Citigroup top U.S. market, global high-yield underwriter for 2004

* U.S. market high-yield issuance totals $142.38 billion for 2004

* Deutsche Bank top European high-yield underwriter for 2004

* European high-yield issuance totals $21.38 billion for 2004

* Global high-yield issuance totals $153.49 billion for 2004

New York, Dec. 31 - Citigroup knocked Credit Suisse First Boston off the top spot to become number one underwriter of high-yield bonds for 2004, according to data compiled by Prospect News.

Citigroup placed first for all issuers of junk bonds in the U.S. market, for the U.S. market excluding emerging market issuers and for the global junk market, excluding emerging markets.

CSFB had been leading for much of 2004 and placed number one in 2003, 2002, 2001 and 2000 - Prospect News' data does not go any further back (figures for 2000 also include Donaldson, Lufkin and Jenrette's deals).

Citigroup's end-of-year lead was by a clear margin. In the U.S. market, Citigroup brought $21.61 billion of junk bonds to market in 131 deals for a 15.2% share. CSFB was more than $2 billion behind at $19.43 billion in 129 deals or a 13.6% share.

The year's largest deal, the $1.97 billion and C$460 million of bonds from Rogers Wireless Inc. priced on Nov. 19, helped push Citigroup higher late in the year. But the firm also brought a number of other transactions, notably $450 million for Levi Strauss & Co. in December for which Citi was sole bookrunner.

In the European market, Deutsche Bank finished the year as number one bookrunner with Credit Suisse First Boston placing second.

Total issuance volume for the year was $142.38 billion for the U.S. market, clearly beating the $138.66 billion recorded in 2003. Prospect News' data does not extend back to 1998, previously considered to be the all-time high.

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.

Global junk volume from issuers based in industrialized countries was $153.49 billion for the year, according to the Prospect News data.

European activity reached $21.38 billion, more than double the $9.36 billion of 2003.

2004, U.S. market, all issuers

2003 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	21.612	131	15.18%	2	17.169	99	12.40%
2	CSFB	19.426	129	13.64%	1	22.864	134	16.51%
3	JPMorgan	16.556	121	11.63%	4	13.966	103	10.09%
4	Banc of America	15.639	121	10.98%	6	12.420	87	8.97%
5	Deutsche Bank	13.873	99	9.74%	5	13.596	101	9.82%
6	Morgan Stanley	10.627	55	7.46%	9	7.291	37	5.26%
7	UBS	8.673	76	6.09%	8	7.787	60	5.62%
8	Lehman	8.552	69	6.01%	7	10.003	61	7.22%
9	Goldman Sachs	7.814	66	5.49%	3	14.360	69	10.37%
10	Merrill Lynch	5.966	40	4.19%	11	2.947	24	2.13%
11	Bear Stearns	4.918	42	3.45%	10	6.162	34	4.45%
12	Jefferies	2.301	31	1.62%	13	2.439	16	1.76%
13	Wachovia	1.890	24	1.33%	12	2.488	22	1.80%
14	CIBC	0.860	9	0.60%	14	1.778	18	1.28%
15	Barclays	0.639	4	0.45%	23	0.150	2	0.11%
	Total	142.378	575	138.483	506
	Average size:	0.248	0.274
2004, U.S. market, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	20.386	121	15.55%	2	16.013	95	12.49%
2	CSFB	17.734	121	13.52%	1	21.255	125	16.57%
3	JPMorgan	15.557	112	11.86%	4	13.409	99	10.46%
4	Banc of America	15.554	120	11.86%	6	12.420	87	9.69%
5	Deutsche Bank	11.881	90	9.06%	5	12.672	94	9.88%
6	Morgan Stanley	9.666	51	7.37%	9	5.998	32	4.68%
7	Lehman	8.105	66	6.18%	7	9.445	59	7.37%
8	Goldman Sachs	7.627	63	5.82%	3	13.861	67	10.81%
9	UBS	7.087	63	5.40%	8	6.951	55	5.42%
10	Merrill Lynch	5.272	38	4.02%	11	2.848	23	2.22%
11	Bear Stearns	4.503	40	3.43%	10	5.127	30	4.00%
12	Jefferies	2.301	31	1.76%	13	2.439	16	1.90%
13	Wachovia	1.890	24	1.44%	12	2.488	22	1.94%
14	CIBC	0.860	9	0.66%	14	1.778	18	1.39%
15	BNP Paribas	0.421	3	0.32%	16	0.370	4	0.29%
	Total	131.130	532	128.235	475
	Average size:	0.246	0.270
2004, global market, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	22.824	136	14.87%	2	16.942	104	12.28%
2	CSFB	21.419	142	13.96%	1	22.445	134	16.26%
3	JPMorgan	17.226	123	11.22%	5	13.894	107	10.07%
4	Deutsche Bank	16.461	123	10.73%	4	15.024	108	10.89%
5	Banc of America	16.018	127	10.44%	6	12.740	93	9.23%
6	Morgan Stanley	10.733	63	6.99%	9	6.056	33	4.39%
7	Goldman Sachs	9.842	79	6.41%	3	15.076	76	10.92%
8	Lehman	8.359	70	5.45%	7	9.665	62	7.00%
9	UBS	7.249	64	4.72%	8	7.123	58	5.16%
10	Merrill Lynch	6.449	45	4.20%	11	3.112	26	2.25%
11	Bear Stearns	4.895	42	3.19%	10	5.321	32	3.86%
12	Jefferies	2.301	31	1.50%	13	2.439	16	1.77%
13	Wachovia	1.890	24	1.23%	12	2.488	22	1.80%
14	RBS	1.249	6	0.81%	16	0.681	4	0.49%
15	BNP Paribas	1.203	10	0.78%	15	0.766	8	0.56%
	Total	153.485	613	138.008	512
	Average size:	0.250	0.270
2004, European currencies, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	4.351	31	20.35%	1	2.351	14	25.11%
2	CSFB	3.685	21	17.23%	3	1.190	9	12.71%
3	Goldman Sachs	2.216	16	10.36%	2	1.215	9	12.97%
4	Citigroup	1.979	13	9.26%	4	0.929	9	9.92%
5	JPMorgan	1.595	10	7.46%	7	0.485	8	5.18%
6	Merrill Lynch	1.177	7	5.51%	12	0.216	2	2.31%
7	Morgan Stanley	1.067	12	4.99%	16	0.057	1	0.61%
8	RBS	1.049	4	4.91%	6	0.494	3	5.27%
9	Barclays	0.783	4	3.66%	5	0.572	3	6.11%
10	BNP Paribas	0.781	7	3.65%	8	0.396	4	4.23%
	Total	21.380	76	9.363	34
	Average size:	0.281	0.275
Fourth quarter 2004, U.S. market, all issuers
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	5.802	31	15.03%	6	2.818	20	7.98%
2	JPMorgan	5.351	39	13.87%	3	3.820	29	10.82%
3	CSFB	3.950	29	10.24%	1	5.367	37	15.21%
4	Morgan Stanley	3.579	16	9.27%	9	2.131	11	6.04%
5	Deutsche Bank	3.455	30	8.95%	2	3.932	31	11.14%
6	Lehman	3.185	26	8.25%	7	2.794	16	7.92%
7	Banc of America	3.078	27	7.98%	5	3.138	26	8.89%
8	Goldman Sachs	2.556	26	6.62%	4	3.552	23	10.06%
9	UBS	1.819	23	4.71%	8	2.297	19	6.51%
10	Merrill Lynch	1.546	12	4.01%	12	0.848	7	2.40%
	Total	38.591	160	35.294	145
	Average size:	0.241	0.243
Fourth quarter 2004, U.S. market, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	5.514	27	16.04%	9	1.971	18	6.27%
2	JPMorgan	5.015	35	14.59%	2	3.820	29	12.16%
3	CSFB	3.421	26	9.95%	1	4.323	32	13.76%
4	Lehman	3.078	25	8.95%	6	2.423	15	7.71%
5	Morgan Stanley	3.030	14	8.82%	8	1.994	9	6.35%
6	Banc of America	2.993	26	8.71%	4	3.138	26	9.99%
7	Deutsche Bank	2.664	25	7.75%	3	3.679	28	11.71%
8	Goldman Sachs	2.369	23	6.89%	5	3.053	21	9.72%
9	Merrill Lynch	1.346	11	3.92%	12	0.749	6	2.38%
10	UBS	1.332	19	3.87%	7	2.297	19	7.31%
	Total	34.372	144	31.412	132
	Average size:	0.239	0.238
Fourth quarter 2004, global market, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	6.358	32	15.70%	8	2.049	20	5.94%
2	JPMorgan	5.263	37	13.00%	3	4.052	32	11.76%
3	CSFB	4.276	32	10.56%	1	4.323	32	12.54%
4	Deutsche Bank	3.881	34	9.59%	2	4.237	33	12.29%
5	Goldman Sachs	3.648	31	9.01%	4	3.370	25	9.78%
6	Lehman	3.141	26	7.76%	7	2.423	15	7.03%
7	Morgan Stanley	3.117	15	7.70%	9	1.994	9	5.79%
8	Banc of America	3.060	27	7.56%	5	3.216	28	9.33%
9	Merrill Lynch	1.848	14	4.57%	12	0.904	7	2.62%
10	UBS	1.493	20	3.69%	6	2.469	22	7.16%
	Total	40.486	167	34.466	143
	Average size:	0.242	0.241
Fourth quarter, European currencies, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	1.280	8	23.84%	4	0.317	4	11.79%
2	Deutsche Bank	1.217	9	22.67%	1	0.559	5	20.74%
3	CSFB	0.854	6	15.91%	-	-	-	-
4	Merrill Lynch	0.503	3	9.36%	7	0.155	1	5.75%
5	Citigroup	0.385	3	7.17%	10	0.078	2	2.89%
6	Barclays	0.320	2	5.96%	2	0.453	2	16.84%
7	JPMorgan	0.175	1	3.25%	5	0.233	3	8.64%
8	ING	0.171	1	3.18%	-	-	-	-
9	UBS	0.162	1	3.01%	6	0.172	3	6.38%
10	Morgan Stanley	0.087	1	1.63%	-	-	-	-
	Total	5.368	20	2.693	9
	Average size:	0.268	0.299
December 2004, U.S. market, all issuers
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	2.152	13	14.68%	7	0.785	5	6.61%
2	Deutsche Bank	1.771	15	12.08%	5	0.924	8	7.77%
3	JPMorgan	1.714	16	11.69%	4	1.020	7	8.58%
4	CSFB	1.689	11	11.52%	2	1.682	9	14.15%
5	Goldman Sachs	1.582	15	10.79%	3	1.433	9	12.06%
6	Banc of America	1.526	13	10.40%	9	0.529	5	4.45%
7	UBS	0.919	13	6.27%	8	0.765	7	6.44%
8	Morgan Stanley	0.811	3	5.53%	11	0.474	3	3.99%
9	Lehman	0.746	8	5.09%	1	1.909	7	16.07%
10	Bear Stearns	0.461	6	3.14%	10	0.527	3	4.43%
	Total	14.666	62	11.882	49
	Average size:	0.237	0.242
December 2004, U.S. market, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	1.865	9	14.49%	11	0.435	4	4.29%
2	CSFB	1.689	11	13.13%	2	1.135	7	11.20%
3	JPMorgan	1.526	13	11.86%	4	1.020	7	10.06%
4	Banc of America	1.526	13	11.86%	8	0.529	5	5.22%
5	Deutsche Bank	1.522	14	11.83%	6	0.886	7	8.74%
6	Goldman Sachs	1.395	12	10.84%	3	1.034	8	10.19%
7	Lehman	0.746	8	5.80%	1	1.538	6	15.17%
8	UBS	0.732	10	5.69%	7	0.765	7	7.54%
9	Bear Stearns	0.461	6	3.58%	9	0.527	3	5.19%
10	Morgan Stanley	0.361	2	2.81%	10	0.436	2	4.30%
	Total	12.867	56	10.140	44
	Average size:	0.230	0.230
December 2004, global market, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	2.452	21	15.61%	6	0.886	7	8.05%
2	Goldman Sachs	2.029	16	12.92%	2	1.188	9	10.80%
3	Citigroup	1.932	10	12.30%	11	0.435	4	3.95%
4	CSFB	1.885	13	12.01%	4	1.135	7	10.32%
5	Banc of America	1.593	14	10.14%	8	0.529	5	4.81%
6	JPMorgan	1.526	13	9.72%	3	1.175	8	10.67%
7	Lehman	0.746	8	4.75%	1	1.538	6	13.98%
8	UBS	0.732	10	4.66%	7	0.765	7	6.95%
9	Merrill Lynch	0.657	6	4.19%	12	0.435	4	3.95%
10	Barclays	0.470	3	2.99%	-	-	-	-
	Total	15.701	67	11.003	47
	Average size:	0.234	0.234
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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