CSFB top U.S. market high-yield underwriter year to date

* U.S. market high-yield issuance totals $52.08 billion year to date

* CSFB top global high-yield underwriter year to date

* Global high-yield issuance totals $55.82 billion year to date

* Deutsche Bank top European high-yield underwriter year to date

* European high-yield issuance totals $10.79 billion year to date

New York, June 30 - Credit Suisse First Boston continued its recent run as number one underwriter of high-yield bonds for the year to date, according to data compiled by Prospect News.

CSFB has held the top spot since April and before that was the leader at the end of January and February.

Also staying in top position was Banc of America Securities as number one underwriter for issuers from industrialized countries selling in the U.S. market.

On a global basis - counting all currencies and issuers from industrialized countries - CSFB pulled ahead of Citigroup.

In Europe, there was no change, with Deutsche Bank still on top.

Issuance in the U.S. market revived in June to $12.82 billion, its best level since December 2004's $14.67 billion.

The latest month also pulled ahead of the year-ago figure of $11.52 billion although the year-to-date pace remains well below 2004.

For the first half of 2005, the U.S. market has seen $52.08 billion of deals, 68% of the $76.39 billion at the same stage of last year.

Global activity shows a similar pattern, at $55.82 billion so far this year, 66% of the comparable $84.49 billion for the same period of 2004.

Europe is also lagging, though by a smaller amount, at $10.79 billion versus $12.95 billion a year earlier.

Helping volume in the U.S. market - and also CSFB's standing in the league tables - was DirecTV Group Inc.'s $1 billion sale on June 8, with CSFB and Banc of America Securities as joint bookrunners. Also lifting the month's total was the offering the same day by Qwest Communications International Inc. of $1.75 billion of bonds in three tranches.

The U.S. market figures cover dollar-denominated high-yield deals issued in the United States as registered offerings or under Rule 144A and include all issuers, regardless of their home country. The global figures cover all major currencies but exclude emerging markets issuers. For Europe, the totals are calculated on the same basis as the global numbers but for European currencies only.

Year-to-date, U.S. market, all issuers

2004 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	CSFB	6.853	43	13.16%	1	11.637	79	15.23%
2	Banc of America	6.322	47	12.14%	3	8.957	68	11.72%
3	Citigroup	6.138	44	11.79%	2	11.028	68	14.44%
4	JPMorgan	5.638	37	10.83%	4	7.919	56	10.37%
5	Deutsche Bank	4.962	32	9.53%	5	7.765	52	10.16%
6	Merrill Lynch	3.821	23	7.34%	10	3.042	25	3.98%
7	UBS	3.587	29	6.89%	6	5.745	44	7.52%
8	Lehman	2.944	25	5.65%	8	4.446	35	5.82%
9	Morgan Stanley	2.809	15	5.39%	7	5.461	30	7.15%
10	Wachovia	2.581	15	4.96%	13	0.904	13	1.18%
	Total	52.078	209	76.393	314
	Average size:	0.249	0.243
Year-to-date, U.S. market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	6.322	47	14.04%	3	8.957	68	12.52%
2	CSFB	5.326	34	11.83%	1	10.671	75	14.92%
3	Citigroup	5.230	36	11.61%	2	10.668	66	14.91%
4	Deutsche Bank	4.765	29	10.58%	5	6.564	48	9.18%
5	JPMorgan	4.511	33	10.02%	4	7.694	54	10.76%
6	UBS	3.216	26	7.14%	7	4.857	37	6.79%
7	Lehman	2.944	25	6.54%	8	4.106	33	5.74%
8	Merrill Lynch	2.874	18	6.38%	10	2.547	24	3.56%
9	Wachovia	2.581	15	5.73%	13	0.904	13	1.26%
10	Goldman Sachs	2.250	16	5.00%	9	3.588	27	5.02%
	Total	45.037	182	71.533	297
	Average size:	0.247	0.241
Year-to-date, global market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	CSFB	7.084	42	12.69%	1	12.516	86	14.81%
2	Citigroup	6.677	45	11.96%	2	11.275	70	13.34%
3	Deutsche Bank	6.570	40	11.77%	3	9.488	68	11.23%
4	Banc of America	6.554	49	11.74%	4	9.278	73	10.98%
5	JPMorgan	5.365	40	9.61%	5	9.021	62	10.68%
6	UBS	3.542	27	6.35%	7	4.857	37	5.75%
7	Goldman Sachs	3.458	22	6.20%	8	4.524	35	5.35%
8	Lehman	3.410	29	6.11%	9	4.297	36	5.09%
9	Merrill Lynch	3.059	20	5.48%	10	3.222	28	3.81%
10	Wachovia	2.581	15	4.62%	15	0.904	13	1.07%
	Total	55.823	216	84.487	340
	Average size:	0.258	0.248
Year-to-date, European currencies, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	1.805	11	16.74%	1	2.924	20	22.57%
2	CSFB	1.757	8	16.29%	2	1.845	11	14.24%
3	Citigroup	1.447	9	13.41%	9	0.607	4	4.68%
4	Goldman Sachs	1.208	6	11.20%	5	0.936	8	7.22%
5	JPMorgan	0.854	7	7.92%	3	1.328	8	10.25%
6	BNP Paribas	0.802	3	7.44%	8	0.643	5	4.96%
7	Lehman	0.466	4	4.32%	15	0.191	3	1.48%
8	Morgan Stanley	0.438	3	4.06%	6	0.842	9	6.50%
9	ING	0.351	3	3.25%	-	-	-	-
10	UBS	0.327	1	3.03%	-	-	-	-
	Total	10.786	34	12.954	43
	Average size:	0.317	0.301
Q2, U.S. market, all issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	CSFB	2.806	18	13.48%	1	5.606	43	16.88%
2	Merrill Lynch	2.565	14	12.32%	10	1.267	13	3.82%
3	Banc of America	2.418	16	11.62%	3	4.303	31	12.96%
4	Deutsche Bank	2.070	13	9.95%	4	3.953	27	11.90%
5	Citigroup	1.939	17	9.32%	2	5.087	33	15.32%
6	UBS	1.629	13	7.83%	7	1.902	19	5.73%
7	Morgan Stanley	1.467	9	7.05%	8	1.672	12	5.04%
8	Wachovia	1.449	7	6.96%	13	0.298	5	0.90%
9	JPMorgan	0.985	12	4.73%	5	3.512	26	10.57%
10	Goldman Sachs	0.863	9	4.14%	9	1.479	14	4.45%
	Total	20.811	89	33.213	141
	Average size:	0.234	0.236
Q2, global market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	CSFB	2.617	16	13.32%	1	6.047	49	14.85%
2	Deutsche Bank	2.469	14	12.57%	3	4.731	39	11.62%
3	Banc of America	2.418	16	12.31%	4	4.624	36	11.36%
4	Merrill Lynch	1.692	10	8.61%	9	1.942	17	4.77%
5	UBS	1.507	11	7.67%	10	1.777	18	4.36%
6	Wachovia	1.449	7	7.38%	17	0.298	5	0.73%
7	Citigroup	1.306	11	6.65%	2	5.273	35	12.95%
8	JPMorgan	1.230	14	6.26%	5	4.145	30	10.18%
9	Lehman	1.040	12	5.29%	8	2.085	19	5.12%
10	Morgan Stanley	1.014	8	5.17%	6	2.514	21	6.17%
	Total	19.639	85	40.719	166
	Average size:	0.231	0.245
June, U.S. market, all issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Merrill Lynch	2.214	10	17.27%	10	0.265	4	2.30%
2	Banc of America	1.752	9	13.67%	1	2.771	18	24.05%
3	Deutsche Bank	1.744	10	13.60%	3	1.162	8	10.09%
4	CSFB	1.607	10	12.54%	8	0.531	6	4.61%
5	Citigroup	1.561	13	12.17%	2	2.006	11	17.41%
6	Wachovia	0.921	4	7.18%	12	0.175	3	1.52%
7	UBS	0.763	7	5.95%	6	0.923	10	8.01%
8	JPMorgan	0.561	5	4.37%	4	1.045	9	9.07%
9	Morgan Stanley	0.546	4	4.26%	5	1.002	4	8.70%
10	Lehman	0.256	2	1.99%	7	0.750	6	6.51%
	Total	12.819	49	11.520	47
	Average size:	0.262	0.245
June, global market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	1.752	9	15.18%	1	2.852	19	22.40%
2	CSFB	1.727	10	14.97%	8	0.628	7	4.93%
3	Deutsche Bank	1.621	8	14.05%	3	1.554	11	12.21%
4	Merrill Lynch	1.341	6	11.63%	10	0.265	4	2.08%
5	Citigroup	1.240	10	10.74%	2	2.082	12	16.35%
6	Wachovia	0.921	4	7.98%	14	0.175	3	1.37%
7	Morgan Stanley	0.748	5	6.49%	4	1.160	6	9.11%
8	UBS	0.640	5	5.55%	6	0.798	9	6.26%
9	JPMorgan	0.478	4	4.14%	5	0.920	8	7.22%
10	Lehman	0.256	2	2.21%	7	0.750	6	5.89%
	Total	11.537	45	12.731	51
	Average size:	0.256	0.250
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.

* 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.

* Fixed-rate medium-term notes with a face value more than $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.

* 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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