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

* U.S. market high-yield issuance totals $66.87 billion year to date

* Banc of America top global high-yield underwriter year to date

* Global high-yield issuance totals $71.40 billion year to date

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

* European high-yield issuance totals $13.32 billion year to date

New York, Aug. 31 - JPMorgan Securities grabbed the number one spot among high-yield bond underwriters for the year to date, according to data compiled by Prospect News.

JPMorgan pushed Citigroup, the leader for 2005 through the end of July, off the top spot and with Banc of America Securities taking second place, Citi came in third.

But the three firms are running neck and neck - just $274 million of deal volume separates them out of a total of more than $8 billion each, and JPMorgan is only $29 million ahead of Banc of America.

Unlike July, when big deals from SunGard Data Systems, Inc. and L-3 Communications Corp. reshaped the league table standings, August mostly saw a flow of smaller deals and the bigger offerings were mostly split among multiple underwriters. Lamar Media Corp.'s $400 million of senior subordinated notes via sole bookrunner JPMorgan was an exception to that trend.

For the year so far, junk issuance totals $66.87 billion, 66.9% of the $94.88 billion total at the same point in 2004.

August saw $7.08 billion of new deals, below the $9.10 billion of August a year earlier and a little smaller than July's $7.76 billion.

The figures are for the U.S. market and 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.

If emerging markets deals are excluded, Banc of America was the top underwriter. For all currencies, again excluding emerging markets, Banc of America was again the top underwriter.

For European currencies, Deutsche Bank returned as the top underwriter for the year so far, pushing out Credit Suisse First Boston, which was number one for the year through July.

Global volume was $71.40 billion for the year through the end of August, covering all currencies but only issuers from industrialized countries. That figure is 69% of the $102.82 billion at the same point in 2004.

European activity is running at $13.32 billion, 95% of the comparable $14.02 billion figure for 2004.

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

2004 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	8.387	56	12.54%	3	10.960	80	11.55%
2	Banc of America	8.358	65	12.50%	4	10.803	85	11.39%
3	Citigroup	8.114	60	12.13%	1	14.525	92	15.31%
4	CSFB	7.760	52	11.60%	2	14.430	97	15.21%
5	Deutsche Bank	6.312	44	9.44%	5	9.355	62	9.86%
6	Merrill Lynch	5.198	30	7.77%	10	3.642	27	3.84%
7	UBS	4.035	33	6.03%	6	6.548	51	6.90%
8	Lehman	3.838	30	5.74%	8	5.367	43	5.66%
9	Morgan Stanley	3.756	20	5.62%	7	6.388	36	6.73%
10	Goldman Sachs	3.405	23	5.09%	9	4.697	34	4.95%
	Total	66.869	262	94.884	382
	Average size:	0.255	0.248
Year-to-date, U.S. market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	8.358	65	14.42%	3	10.803	85	12.17%
2	JPMorgan	7.110	51	12.27%	4	10.298	75	11.60%
3	Citigroup	6.786	50	11.71%	1	13.935	88	15.69%
4	CSFB	6.157	42	10.62%	2	13.267	92	14.94%
5	Deutsche Bank	6.040	40	10.42%	5	8.154	58	9.18%
6	Merrill Lynch	4.001	24	6.90%	10	3.147	26	3.54%
7	Lehman	3.838	30	6.62%	8	5.027	41	5.66%
8	UBS	3.414	29	5.89%	7	5.450	42	6.14%
9	Goldman Sachs	3.322	22	5.73%	9	4.697	34	5.29%
10	Wachovia	2.731	16	4.71%	13	1.128	16	1.27%
	Total	57.959	227	88.796	358
	Average size:	0.255	0.248
Year-to-date, global market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	8.590	67	12.03%	4	11.124	90	10.82%
2	Deutsche Bank	8.575	54	12.01%	5	11.077	78	10.77%
3	CSFB	8.526	52	11.94%	1	15.158	104	14.74%
4	Citigroup	8.390	61	11.75%	2	15.119	94	14.70%
5	JPMorgan	8.360	60	11.71%	3	11.718	84	11.40%
6	Goldman Sachs	4.530	28	6.34%	7	5.632	42	5.48%
7	Merrill Lynch	4.496	27	6.30%	10	3.822	30	3.72%
8	Lehman	4.304	34	6.03%	9	5.218	44	5.08%
9	UBS	3.741	30	5.24%	8	5.450	42	5.30%
10	Morgan Stanley	2.988	19	4.19%	6	7.160	45	6.96%
	Total	71.403	268	102.821	406
	Average size:	0.266	0.253
Year-to-date, European currencies, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	2.535	14	19.03%	1	2.924	20	20.85%
2	CSFB	2.369	10	17.79%	2	1.891	12	13.48%
3	Citigroup	1.541	10	11.57%	4	1.183	6	8.44%
4	JPMorgan	1.251	9	9.39%	3	1.421	9	10.13%
5	Goldman Sachs	1.208	6	9.07%	6	0.936	8	6.67%
6	BNP Paribas	0.802	3	6.02%	9	0.643	5	4.58%
7	ING	0.742	4	5.57%	17	0.093	1	0.66%
8	Merrill Lynch	0.494	3	3.71%	8	0.674	4	4.81%
9	Lehman	0.466	4	3.50%	15	0.191	3	1.36%
10	Morgan Stanley	0.438	3	3.29%	7	0.888	10	6.33%
	Total	13.319	40	14.024	48
	Average size:	0.333	0.292
August, U.S. market, all issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.293	11	18.27%	1	1.653	15	18.16%
2	Banc of America	1.098	13	15.51%	4	0.990	9	10.88%
3	Citigroup	0.826	8	11.66%	2	1.476	11	16.21%
4	CSFB	0.781	7	11.03%	3	1.456	11	16.00%
5	Bear Stearns	0.549	4	7.75%	10	0.293	3	3.22%
6	Merrill Lynch	0.478	3	6.74%	-	-	-	-
7	Goldman Sachs	0.425	2	6.00%	9	0.349	2	3.84%
8	Lehman	0.399	4	5.63%	6	0.639	5	7.02%
9	Morgan Stanley	0.250	1	3.53%	5	0.800	4	8.79%
10	Deutsche Bank	0.247	3	3.49%	8	0.517	5	5.68%
	Total	7.081	31	9.102	35
	Average size:	0.228	0.260
August, U.S. market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.293	11	19.36%	1	1.653	15	18.16%
2	Banc of America	1.098	13	16.44%	4	0.990	9	10.88%
3	Citigroup	0.826	8	12.36%	2	1.476	11	16.21%
4	CSFB	0.781	7	11.69%	3	1.456	11	16.00%
5	Merrill Lynch	0.478	3	7.15%	-	-	-	-
6	Goldman Sachs	0.425	2	6.36%	9	0.349	2	3.84%
7	Lehman	0.399	4	5.97%	6	0.639	5	7.02%
8	Morgan Stanley	0.250	1	3.74%	5	0.800	4	8.79%
9	Deutsche Bank	0.247	3	3.70%	8	0.517	5	5.68%
10	CIBC	0.200	1	2.99%	-	-	-	-
	Total	6.681	29	9.102	35
	Average size:	0.230	0.260
August, global market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.293	11	17.72%	2	1.653	15	17.35%
2	Banc of America	1.098	13	15.05%	4	0.990	9	10.39%
3	CSFB	1.091	8	14.94%	3	1.456	11	15.28%
4	Citigroup	0.826	8	11.31%	1	1.904	12	19.97%
5	Merrill Lynch	0.787	4	10.78%	-	-	-	-
6	Goldman Sachs	0.425	2	5.82%	9	0.349	2	3.66%
7	Lehman	0.399	4	5.46%	6	0.639	5	6.71%
8	Morgan Stanley	0.250	1	3.42%	5	0.800	4	8.40%
9	Deutsche Bank	0.247	3	3.38%	8	0.517	5	5.42%
10	CIBC	0.200	1	2.74%	-	-	-	-
	Total	7.300	30	9.530	36
	Average size:	0.243	0.265
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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