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

• U.S. market high-yield issuance totals $111.02 billion year to date

• JPMorgan top global high-yield underwriter year to date

• Global high-yield issuance totals $99.97 billion year to date

• Credit Suisse top European high-yield underwriter year to date

• European high-yield issuance totals $27.71 billion year to date

New York, Oct. 31 - Citigroup was once again number one underwriter of high-yield bonds although the lead remained slim, according to data compiled by Prospect News.

The firm placed first for the year through September with $15.73 billion of junk bonds brought to market, $233 million ahead of JPMorgan Securities at number two.

For the year through September, Citi had been ahead of JPMorgan by $272 million.

Citi had moved up to the top spot in August, largely thanks to its role as sole bookrunner of the $1.65 billion sale for Fortescue Metals Group via FMG Finance Pty. Ltd.

That rise pushed JPMorgan Securities into second place, with a margin of $1.41 billion.

Before Citigroup's rise in August, JPMorgan had been on top for two months after dislodging Citigroup in June.

Meanwhile issuance continued to roar ahead, with October seeing $16.37 billion, the biggest month since March 2004, which had $16.68 billion. October was ahead of January 2006 at $15.32 billion - previously the busiest month of this year - and 2005's biggest month, June, at $12.62 billion.

Year-to-volume is now $111.02 billion, 36% ahead of the $81.58 billion at the same stage a year ago.

The current pace is comparable to the busiest recent years in the high yield market, including 2004, which saw $111.53 billion through the end of October, and 2003, which had $114.34 billion.

For issuers from industrialized countries only - excluding emerging markets - JPMorgan is placed first while volume is $99.97 billion after $13.9 billion in October.

Including all major currencies and excluding emerging markets, JPMorgan is again in the number one position while issuance is $128.16 billion following $19.34 billion in October.

Credit Suisse remained the leading underwriter in Europe. That market has seen $27.71 billion of issuance so far this year following $5.44 billion of new deals in October.

That is well ahead of 2005 issuance, which saw $17.18 billion for the first 10 months of the year.

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.

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

2005 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	15.734	77	14.17%	1	10.362	72	12.70%
2	JPMorgan	15.501	92	13.96%	3	10.136	72	12.42%
3	Deutsche Bank	10.743	68	9.68%	5	7.558	54	9.26%
4	Credit Suisse	10.069	70	9.07%	4	8.874	60	10.88%
5	Merrill Lynch	9.957	47	8.97%	6	6.802	40	8.34%
6	Banc of America	9.565	71	8.61%	2	10.232	80	12.54%
7	Morgan Stanley	7.236	30	6.52%	9	4.241	25	5.20%
8	Lehman	6.769	49	6.10%	7	4.924	41	6.04%
9	UBS	5.981	33	5.39%	10	4.197	36	5.15%
10	Goldman Sachs	5.042	33	4.54%	8	4.841	34	5.93%
	Total	111.023	310	81.581	322
	Average size:	0.358	0.253
Year to date, U.S. market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	14.494	84	14.50%	3	8.659	66	12.33%
2	Citigroup	13.526	64	13.53%	2	8.734	61	12.44%
3	Deutsche Bank	9.958	63	9.96%	5	6.887	48	9.81%
4	Banc of America	9.565	71	9.57%	1	10.232	80	14.57%
5	Merrill Lynch	9.510	44	9.51%	6	5.105	33	7.27%
6	Credit Suisse	9.313	64	9.32%	4	7.023	49	10.00%
7	Lehman	6.644	48	6.65%	7	4.924	41	7.01%
8	Morgan Stanley	6.528	24	6.53%	11	3.036	21	4.32%
9	Goldman Sachs	4.717	31	4.72%	8	4.759	33	6.78%
10	UBS	4.440	28	4.44%	9	3.576	32	5.09%
	Total	99.973	264	70.222	281
	Average size:	0.379	0.250
Year to date, global market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	17.333	98	13.52%	1	10.802	78	12.34%
2	Citigroup	16.365	77	12.77%	4	10.338	72	11.81%
3	Deutsche Bank	14.747	86	11.51%	2	10.642	67	12.16%
4	Credit Suisse	14.572	79	11.37%	5	9.572	61	10.94%
5	Merrill Lynch	11.154	49	8.70%	7	5.797	37	6.62%
6	Banc of America	9.727	73	7.59%	3	10.464	82	11.96%
7	Morgan Stanley	8.885	33	6.93%	10	3.474	24	3.97%
8	Goldman Sachs	7.090	38	5.53%	6	5.967	39	6.82%
9	Lehman	6.901	52	5.38%	8	5.449	46	6.23%
10	UBS	4.541	30	3.54%	9	3.903	33	4.46%
	Total	128.162	322	87.523	331
	Average size:	0.398	0.264
Year to date, European currencies, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	5.258	15	18.98%	2	2.550	12	14.84%
2	Deutsche Bank	4.789	23	17.28%	1	3.755	19	21.86%
3	JPMorgan	2.839	14	10.24%	3	2.143	12	12.48%
4	Citigroup	2.839	13	10.24%	4	1.541	10	8.97%
5	Goldman Sachs	2.373	7	8.56%	5	1.208	6	7.03%
6	Morgan Stanley	2.357	9	8.50%	11	0.438	3	2.55%
7	Barclays	1.933	8	6.98%	18	0.168	1	0.98%
8	Merrill Lynch	1.644	5	5.93%	8	0.692	4	4.03%
9	Calyon	0.732	5	2.64%
10	RBS	0.669	5	2.41%	10	0.451	3	2.62%
	Total	27.711	57	17.175	49
	Average size:	0.486	0.351
October, U.S. market, all issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Merrill Lynch	2.983	9	18.22%	3	0.468	4	15.01%
2	Deutsche Bank	2.845	13	17.38%	1	0.600	5	19.22%
3	Morgan Stanley	1.952	7	11.92%	9	0.124	1	3.97%
4	Banc of America	1.686	10	10.30%	10	0.025	1	0.82%
5	UBS	1.517	5	9.26%
6	Credit Suisse	1.433	11	8.75%	4	0.416	3	13.35%
7	Lehman	0.965	5	5.89%	6	0.218	2	6.98%
8	JPMorgan	0.783	6	4.78%	2	0.551	6	17.67%
9	Citigroup	0.745	5	4.55%	5	0.400	2	12.82%
10	Bear Stearns	0.583	2	3.56%	7	0.159	2	5.11%
	Total	16.370	36	3.120	17
	Average size:	0.455	0.184
October, U.S. market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Merrill Lynch	2.983	9	21.46%	2	0.468	4	16.03%
2	Deutsche Bank	2.456	11	17.67%	4	0.401	4	13.72%
3	Morgan Stanley	1.869	6	13.44%	9	0.124	1	4.24%
4	Banc of America	1.686	10	12.13%	10	0.025	1	0.87%
5	Credit Suisse	1.350	10	9.71%	3	0.416	3	14.26%
6	Lehman	0.965	5	6.94%	6	0.218	2	7.45%
7	JPMorgan	0.783	6	5.64%	1	0.551	6	18.87%
8	UBS	0.525	3	3.78%
9	Goldman Sachs	0.450	4	3.24%	8	0.158	2	5.42%
10	Citigroup	0.375	3	2.70%	5	0.400	2	13.69%
	Total	13.900	28	2.921	16
	Average size:	0.496	0.183
October, global market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	3.986	15	20.61%	1	0.849	7	21.38%
2	Merrill Lynch	3.628	11	18.76%	4	0.468	4	11.80%
3	Credit Suisse	3.078	13	15.92%	3	0.537	4	13.53%
4	Morgan Stanley	2.708	10	14.00%	11	0.124	1	3.12%
5	Banc of America	1.686	10	8.72%	12	0.025	1	0.64%
6	JPMorgan	1.284	8	6.64%	2	0.672	7	16.93%
7	Lehman	1.086	6	5.61%	6	0.218	2	5.48%
8	UBS	0.525	3	2.71%
9	Goldman Sachs	0.450	4	2.33%	10	0.158	2	3.99%
10	Citigroup	0.375	3	1.94%	5	0.400	2	10.07%
	Total	19.338	36	3.970	20
	Average size:	0.537	0.198
October, European currencies, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	1.728	3	31.79%	4	0.121	1	11.50%
2	Deutsche Bank	1.531	4	28.15%	1	0.448	3	42.72%
3	Morgan Stanley	0.839	4	15.43%
4	Merrill Lynch	0.645	2	11.86%
5	JPMorgan	0.501	2	9.21%	5	0.121	1	11.50%
6	Lehman	0.121	1	2.22%
7	Barclays	0.073	1	1.34%
	Total	5.437	8	1.049	4
	Average size:	0.680	0.262
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.

• 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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