	10.34%	11	0.315	4	4.01%
3	JPMorgan	0.743	5	9.74%	2	0.678	7	8.62%
4	Barclays	0.618	4	8.10%	19	0.098	2	1.24%
5	SG	0.583	3	7.64%	6	0.471	6	5.99%
6	HSBC	0.382	4	5.01%	10	0.320	5	4.06%
7	UniCredit	0.356	4	4.66%	7	0.460	5	5.85%
8	Goldman Sachs	0.339	1	4.44%	3	0.660	7	8.39%
9	BNP	0.279	3	3.66%	9	0.324	5	4.11%
10	SG	0.263	3	3.45%
	Total	7.627	15	7.867	22
	Average size:	0.508	0.358
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.

• 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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