JPMorgan leads high-yield underwriting league tables for year to date

• Junk issuance totals $144.91 billion for 2014 so far

New York, May 30 - JPMorgan was the number one underwriter of high-yield bonds for a second month, according to data compiled by Prospect News.

The bank placed first for the year through May, as it had for the year-to-date rankings in April.

JPMorgan had been number one for all of 2013 and has dominated the league tables for many years but was beaten by BofA Merrill Lynch in the first quarter and Goldman Sachs & Co. for January and the year through February. However it regained the top position in April.

JPMorgan was also first in the U.S. market if emerging markets deals are included, extending its run at the top to three months. It was also number one in the global high-yield market - excluding emerging markets - for a second month. Deutsche Bank had led in the first quarter.

Deutsche was on top of the tables for the European high-yield market, as it was for the previous three months.

U.S. market issuance in May was $36.61 billion, down 7.9% from April's $39.74 billion but still the second biggest month of 2014 after April. That total also made May the second biggest month since September 2013, which had $46.89 billion.

May's activity was also below the year-ago month, which had $46.17 billion of new deals.

Volume for 2014 so far is now $144.91 billion, 92.9% of the $155.97 billion at the comparable point last year.

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	15.541	114	10.72%	1	19.661	142	12.61%
2	Credit Suisse	12.976	97	8.95%	8	10.676	87	6.85%
3	Bank of America	12.325	100	8.51%	2	15.761	145	10.11%
4	Citigroup	11.375	85	7.85%	7	11.181	95	7.17%
5	Morgan Stanley	11.293	77	7.79%	9	10.305	74	6.61%
6	Goldman Sachs	10.883	73	7.51%	6	11.585	85	7.43%
7	Barclays	10.657	81	7.35%	4	12.358	96	7.92%
8	Deutsche Bank	10.639	86	7.34%	3	14.027	107	8.99%
9	Wells Fargo	7.654	73	5.28%	5	12.137	103	7.78%
10	UBS	5.201	47	3.59%	12	3.169	40	2.03%
	Total	144.914	272	155.970	344
	Average size:	0.533	0.453
U.S. market, May
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	3.697	27	10.10%	2	4.507	42	9.76%
2	Deutsche Bank	2.941	21	8.03%	5	3.303	34	7.15%
3	Bank of America	2.897	24	7.91%	1	5.538	49	11.99%
4	Barclays	2.782	19	7.60%	3	4.403	33	9.54%
5	Credit Suisse	2.603	21	7.11%	7	2.971	26	6.43%
6	Citigroup	2.582	19	7.05%	10	2.562	28	5.55%
7	Goldman Sachs	2.155	16	5.89%	4	4.314	33	9.34%
8	Wells Fargo	2.125	18	5.81%	8	2.786	25	6.03%
9	Morgan Stanley	2.019	17	5.51%	6	3.007	20	6.51%
10	RBS	1.621	13	4.43%	12	1.404	13	3.04%
	Total	36.609	65	46.174	102
	Average size:	0.563	0.453
U.S. market, including emerging markets, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	17.600	124	10.61%	1	22.792	164	11.92%
2	Citigroup	14.026	99	8.46%	4	15.183	125	7.94%
3	Credit Suisse	13.899	103	8.38%	7	13.001	101	6.80%
4	Morgan Stanley	13.138	89	7.92%	9	11.403	82	5.96%
5	Deutsche Bank	13.075	96	7.89%	3	17.390	132	9.09%
6	Bank of America	12.957	107	7.81%	2	18.324	161	9.58%
7	Goldman Sachs	12.872	80	7.76%	6	13.815	92	7.22%
8	Barclays	11.480	86	6.92%	5	14.025	107	7.33%
9	Wells Fargo	7.654	73	4.62%	8	12.137	103	6.35%
10	UBS	5.421	51	3.27%	12	3.830	47	2.00%
	Total	165.806	309	191.220	419
	Average size:	0.537	0.456
U.S. market, including emerging markets, May
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	4.691	26	11.35%	5	3.942	38	7.91%
2	JPMorgan	3.833	28	9.27%	2	4.781	44	9.59%
3	Goldman Sachs	3.404	19	8.23%	4	4.314	33	8.65%
4	Barclays	2.954	20	7.14%	3	4.620	35	9.27%
5	Bank of America	2.897	24	7.01%	1	5.638	50	11.31%
6	Citigroup	2.777	21	6.72%	8	3.159	33	6.34%
7	Credit Suisse	2.775	22	6.71%	6	3.320	28	6.66%
8	Morgan Stanley	2.379	20	5.75%	7	3.174	21	6.37%
9	Wells Fargo	2.125	18	5.14%	9	2.786	25	5.59%
10	RBS	1.621	13	3.92%	12	1.404	13	2.82%
	Total	41.340	72	49.852	114
	Average size:	0.574	0.437
Global market, industrialized country issuers, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	19.413	139	9.37%	1	23.026	174	11.48%
2	Deutsche Bank	16.911	127	8.16%	3	17.978	137	8.96%
3	Credit Suisse	16.176	126	7.80%	6	13.565	110	6.76%
4	Barclays	14.924	108	7.20%	5	14.285	113	7.12%
5	Goldman Sachs	14.482	97	6.99%	4	14.511	114	7.23%
6	Morgan Stanley	13.503	92	6.52%	9	10.903	80	5.43%
7	Citigroup	13.345	98	6.44%	7	12.827	109	6.39%
8	Bank of America	13.301	108	6.42%	2	18.252	165	9.10%
9	Wells Fargo	7.654	73	3.69%	8	12.234	104	6.10%
10	Credit Agricole	7.282	54	3.51%	16	2.844	28	1.42%
	Total	207.254	400	200.632	452
	Average size:	0.518	0.444
Global market, industrialized country issuers, May
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	4.541	35	8.75%	1	6.338	58	10.81%
2	Deutsche Bank	4.495	34	8.66%	5	4.177	42	7.12%
3	Barclays	3.703	25	7.13%	4	5.002	38	8.53%
4	Credit Suisse	3.637	32	7.00%	6	3.766	32	6.42%
5	Citigroup	3.617	25	6.97%	8	2.941	31	5.02%
6	Bank of America	2.897	24	5.58%	2	6.018	54	10.26%
7	Goldman Sachs	2.782	22	5.36%	3	5.525	44	9.42%
8	UniCredit	2.440	6	4.70%	19	0.542	6	0.93%
9	Morgan Stanley	2.383	20	4.59%	7	3.131	21	5.34%
10	Wells Fargo	2.125	18	4.09%	10	2.786	25	4.75%
	Total	51.931	104	58.632	133
	Average size:	0.499	0.441
European currencies, industrialized country issuers, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	6.072	40	10.28%	1	3.901	29	9.53%
2	BNP	4.686	32	7.93%	3	2.786	25	6.80%
3	Barclays	4.267	27	7.22%	8	1.928	17	4.71%
4	JPMorgan	3.872	25	6.56%	2	3.198	31	7.81%
5	Goldman Sachs	3.399	23	5.75%	5	2.576	26	6.29%
6	Credit Agricole	3.375	24	5.71%	10	1.639	15	4.00%
7	UniCredit	3.313	16	5.61%	9	1.828	19	4.47%
8	Credit Suisse	3.100	28	5.25%	4	2.656	21	6.49%
9	SG	2.944	19	4.98%	13	1.393	21	3.40%
10	HSBC	2.795	25	4.73%	7	2.130	21	5.20%
	Total	59.069	115	40.943	94
	Average size:	0.514	0.436
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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