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

* U.S. market high-yield issuance totals $59.88 billion year to date

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

* Global high-yield issuance totals $63.71 billion year to date

* CSFB top European high-yield underwriter year to date

* European high-yield issuance totals $12.21 billion year to date

New York, July 29 - Citigroup jumped to the top spot among underwriters of high-yield bonds for the year so far as heavy issuance on July 27 reshaped the league tables, according to data compiled by Prospect News.

Credit Suisse First Boston, the leader since April, fell to number four as Banc of America Securities moved up to number two and JPMorgan Securities took the number-three position.

Issuance totaling $4 billion on July 27 was largely responsible for the changes. On that day, SunGard Data Systems, Inc. brought $3 billion, $1.6 billion via Deutsche Bank, JPMorgan, Citigroup, Goldman Sachs & Co., Morgan Stanley and Banc of America and the remaining $1.4 billion via the same banks less Banc of America. L-3 Communications Corp. added a further $991 million proceeds using Lehman Brothers and Banc of America as bookrunners.

Excluding emerging markets deals, Banc of America remained the number one underwriter of high-yield bonds in the U.S. market.

On a global basis - counting all currencies and issuers from industrialized countries - Deutsche Bank took first place, moving ahead of CSFB, the previous number one, which fell to third, and Citigroup, which held at second.

In Europe, Credit Suisse First Boston moved to the number-one position, ousting Deutsche Bank.

Issuance in the U.S. market slipped back to $7.76 billion from $12.86 billion in June but still far better than May's $2.54 billion and April's $5.46 billion. Volume was still below year-earlier levels; July 2004 saw $9.39 billion.

Year-to-date junk supply now stands at $59.88 billion, 70% of the $85.78 billion at the same stage in 2004.

Global volume is now $63.71 billion, 68% of the $93.29 billion at the comparable point in 2004.

But issuance in Europe is now near to last year's levels at $12.22 billion so far this year, 90% of the $13.60 billion through July 2004.

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	Citigroup	7.288	52	12.17%	1	13.049	81	15.21%
2	Banc of America	7.259	52	12.12%	3	9.813	76	11.44%
3	JPMorgan	7.093	45	11.85%	4	9.307	65	10.85%
4	CSFB	6.978	45	11.65%	2	12.973	86	15.12%
5	Deutsche Bank	5.917	40	9.88%	5	8.838	57	10.30%
6	Merrill Lynch	4.721	27	7.88%	10	3.642	27	4.25%
7	UBS	3.887	31	6.49%	6	6.015	47	7.01%
8	Morgan Stanley	3.506	19	5.85%	7	5.588	32	6.51%
9	Lehman	3.440	26	5.74%	8	4.728	38	5.51%
10	Goldman Sachs	2.980	21	4.98%	9	4.347	32	5.07%
	Total	59.880	231	85.781	347
	Average size:	0.259	0.247
Year-to-date, U.S. market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	7.259	52	14.13%	3	9.813	76	12.31%
2	Citigroup	5.960	42	11.60%	1	12.460	77	15.63%
3	JPMorgan	5.816	40	11.32%	4	8.644	60	10.85%
4	Deutsche Bank	5.645	36	10.99%	5	7.637	53	9.58%
5	CSFB	5.376	35	10.47%	2	11.811	81	14.82%
6	Merrill Lynch	3.524	21	6.86%	10	3.147	26	3.95%
7	Lehman	3.440	26	6.70%	8	4.388	36	5.51%
8	UBS	3.266	27	6.36%	7	4.917	38	6.17%
9	Goldman Sachs	2.897	20	5.64%	9	4.347	32	5.46%
10	Wachovia	2.581	15	5.02%	13	0.936	14	1.17%
	Total	51.369	198	79.694	323
	Average size:	0.259	0.247
Year-to-date, global market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	7.700	49	12.08%	3	10.560	73	11.32%
2	Citigroup	7.564	53	11.87%	2	13.215	82	14.17%
3	Banc of America	7.491	54	11.76%	4	10.134	81	10.86%
4	CSFB	7.436	44	11.67%	1	13.702	93	14.69%
5	JPMorgan	7.067	49	11.09%	5	10.065	69	10.79%
6	Goldman Sachs	4.105	26	6.44%	7	5.283	40	5.66%
7	Lehman	3.906	30	6.13%	9	4.579	39	4.91%
8	Merrill Lynch	3.709	23	5.82%	10	3.822	30	4.10%
9	UBS	3.592	28	5.64%	8	4.917	38	5.27%
10	Morgan Stanley	2.738	18	4.30%	6	6.360	41	6.82%
	Total	63.714	237	93.290	370
	Average size:	0.269	0.252
Year-to-date, European currencies, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	CSFB	2.059	9	16.85%	2	1.891	12	13.91%
2	Deutsche Bank	2.055	13	16.81%	1	2.924	20	21.50%
3	Citigroup	1.541	10	12.61%	7	0.755	5	5.56%
4	JPMorgan	1.251	9	10.23%	3	1.421	9	10.45%
5	Goldman Sachs	1.208	6	9.89%	5	0.936	8	6.88%
6	BNP Paribas	0.802	3	6.56%	9	0.643	5	4.73%
7	ING	0.742	4	6.07%	17	0.093	1	0.68%
8	Lehman	0.466	4	3.81%	15	0.191	3	1.41%
9	Morgan Stanley	0.438	3	3.58%	6	0.888	10	6.53%
10	UBS	0.327	1	2.67%
	Total	12.219	38	13.596	47
	Average size:	0.322	0.289
July, U.S. market, all issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.455	8	18.75%	2	1.388	9	14.79%
2	Citigroup	1.150	8	14.82%	1	2.021	13	21.53%
3	Deutsche Bank	0.955	8	12.31%	4	1.072	5	11.42%
4	Banc of America	0.937	5	12.07%	5	0.856	8	9.12%
5	Merrill Lynch	0.900	4	11.60%	7	0.600	2	6.39%
6	Morgan Stanley	0.697	4	8.98%	11	0.127	2	1.35%
7	Goldman Sachs	0.647	4	8.33%	6	0.759	5	8.09%
8	Lehman	0.495	1	6.38%	9	0.282	3	3.00%
9	UBS	0.300	2	3.86%	10	0.270	3	2.87%
10	CSFB	0.125	2	1.61%	3	1.336	7	14.23%
	Total	7.762	21	9.388	33
	Average size:	0.370	0.284
July, U.S. market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.305	7	20.75%	4	0.951	6	11.65%
2	Banc of America	0.937	5	14.89%	5	0.856	8	10.49%
3	Deutsche Bank	0.880	7	13.99%	3	1.072	5	13.14%
4	Citigroup	0.730	6	11.61%	1	1.791	11	21.95%
5	Merrill Lynch	0.650	3	10.33%	7	0.600	2	7.35%
6	Goldman Sachs	0.647	4	10.28%	6	0.759	5	9.30%
7	Morgan Stanley	0.547	3	8.69%	10	0.127	2	1.55%
8	Lehman	0.495	1	7.87%	9	0.282	3	3.45%
9	CSFB	0.050	1	0.79%	2	1.140	6	13.97%
10	UBS	0.050	1	0.79%	12	0.060	1	0.74%
	Total	6.292	15	8.161	26
	Average size:	0.419	0.314
July, global market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.702	9	22.03%	4	1.044	7	11.85%
2	Deutsche Bank	1.130	9	14.62%	3	1.072	5	12.18%
3	Banc of America	0.937	5	12.13%	5	0.856	8	9.73%
4	Citigroup	0.825	7	10.68%	1	1.940	12	22.04%
5	Merrill Lynch	0.650	3	8.41%	7	0.600	2	6.82%
6	Goldman Sachs	0.647	4	8.37%	6	0.759	5	8.62%
7	Morgan Stanley	0.547	3	7.08%	10	0.173	3	1.96%
8	Lehman	0.495	1	6.41%	9	0.282	3	3.20%
9	ING	0.391	1	5.06%	13	0.093	1	1.06%
10	CSFB	0.352	2	4.56%	2	1.186	7	13.47%
	Total	7.726	19	8.803	30
	Average size:	0.407	0.293
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)

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.