JPMorgan top high-yield bond underwriter year to date

• Junk issuance totals $109.31 billion for year to date, almost matches 2013 level

New York, April 30 - JPMorgan placed top among underwriters of high-yield bonds for the first time this year, according to data compiled by Prospect News.

The bank, which was number one for all of 2013 and has dominated the league tables for many years, was beaten by BofA Merrill Lynch in the first quarter and Goldman Sachs & Co. for January and the year through February.

JPMorgan remained first in the U.S. market if emerging markets deals are included, a ranking unchanged from the month before, but took the top position in the global high-yield market - excluding emerging markets - from Deutsche Bank, which had led in the first quarter.

Deutsche topped the tables for the European high-yield market, as it did for the previous two months.

Issuance in the U.S. market for April was $40.74 billion, the biggest month so far this year and the highest total since September 2013, which had $46.89 billion. Contributing to April's figure was the biggest junk bond financing ever from Altice SA and Numericable Group SA, totaling $10.68 billion and €4.33 billion.

Year-to-date issuance passed the $100 billion mark during the month to reach $109.31 billion by the end of April. At that level, it is just $1.24 billion behind the comparable $110.55 billion at the same stage of 2013.

Activity had been lagging last year's level and for the first quarter it was only 78% of the 2013 volume.

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	JPMorgan	11.857	87	10.85%	1	15.154	100	13.71%
2	Credit Suisse	10.385	76	9.50%	7	7.706	61	6.97%
3	Citigroup	9.806	67	8.97%	4	9.368	68	8.47%
4	Bank of America	9.428	76	8.63%	3	10.224	96	9.25%
5	Morgan Stanley	9.275	60	8.49%	8	7.297	54	6.60%
6	Goldman Sachs	8.727	57	7.98%	9	7.271	52	6.58%
7	Barclays	7.888	62	7.22%	6	7.955	63	7.20%
8	Deutsche Bank	7.697	65	7.04%	2	10.724	73	9.70%
9	Wells Fargo	5.529	55	5.06%	5	9.351	78	8.46%
10	UBS	3.938	35	3.60%	11	2.845	34	2.57%
	Total	109.305	208	110.546	243
	Average size:	0.526	0.455
U.S. market, April
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	5.108	29	12.54%	3	2.270	18	10.15%
2	Morgan Stanley	4.212	22	10.34%	7	0.983	9	4.40%
3	Credit Suisse	3.861	24	9.48%	5	1.430	14	6.40%
4	Citigroup	3.378	16	8.29%	9	0.806	9	3.61%
5	Barclays	2.995	22	7.35%	6	1.175	10	5.25%
6	Deutsche Bank	2.673	19	6.56%	1	3.457	12	15.46%
7	Goldman Sachs	2.631	15	6.46%	16	0.410	5	1.84%
8	Credit Agricole	2.509	12	6.16%	19	0.268	4	1.20%
9	Bank of America	2.093	20	5.14%	4	1.973	15	8.83%
10	BNP	1.931	10	4.74%	20	0.260	2	1.16%
	Total	40.738	64	22.356	53
	Average size:	0.637	0.422
U.S. market, including emerging markets, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	13.779	96	10.98%	1	18.011	120	12.67%
2	Citigroup	12.262	79	9.77%	3	12.774	93	8.99%
3	Credit Suisse	11.138	81	8.88%	5	9.682	73	6.81%
4	Morgan Stanley	10.759	69	8.58%	9	8.229	61	5.79%
5	Bank of America	10.060	83	8.02%	4	12.686	111	8.93%
6	Goldman Sachs	9.468	61	7.55%	6	9.501	59	6.69%
7	Barclays	8.540	66	6.81%	7	9.405	72	6.62%
8	Deutsche Bank	8.384	70	6.68%	2	13.448	94	9.46%
9	Wells Fargo	5.529	55	4.41%	8	9.351	78	6.58%
10	UBS	4.158	39	3.31%	10	3.506	41	2.47%
	Total	125.466	238	142.118	306
	Average size:	0.527	0.464
U.S. market, including emerging markets, April
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	5.265	31	11.94%	2	2.849	23	9.43%
2	Morgan Stanley	4.753	25	10.78%	8	1.158	10	3.83%
3	Citigroup	4.050	19	9.18%	6	1.584	15	5.25%
4	Credit Suisse	3.899	25	8.84%	5	2.126	18	7.04%
5	Barclays	3.195	23	7.24%	7	1.175	10	3.89%
6	Goldman Sachs	2.881	16	6.53%	9	0.917	9	3.03%
7	Deutsche Bank	2.830	21	6.42%	1	4.558	20	15.09%
8	Credit Agricole	2.509	12	5.69%	20	0.434	5	1.44%
9	Bank of America	2.176	21	4.93%	3	2.473	18	8.19%
10	BNP	1.931	10	4.38%	23	0.260	2	0.86%
	Total	44.103	72	30.202	71
	Average size:	0.613	0.425
Global market, industrialized country issuers, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	14.499	102	9.33%	1	16.688	116	11.69%
2	Credit Suisse	12.552	94	8.07%	5	9.799	78	6.86%
3	Deutsche Bank	12.366	92	7.95%	2	13.801	95	9.67%
4	Goldman Sachs	11.700	75	7.53%	8	8.987	70	6.30%
5	Barclays	11.234	83	7.23%	7	9.284	75	6.50%
6	Morgan Stanley	11.120	72	7.15%	9	7.773	59	5.45%
7	Citigroup	10.692	73	6.88%	4	10.635	79	7.45%
8	Bank of America	10.404	84	6.69%	3	12.234	111	8.57%
9	Credit Agricole	6.593	45	4.24%	14	2.671	25	1.87%
10	BNP	5.858	37	3.77%	12	3.232	27	2.26%
	Total	155.461	294	142.751	320
	Average size:	0.529	0.446
Global market, industrialized country issuers, April
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	6.780	36	11.51%	3	2.439	20	8.33%
2	Morgan Stanley	5.678	31	9.64%	7	1.037	10	3.54%
3	Credit Suisse	4.773	31	8.10%	5	1.785	17	6.10%
4	Barclays	4.406	30	7.48%	6	1.265	11	4.32%
5	Citigroup	4.062	20	6.89%	9	0.937	11	3.20%
6	Goldman Sachs	4.001	24	6.79%	17	0.636	7	2.17%
7	BNP	3.742	21	6.35%	20	0.387	5	1.32%
8	Credit Agricole	3.718	21	6.31%	18	0.550	6	1.88%
9	Deutsche Bank	3.711	26	6.30%	1	3.738	15	12.77%
10	Bank of America	2.495	23	4.23%	2	2.633	16	8.99%
	Total	58.926	94	29.276	73
	Average size:	0.627	0.401
European currencies, industrialized country issuers, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	4.669	27	10.39%	1	3.028	21	10.23%
2	BNP	3.721	25	8.28%	2	2.421	21	8.18%
3	Barclays	3.346	21	7.45%	9	1.329	12	4.49%
4	Credit Agricole	3.173	22	7.06%	6	1.536	13	5.19%
5	Goldman Sachs	2.972	18	6.62%	8	1.366	15	4.61%
6	SG	2.787	17	6.20%	11	1.156	16	3.90%
7	JPMorgan	2.642	15	5.88%	7	1.367	15	4.62%
8	Credit Suisse	2.166	18	4.82%	3	1.860	15	6.28%
9	HSBC	2.157	18	4.80%	5	1.620	17	5.47%
10	Morgan Stanley	1.845	12	4.11%	22	0.309	4	1.04%
	Total	44.921	80	29.608	67
	Average size:	0.562	0.442
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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