• Junk issuance totals $68.47 billion for year to date, lagging at 78% of 2013 level
New York, March 31 - BofA Merrill Lynch grabbed the number one spot among underwriters of high-yield bonds for the first quarter, dislodging Goldman Sachs & Co., which had led for January and the year through February, according to data compiled by Prospect News.
JPMorgan, Credit Suisse and Citigroup also moved ahead of Goldman in the month, leaving February's number one bank in fifth place.
Credit Suisse had been second for the year through February.
If emerging markets deals are included, JPMorgan placed first and Citigroup second, with BofA Merrill Lynch, Credit Suisse and Goldman filling out the remainder of the top five slots.
In the global high-yield market - excluding emerging markets - Deutsche Bank was number one, moving up from second position for the year through February. Goldman slipped to fourth from first. BofA Merrill Lynch and Credit Suisse occupied the second and third positions, respectively, while JPMorgan was fifth.
Deutsche topped the tables for the European high-yield market, as it did for the year through February.
Credit Agricole was second in Europe, followed by Barclays, BNP Paribas and SG.
March saw $31.06 billion of deals come to the U.S. market, more than double February's $14.89 billion and the best total since September. But it lagged the $34.52 billion in the same period of 2012.
Year-to-date issuance is now $68.47 billion, 78% of the $88.19 billion at the same stage of 2013.
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 | Bank of America | 7.321 | 56 | 10.69% | 3 | 8.250 | 81 | 9.36%
|
2 | JPMorgan | 6.725 | 58 | 9.82% | 1 | 12.884 | 82 | 14.61%
|
3 | Credit Suisse | 6.511 | 52 | 9.51% | 9 | 6.275 | 47 | 7.12%
|
4 | Citigroup | 6.403 | 51 | 9.35% | 2 | 8.562 | 59 | 9.71%
|
5 | Goldman Sachs | 6.086 | 42 | 8.89% | 6 | 6.861 | 47 | 7.78%
|
6 | Morgan Stanley | 5.048 | 38 | 7.37% | 8 | 6.315 | 45 | 7.16%
|
7 | Deutsche Bank | 5.000 | 46 | 7.30% | 4 | 7.266 | 61 | 8.24%
|
8 | Barclays | 4.879 | 40 | 7.13% | 7 | 6.780 | 53 | 7.69%
|
9 | Wells Fargo | 3.732 | 40 | 5.45% | 5 | 7.075 | 60 | 8.02%
|
10 | UBS | 3.549 | 30 | 5.18% | 12 | 2.196 | 27 | 2.49%
|
| Total | 68.467 | 144 | 88.190 | 190 |
|
| Average size: | 0.475 | 0.464 |
|
|
|
U.S. market, March |
|
| | | | | 2013 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Bank of America | 3.716 | 25 | 11.97% | 5 | 2.646 | 30 | 7.67%
|
2 | JPMorgan | 3.012 | 29 | 9.70% | 1 | 5.312 | 31 | 15.39%
|
3 | Citigroup | 2.934 | 27 | 9.45% | 6 | 2.637 | 18 | 7.64%
|
4 | Credit Suisse | 2.580 | 25 | 8.31% | 4 | 3.157 | 21 | 9.15%
|
5 | Deutsche Bank | 2.570 | 25 | 8.28% | 9 | 2.373 | 17 | 6.87%
|
6 | Barclays | 2.502 | 22 | 8.06% | 7 | 2.487 | 18 | 7.21%
|
7 | Goldman Sachs | 2.014 | 22 | 6.49% | 3 | 3.279 | 21 | 9.50%
|
8 | UBS | 1.910 | 15 | 6.15% | 13 | 0.526 | 6 | 1.52%
|
9 | Wells Fargo | 1.578 | 18 | 5.08% | 8 | 2.479 | 20 | 7.18%
|
10 | RBC | 1.495 | 17 | 4.81% | 12 | 0.601 | 8 | 1.74%
|
| Total | 31.056 | 68 | 34.517 | 70 |
|
| Average size: | 0.457 | 0.493 |
|
|
|
U.S. market, including emerging markets, year to date |
|
| | | | | 2013 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 8.202 | 63 | 10.23% | 1 | 15.162 | 97 | 13.55%
|
2 | Citigroup | 8.188 | 60 | 10.21% | 2 | 11.189 | 78 | 10.00%
|
3 | Bank of America | 7.771 | 61 | 9.69% | 3 | 10.213 | 93 | 9.13%
|
4 | Credit Suisse | 7.225 | 56 | 9.01% | 7 | 7.556 | 55 | 6.75%
|
5 | Goldman Sachs | 6.576 | 45 | 8.20% | 5 | 8.585 | 50 | 7.67%
|
6 | Morgan Stanley | 5.993 | 44 | 7.47% | 9 | 7.072 | 51 | 6.32%
|
7 | Deutsche Bank | 5.529 | 49 | 6.90% | 4 | 8.890 | 74 | 7.94%
|
8 | Barclays | 5.331 | 43 | 6.65% | 6 | 8.231 | 62 | 7.35%
|
9 | Wells Fargo | 3.732 | 40 | 4.66% | 8 | 7.075 | 60 | 6.32%
|
10 | UBS | 3.686 | 33 | 4.60% | 10 | 2.858 | 34 | 2.55%
|
| Total | 80.169 | 164 | 111.916 | 235 |
|
| Average size: | 0.489 | 0.476 |
|
|
|
U.S. market, including emerging markets, March |
|
| | | | | 2013 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Bank of America | 4.050 | 29 | 10.77% | 6 | 3.210 | 33 | 7.38%
|
2 | Citigroup | 3.953 | 31 | 10.51% | 4 | 3.587 | 26 | 8.24%
|
3 | JPMorgan | 3.940 | 32 | 10.48% | 1 | 6.253 | 37 | 14.37%
|
4 | Credit Suisse | 3.032 | 28 | 8.06% | 5 | 3.345 | 23 | 7.69%
|
5 | Barclays | 2.955 | 25 | 7.86% | 8 | 2.961 | 22 | 6.80%
|
6 | Deutsche Bank | 2.950 | 27 | 7.85% | 7 | 3.156 | 24 | 7.25%
|
7 | Goldman Sachs | 2.039 | 23 | 5.42% | 2 | 4.778 | 23 | 10.98%
|
8 | UBS | 1.935 | 16 | 5.15% | 12 | 0.756 | 9 | 1.74%
|
9 | RBC | 1.912 | 18 | 5.08% | 14 | 0.601 | 8 | 1.38%
|
10 | Morgan Stanley | 1.600 | 19 | 4.26% | 3 | 4.174 | 26 | 9.59%
|
| Total | 37.603 | 79 | 43.512 | 88 |
|
| Average size: | 0.476 | 0.494 |
|
|
|
Global market, industrialized country issuers, year to date |
|
| | | | | 2013 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Deutsche Bank | 8.639 | 66 | 8.96% | 2 | 10.063 | 80 | 8.87%
|
2 | Bank of America | 7.895 | 61 | 8.19% | 4 | 9.601 | 95 | 8.46%
|
3 | Credit Suisse | 7.808 | 63 | 8.10% | 7 | 8.014 | 61 | 7.06%
|
4 | Goldman Sachs | 7.730 | 51 | 8.02% | 5 | 8.350 | 63 | 7.36%
|
5 | JPMorgan | 7.695 | 66 | 7.98% | 1 | 14.249 | 96 | 12.56%
|
6 | Barclays | 6.814 | 53 | 7.07% | 6 | 8.019 | 64 | 7.07%
|
7 | Citigroup | 6.605 | 53 | 6.85% | 3 | 9.699 | 68 | 8.55%
|
8 | Morgan Stanley | 5.428 | 41 | 5.63% | 9 | 6.736 | 49 | 5.94%
|
9 | UBS | 4.467 | 37 | 4.63% | 11 | 2.838 | 32 | 2.50%
|
10 | Wells Fargo | 3.732 | 40 | 3.87% | 8 | 7.172 | 61 | 6.32%
|
| Total | 96.434 | 200 | 113.475 | 247 |
|
| Average size: | 0.482 | 0.459 |
|
|
|
|
|
Global market, industrialized country issuers, March |
|
| | | | | 2013 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Bank of America | 3.882 | 27 | 8.51% | 7 | 3.005 | 35 | 7.13%
|
2 | Deutsche Bank | 3.811 | 35 | 8.36% | 9 | 2.542 | 19 | 6.03%
|
3 | Credit Suisse | 3.564 | 33 | 7.82% | 4 | 3.324 | 22 | 7.88%
|
4 | Barclays | 3.346 | 28 | 7.34% | 5 | 3.045 | 23 | 7.22%
|
5 | JPMorgan | 3.240 | 32 | 7.10% | 1 | 5.636 | 35 | 13.37%
|
6 | Citigroup | 2.934 | 27 | 6.43% | 6 | 3.040 | 21 | 7.21%
|
7 | Goldman Sachs | 2.637 | 27 | 5.78% | 3 | 3.532 | 24 | 8.38%
|
8 | UBS | 2.624 | 21 | 5.75% | 11 | 0.925 | 8 | 2.19%
|
9 | Morgan Stanley | 1.665 | 19 | 3.65% | 2 | 3.809 | 23 | 9.03%
|
10 | Wells Fargo | 1.578 | 18 | 3.46% | 8 | 2.577 | 21 | 6.11%
|
| Total | 45.605 | 97 | 42.161 | 87 |
|
| Average size: | 0.470 | 0.485 |
|
|
|
|
|
European currencies, industrialized country issuers, year to date |
|
| | | | | 2013 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Deutsche Bank | 3.639 | 20 | 13.38% | 1 | 2.747 | 18 | 11.72%
|
2 | Credit Agricole | 2.007 | 13 | 7.38% | 5 | 1.254 | 11 | 5.35%
|
3 | Barclays | 1.935 | 13 | 7.12% | 6 | 1.239 | 11 | 5.29%
|
4 | BNP | 1.918 | 14 | 7.05% | 2 | 2.295 | 18 | 9.79%
|
5 | SG | 1.748 | 11 | 6.43% | 12 | 0.953 | 12 | 4.06%
|
6 | Goldman Sachs | 1.645 | 9 | 6.05% | 9 | 1.139 | 13 | 4.86%
|
7 | HSBC | 1.304 | 11 | 4.80% | 4 | 1.287 | 13 | 5.49%
|
8 | Credit Suisse | 1.297 | 11 | 4.77% | 3 | 1.506 | 12 | 6.42%
|
9 | JPMorgan | 0.970 | 8 | 3.57% | 7 | 1.198 | 13 | 5.11%
|
10 | UBS | 0.918 | 7 | 3.38% | 17 | 0.642 | 5 | 2.74%
|
| Total | 27.190 | 53 | 23.446 | 52 |
|
| Average size: | 0.513 | 0.451 |
|
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Prospect News High Yield Underwriter Rankings
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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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