* High yield issuance $47.80 billion year to date
* Banc of America top high yield underwriter in October
* High yield issuance $2.69 billion in October
New York, Oct. 31 - High-yield bond issuance in October held steady at close to September's level, well above the depressed volume seen in the summer but far below the pace recorded earlier in the year, according to data compiled by Prospect News.
October's total of $2.69 billion was up slightly from $2.45 billion in September and more than double the $1.18 billion for August and the $1.30 billion in July.
However October's figure is just a little over half the $4.78 billion monthly average for the year so far and also down significantly from the $3.46 billion of October 2001.
Year to date, volume totals $47.80 billion, 72.1% of the $66.32 billion at the same point a year ago. However the number of deals has slumped less. So far this year 201 offerings have come to market, 83.4% of the 241 for the first 10 months of 2001.
Among underwriters, Credit Suisse First Boston remains number one for the year so far with $7.96 billion of deals, comfortably ahead of second-placed Deutsche Bank Securities Inc. with $5.69 billion.
However for October CSFB placed fifth with $290.39 million of issuance.
First place for the month went to Banc of America Securities with $504.90 million in four deals. Deutsche was second with $455.21 million in four deals.
2002 Year To Date
2001 Comparables
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | CS First Boston | 7,960.26 | 56 | 1 | 10,944.27 | 54
|
| 2. | Deutsche Bank | 5,687.95 | 36 | 7 | 4,500.52 | 28
|
| 3. | Salomon SB | 5,528.19 | 37 | 3 | 8,511.35 | 36
|
| 4. | JP Morgan | 4,742.77 | 37 | 4 | 6,296.63 | 42
|
| 5. | Banc of America | 4,660.81 | 37 | 5 | 6,067.45 | 38
|
| 6. | Lehman | 3,880.50 | 20 | 9 | 4,016.05 | 21
|
| 7. | Goldman Sachs | 3,636.79 | 12 | 2 | 8,944.07 | 37
|
| 8. | Morgan Stanley | 3,410.58 | 17 | 6 | 6,028.18 | 23
|
| 9. | UBS Warburg | 2,848.29 | 17 | 10 | 2,335.65 | 14
|
| 10. | Bear Stearns | 1,060.16 | 8 | 11 | 2,304.09 | 16
|
| 11. | Merrill Lynch | 986.38 | 7 | 8 | 4,239.62 | 21
|
| 12. | Wachovia | 782.67 | 9 | 16 | 237.30 | 2
|
| 13. | Dresdner KW | 675.61 | 6 | 18 | 123.65 | 1
|
| 14. | Jefferies | 589.41 | 7 | 12 | 628.10 | 7
|
| 15. | CIBC | 418.88 | 5 | 15 | 245.05 | 2
|
| 16. | BMO | 267.39 | 3 | - | - | -
|
| 17. | TD Securities | 265.54 | 2 | 13 | 348.00 | 3
|
| 18. | ABN Amro | 198.67 | 1 | - | - | -
|
| 19. | ING | 128.01 | 1 | - | - | -
|
| 20. | Scotia | 40.54 | 1 | - | - | -
|
| Total | $47,796.88 | 201 | $66,320.76 | 241
|
|
|
| Average size | $237.79 | $275.19
|
|
|
|
|
| October 2002
|
| | | | | 2001 Comparables
|
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | Banc of America | 504.90 | 4 | 4 | 225.00 | 1
|
| 2. | Deutsche | 455.21 | 4 | 8 | 174.57 | 2
|
| 3. | Salomon | 375.32 | 2 | 7 | 198.86 | 1
|
| 4. | JP Morgan | 334.14 | 4 | 3 | 649.25 | 6
|
| 5. | CS First Boston | 290.39 | 3 | 1 | 947.52 | 4
|
| 6. | Wachovia | 243.75 | 2 | 6 | 200.00 | 1 |
|
| 7. | Lehman | 235.61 | 1 | 10 | 61.87 | 1
|
| 8. | Bear Stearns | 85.83 | 1 | 5 | 209.84 | 2
|
| 9. | Dresdner KW | 85.83 | 1 | - | - | -
|
| 10. | Jefferies | 75.00 | 1 | 11 | 30.00 | 1 |
|
|
|
| Total | $2,686.00 | 10 | $3,457.40 | 17
|
|
|
| Average size | $268.60 | $203.38
|
|
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| Prospect News High Yield Underwriter Rankings
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Criteria
* The tables include all dollar-denominated offerings sold in the U.S. as public or Rule 144A deals reported to Prospect News.
* Issues maturing in 397 days or less are excluded.
* Convertibles, trust preferreds, capital securities and preferred stock are excluded.
* Fixed-rate medium-term notes with a face value above $100 million are included. All other MTNs 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.
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