• U.S. market high-yield issuance totals $103.57 billion in 2005
• JPMorgan top global high-yield underwriter year for 2005
• Global high-yield issuance totals $107.79 billion in 2005
• Deutsche Bank top European high-yield underwriter for 2005
• European high-yield issuance totals $19.77 billion in 2005
New York, Dec. 30 - JPMorgan Securities was the number one underwriter of high-yield bonds for 2005, according to data compiled by Prospect News.
The firm was $1.78 billion clear of Banc of America Securities in the number two position.
But Citigroup, the top underwriter in 2004, was just $0.34 billion further behind in third place, while Credit Suisse First Boston, first in 2003 and previously the long-time leader in junk bonds, was only $0.13 billion lower.
Citigroup had topped the league tables for much of the year, but JPMorgan took over in August, then Banc of America in September, Citigroup back in October and then JPMorgan again in November.
Issuance for the year came in at $103.57 billion, 72.7% of the $142.38 billion recorded for 2004.
While the total was down from 2004 and also well below 2003's $138.48 billion, it was much higher than the $59.62 billion in 2002 and $76.45 billion in 2001.
December 2005 saw $12.02 billion of new deals, up from $9.96 billion in November and the best figure since June's $12.62 billion.
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 volume, counting all currencies but only issuers from industrialized countries was $107.79 billion versus $153.57 billion for 2004.
JPMorgan is also the top underwriter for the global chart.
Deutsche Bank was first in Europe for all of 2005.
European issuance came in at $19.77 billion for the year, 93% of the comparable $21.27 billion figure for 2004.
2005, U.S. market, all issuers
2004 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 13.568 | 93 | 13.10% | 3 | 16.556 | 121 | 11.63%
|
2 | Banc of America | 11.788 | 98 | 11.38% | 4 | 15.639 | 121 | 10.98%
|
3 | Citigroup | 11.452 | 82 | 11.06% | 1 | 21.612 | 131 | 15.18%
|
4 | CSFB | 11.324 | 75 | 10.93% | 2 | 19.426 | 129 | 13.64%
|
5 | Deutsche Bank | 9.185 | 65 | 8.87% | 5 | 13.873 | 99 | 9.74%
|
6 | Merrill Lynch | 8.169 | 51 | 7.89% | 10 | 5.966 | 40 | 4.19%
|
7 | Lehman | 7.198 | 58 | 6.95% | 8 | 8.552 | 69 | 6.01%
|
8 | Goldman Sachs | 6.545 | 44 | 6.32% | 9 | 7.814 | 66 | 5.49%
|
9 | UBS | 5.754 | 45 | 5.56% | 7 | 8.673 | 76 | 6.09%
|
10 | Morgan Stanley | 5.561 | 34 | 5.37% | 6 | 10.627 | 55 | 7.46%
|
| Total | 103.565 | 399 | 142.378 | 575
|
|
| Average size: | $0.26 | $0.25
|
|
|
|
2005, U.S. market, industrialized country issuers
|
| | | | | 2004 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Banc of America | 11.788 | 98 | 13.51% | 4 | 15.554 | 120 | 11.86%
|
2 | JPMorgan | 11.655 | 85 | 13.35% | 3 | 15.557 | 112 | 11.86%
|
3 | Citigroup | 9.491 | 68 | 10.87% | 1 | 20.386 | 121 | 15.55%
|
4 | CSFB | 8.665 | 59 | 9.93% | 2 | 17.734 | 121 | 13.52%
|
5 | Deutsche Bank | 8.391 | 58 | 9.61% | 5 | 11.881 | 90 | 9.06%
|
6 | Lehman | 6.865 | 55 | 7.86% | 7 | 8.105 | 66 | 6.18%
|
7 | Goldman Sachs | 6.264 | 42 | 7.18% | 8 | 7.627 | 63 | 5.82%
|
8 | Merrill Lynch | 6.060 | 41 | 6.94% | 10 | 5.272 | 38 | 4.02%
|
9 | UBS | 4.764 | 40 | 5.46% | 9 | 7.087 | 63 | 5.40%
|
10 | Wachovia | 3.568 | 23 | 4.09% | 13 | 1.890 | 24 | 1.44%
|
| Total | 87.288 | 342 | 131.130 | 532
|
|
| Average size: | 0.255 | 0.246
|
|
|
|
2005, global market, industrialized country issuers
|
| | | | | 2004 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 13.922 | 99 | 12.92% | 3 | 17.326 | 124 | 11.28%
|
2 | Deutsche Bank | 12.902 | 82 | 11.97% | 4 | 16.553 | 124 | 10.78%
|
3 | Banc of America | 12.020 | 100 | 11.15% | 5 | 16.018 | 127 | 10.43%
|
4 | Citigroup | 11.639 | 83 | 10.80% | 1 | 22.824 | 136 | 14.86%
|
5 | CSFB | 11.214 | 71 | 10.40% | 2 | 21.419 | 142 | 13.95%
|
6 | Goldman Sachs | 7.526 | 49 | 6.98% | 7 | 9.842 | 79 | 6.41%
|
7 | Lehman | 7.445 | 61 | 6.91% | 8 | 8.359 | 70 | 5.44%
|
8 | Merrill Lynch | 6.608 | 45 | 6.13% | 10 | 6.449 | 45 | 4.20%
|
9 | UBS | 5.091 | 41 | 4.72% | 9 | 7.249 | 64 | 4.72%
|
10 | Morgan Stanley | 3.964 | 28 | 3.68% | 6 | 10.733 | 63 | 6.99%
|
| Total | 107.788 | 401 | 153.573 | 614
|
|
| Average size: | 0.269 | 0.250
|
|
|
2005, European currencies, industrialized country issuers
|
| | | | | 2004 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Deutsche Bank | 4.511 | 24 | 22.81% | 1 | 4.351 | 31 | 20.46%
|
2 | CSFB | 2.550 | 12 | 12.89% | 2 | 3.685 | 21 | 17.33%
|
3 | JPMorgan | 2.267 | 14 | 11.47% | 5 | 1.595 | 10 | 7.50%
|
4 | Citigroup | 2.086 | 14 | 10.55% | 4 | 1.979 | 13 | 9.31%
|
5 | Goldman Sachs | 1.262 | 7 | 6.38% | 3 | 2.216 | 16 | 10.42%
|
6 | BNP Paribas | 0.982 | 4 | 4.97% | 10 | 0.781 | 7 | 3.67%
|
7 | RBS | 0.831 | 6 | 4.20% | 8 | 1.049 | 4 | 4.93%
|
8 | ING | 0.742 | 4 | 3.75% | 14 | 0.263 | 2 | 1.24%
|
9 | Lehman | 0.580 | 6 | 2.93% | 15 | 0.254 | 4 | 1.20%
|
10 | Merrill Lynch | 0.548 | 4 | 2.77% | 6 | 1.177 | 7 | 5.53%
|
| Total | 19.773 | 55 | 21.266 | 74
|
|
| Average size: | 0.360 | 0.287
|
|
|
Q4, U.S. market, all issuers
|
| | | | | 2004 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 3.984 | 27 | 15.87% | 2 | 5.351 | 39 | 13.87%
|
2 | CSFB | 2.867 | 18 | 11.42% | 3 | 3.950 | 29 | 10.24%
|
3 | Lehman | 2.492 | 19 | 9.93% | 6 | 3.185 | 26 | 8.25%
|
4 | Deutsche Bank | 2.227 | 16 | 8.87% | 5 | 3.455 | 30 | 8.95%
|
5 | Goldman Sachs | 1.862 | 12 | 7.42% | 8 | 2.556 | 26 | 6.62%
|
6 | Merrill Lynch | 1.836 | 15 | 7.31% | 10 | 1.546 | 12 | 4.01%
|
7 | Banc of America | 1.582 | 19 | 6.30% | 7 | 3.078 | 27 | 7.98%
|
8 | UBS | 1.556 | 9 | 6.20% | 9 | 1.819 | 23 | 4.71%
|
9 | Citigroup | 1.490 | 12 | 5.94% | 1 | 5.802 | 31 | 15.03%
|
10 | Morgan Stanley | 1.443 | 10 | 5.75% | 4 | 3.579 | 16 | 9.27%
|
| Total | 25.104 | 94 | 38.591 | 160
|
|
| Average size: | 0.267 | 0.241
|
|
|
Q4, U.S. market, industrialized country issuers
|
| | | | | 2004 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 3.547 | 25 | 17.75% | 2 | 5.015 | 35 | 14.59%
|
2 | Lehman | 2.159 | 16 | 10.80% | 4 | 3.078 | 25 | 8.95%
|
3 | CSFB | 2.059 | 13 | 10.30% | 3 | 3.421 | 26 | 9.95%
|
4 | Deutsche Bank | 1.905 | 14 | 9.53% | 7 | 2.664 | 25 | 7.75%
|
5 | Goldman Sachs | 1.664 | 11 | 8.33% | 8 | 2.369 | 23 | 6.89%
|
6 | Banc of America | 1.582 | 19 | 7.91% | 6 | 2.993 | 26 | 8.71%
|
7 | Merrill Lynch | 1.423 | 12 | 7.12% | 9 | 1.346 | 11 | 3.92%
|
8 | UBS | 1.188 | 8 | 5.94% | 10 | 1.332 | 19 | 3.87%
|
9 | Citigroup | 1.157 | 9 | 5.79% | 1 | 5.514 | 27 | 16.04%
|
10 | Jefferies | 0.648 | 7 | 3.24% | 12 | 0.895 | 12 | 2.60%
|
| Total | 19.987 | 77 | 34.372 | 144
|
|
| Average size: | 0.260 | 0.239
|
|
|
Q4, global market, industrialized country issuers
|
| | | | | 2004 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 3.792 | 28 | 15.40% | 2 | 5.363 | 38 | 13.19%
|
2 | Deutsche Bank | 3.109 | 22 | 12.62% | 4 | 3.973 | 35 | 9.77%
|
3 | Lehman | 2.213 | 17 | 8.98% | 6 | 3.141 | 26 | 7.73%
|
4 | CSFB | 2.179 | 14 | 8.85% | 3 | 4.276 | 32 | 10.52%
|
5 | Goldman Sachs | 1.718 | 12 | 6.98% | 5 | 3.648 | 31 | 8.97%
|
6 | Citigroup | 1.701 | 13 | 6.91% | 1 | 6.358 | 32 | 15.64%
|
7 | Banc of America | 1.582 | 19 | 6.42% | 8 | 3.060 | 27 | 7.53%
|
8 | Merrill Lynch | 1.477 | 13 | 6.00% | 9 | 1.848 | 14 | 4.55%
|
9 | UBS | 1.188 | 8 | 4.82% | 10 | 1.493 | 20 | 3.67%
|
10 | Jefferies | 0.648 | 7 | 2.63% | 12 | 0.895 | 12 | 2.20%
|
| Total | 24.631 | 91 | 40.655 | 168
|
|
| Average size: | 0.271 | 0.242
|
|
|
December, U.S. market, all issuers
|
| | | | | 2004 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 1.971 | 12 | 16.39% | 3 | 1.714 | 16 | 11.69%
|
2 | Goldman Sachs | 1.204 | 7 | 10.01% | 5 | 1.582 | 15 | 10.79%
|
3 | UBS | 1.171 | 7 | 9.74% | 7 | 0.919 | 13 | 6.27%
|
4 | Merrill Lynch | 1.040 | 7 | 8.65% | 12 | 0.338 | 4 | 2.30%
|
5 | Deutsche Bank | 1.019 | 6 | 8.48% | 2 | 1.771 | 15 | 12.08%
|
6 | Morgan Stanley | 0.934 | 6 | 7.77% | 8 | 0.811 | 3 | 5.53%
|
7 | Lehman | 0.934 | 6 | 7.77% | 9 | 0.746 | 8 | 5.09%
|
8 | CSFB | 0.759 | 4 | 6.31% | 4 | 1.689 | 11 | 11.52%
|
9 | Jefferies | 0.648 | 7 | 5.39% | 13 | 0.268 | 4 | 1.83%
|
10 | Banc of America | 0.595 | 8 | 4.95% | 6 | 1.526 | 13 | 10.40%
|
| Total | 12.024 | 43 | 14.666 | 62
|
|
| Average size: | 0.280 | 0.237
|
|
|
December, U.S. market, industrialized country issuers
|
| | | | | 2004 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 1.534 | 10 | 15.95% | 3 | 1.526 | 13 | 11.86%
|
2 | UBS | 1.171 | 7 | 12.18% | 8 | 0.732 | 10 | 5.69%
|
3 | Goldman Sachs | 1.006 | 6 | 10.46% | 6 | 1.395 | 12 | 10.84%
|
4 | Lehman | 0.934 | 6 | 9.72% | 7 | 0.746 | 8 | 5.80%
|
5 | Deutsche Bank | 0.896 | 5 | 9.31% | 5 | 1.522 | 14 | 11.83%
|
6 | CSFB | 0.759 | 4 | 7.89% | 2 | 1.689 | 11 | 13.13%
|
7 | Jefferies | 0.648 | 7 | 6.74% | 12 | 0.268 | 4 | 2.09%
|
8 | Merrill Lynch | 0.627 | 4 | 6.53% | 11 | 0.338 | 4 | 2.62%
|
9 | Banc of America | 0.595 | 8 | 6.19% | 4 | 1.526 | 13 | 11.86%
|
10 | Citigroup | 0.335 | 4 | 3.48% | 1 | 1.865 | 9 | 14.49%
|
| Total | 9.616 | 34 | 12.867 | 56
|
|
| Average size: | 0.283 | 0.230
|
|
|
December, global market, industrialized country issuers
|
| | | | | 2004 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 1.658 | 12 | 14.36% | 5 | 1.626 | 14 | 10.23%
|
2 | Deutsche Bank | 1.329 | 9 | 11.51% | 1 | 2.544 | 22 | 16.00%
|
3 | UBS | 1.171 | 7 | 10.14% | 8 | 0.732 | 10 | 4.61%
|
4 | Goldman Sachs | 1.060 | 7 | 9.18% | 2 | 2.029 | 16 | 12.77%
|
5 | Lehman | 0.988 | 7 | 8.56% | 7 | 0.746 | 8 | 4.69%
|
6 | CSFB | 0.759 | 4 | 6.57% | 4 | 1.885 | 13 | 11.86%
|
7 | Citigroup | 0.715 | 7 | 6.19% | 3 | 1.932 | 10 | 12.15%
|
8 | Merrill Lynch | 0.681 | 5 | 5.90% | 9 | 0.657 | 6 | 4.14%
|
9 | Jefferies | 0.648 | 7 | 5.61% | 13 | 0.268 | 4 | 1.69%
|
10 | Banc of America | 0.595 | 8 | 5.15% | 6 | 1.593 | 14 | 10.02%
|
| Total | 11.551 | 40 | 15.893 | 69
|
|
| Average size: | 0.289 | 0.230
|
|
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Prospect News High-Yield Underwriter Rankings
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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.
• Best efforts and non-underwritten deals are excluded as are remarketings.
• 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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