Goldman Sachs remains number one high-yield underwriter year to date

• Junk issuance totals $37.36 billion for 2014 so far, only 70% of 2013 level

New York, Feb. 28 - Goldman Sachs & Co. remained the leading underwriter of high-yield bonds for the year so far in February, according to data compiled by Prospect News.

The first place finish was Goldman's second on top of the tables.

Meanwhile Credit Suisse was second.

JPMorgan, which had been fifth in January, rose to third place. Despite the better ranking, JPMorgan was still notably lagging its 2013 performance. The bank led the year-to-date rankings for every single month of last year and was number one for the year as a whole 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.

If emerging markets deals are included, Goldman remains number one but Morgan Stanley takes second place. JPMorgan is third on this basis and Citigroup fourth.

For global high yield - excluding emerging markets - Goldman was again top while Deutsche Bank placed second. JPMorgan was third.

In Europe, Deutsche Bank was once more in the top position. It had led the rankings for an extended period but lost out to JPMorgan for 2013 as whole.

Volume in the U.S. market was 30% below 2013 activity at $37.36 billion for the year so far. The first two months of last year saw $53.67 billion of new junk bonds.

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	4.071	20	10.90%	7	3.582	26	6.67%
2	Credit Suisse	3.918	27	10.49%	8	3.118	26	5.81%
3	JPMorgan	3.700	29	9.90%	1	7.572	51	14.11%
4	Morgan Stanley	3.668	21	9.82%	9	2.673	23	4.98%
5	Bank of America	3.605	31	9.65%	3	5.604	51	10.44%
6	Citigroup	3.456	24	9.25%	2	5.925	41	11.04%
7	Deutsche Bank	2.417	21	6.47%	4	4.893	44	9.12%
8	Barclays	2.376	18	6.36%	6	4.293	35	8.00%
9	Wells Fargo	2.154	22	5.76%	5	4.595	40	8.56%
10	UBS	1.639	15	4.39%	11	1.671	21	3.11%
	Total	37.361	76	53.673	120
	Average size:	0.492	0.447
U.S. market, February
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	2.154	18	14.52%	1	3.232	28	14.57%
2	JPMorgan	1.871	17	12.61%	3	2.486	21	11.21%
3	Morgan Stanley	1.344	9	9.06%	10	0.854	8	3.85%
4	Citigroup	1.199	11	8.08%	4	2.017	18	9.09%
5	Deutsche Bank	1.163	9	7.84%	2	2.490	21	11.23%
6	Credit Suisse	1.123	10	7.57%	8	1.407	12	6.35%
7	Goldman Sachs	1.087	8	7.33%	6	1.756	14	7.92%
8	Barclays	0.983	8	6.63%	5	1.796	16	8.10%
9	Wells Fargo	0.913	12	6.16%	7	1.607	13	7.25%
10	UBS	0.845	7	5.70%	11	0.646	8	2.91%
	Total	14.836	33	22.178	51
	Average size:	0.450	0.435
U.S. market, including emerging markets, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	4.537	22	10.67%	8	3.807	27	5.57%
2	Morgan Stanley	4.392	25	10.33%	9	2.898	25	4.24%
3	JPMorgan	4.250	31	10.00%	1	8.909	60	13.02%
4	Citigroup	4.223	29	9.93%	2	7.603	52	11.11%
5	Credit Suisse	4.180	28	9.83%	7	4.211	32	6.16%
6	Bank of America	3.721	32	8.75%	3	7.004	60	10.24%
7	Deutsche Bank	2.566	22	6.04%	4	5.733	50	8.38%
8	Barclays	2.376	18	5.59%	5	5.270	40	7.70%
9	Wells Fargo	2.154	22	5.07%	6	4.595	40	6.72%
10	UBS	1.751	17	4.12%	10	2.102	25	3.07%
	Total	42.516	85	68.403	147
	Average size:	0.500	0.465
U.S. market, including emerging markets, February
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	2.154	18	13.43%	1	3.739	32	13.20%
2	JPMorgan	2.071	18	12.92%	3	3.144	26	11.10%
3	Citigroup	1.479	13	9.22%	2	3.153	26	11.13%
4	Morgan Stanley	1.344	9	8.38%	10	0.954	9	3.37%
5	Deutsche Bank	1.163	9	7.25%	4	2.807	23	9.91%
6	Credit Suisse	1.123	10	7.00%	7	1.732	15	6.12%
7	Goldman Sachs	1.087	8	6.78%	6	1.981	15	6.99%
8	Barclays	0.983	8	6.13%	5	2.487	20	8.78%
9	Wells Fargo	0.913	12	5.69%	8	1.607	13	5.67%
10	UBS	0.845	7	5.27%	11	0.705	9	2.49%
	Total	16.036	35	28.330	65
	Average size:	0.458	0.436
Global market, industrialized country issuers, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	5.093	24	10.01%	6	4.818	39	6.76%
2	Deutsche Bank	4.815	31	9.46%	2	7.522	61	10.55%
3	JPMorgan	4.442	34	8.73%	1	8.613	61	12.08%
4	Credit Suisse	4.231	30	8.32%	7	4.690	39	6.58%
5	Bank of America	4.014	34	7.89%	4	6.596	60	9.25%
6	Morgan Stanley	3.763	22	7.40%	9	2.927	26	4.10%
7	Citigroup	3.659	26	7.19%	3	6.659	47	9.34%
8	Barclays	3.467	25	6.81%	5	4.974	41	6.98%
9	Wells Fargo	2.154	22	4.23%	8	4.595	40	6.44%
10	Credit Agricole	1.863	11	3.66%	14	1.478	11	2.07%
	Total	50.883	103	71.314	160
	Average size:	0.494	0.446
Global market, industrialized country issuers, February
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	2.358	19	11.38%	2	3.895	33	12.86%
2	Deutsche Bank	2.009	13	9.69%	1	3.935	31	12.99%
3	JPMorgan	1.871	17	9.03%	3	2.682	23	8.85%
4	Goldman Sachs	1.771	11	8.54%	7	2.033	18	6.71%
5	Barclays	1.456	11	7.02%	4	2.379	20	7.86%
6	Morgan Stanley	1.344	9	6.48%	11	0.854	8	2.82%
7	Credit Suisse	1.333	12	6.43%	5	2.108	15	6.96%
8	Citigroup	1.199	11	5.78%	6	2.098	19	6.93%
9	UBS	1.049	8	5.06%	12	0.761	9	2.51%
10	Wells Fargo	0.913	12	4.41%	8	1.607	13	5.31%
	Total	20.731	45	30.289	66
	Average size:	0.461	0.459
European currencies, industrialized country issuers, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	2.398	10	18.44%	1	2.578	16	16.47%
2	Credit Agricole	1.386	8	10.66%	4	0.939	7	6.00%
3	Barclays	1.091	7	8.39%	10	0.681	6	4.35%
4	Goldman Sachs	1.022	4	7.86%	5	0.886	10	5.66%
5	SG	0.963	6	7.41%	13	0.471	6	3.01%
6	BNP	0.904	6	6.95%	2	1.508	12	9.64%
7	JPMorgan	0.743	5	5.71%	6	0.874	9	5.59%
8	HSBC	0.707	6	5.44%	7	0.870	8	5.56%
9	SEB	0.426	1	3.27%
10	Bank of America	0.409	3	3.14%	8	0.825	8	5.27%
	Total	13.004	26	15.651	35
	Average size:	0.500	0.447
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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