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

• U.S. market high-yield issuance totals $140.83 billion year to date

• JPMorgan top global high-yield underwriter year to date

• Global high-yield issuance totals $159.73 billion year to date

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

• European high-yield issuance totals $31.00 billion year to date

New York, Nov. 30 - JPMorgan pushed ahead of Citigroup to take the number one spot among underwriters of high-yield bonds for the year through November, according to data compiled by Prospect News.

After trailing by $233 million for the year through October, JPMorgan was boosted by its participation in most of the month's big deals, including the $5.7 billion for HCA, Inc., where it was joint bookrunner with Citigroup, Banc of America, Merrill Lynch, Deutsche Bank and Wachovia, the $5.95 billion for Firestone Acquisition Corp. (Freescale Semiconductor Inc.), which was brought to market by bookrunners Credit Suisse, Citigroup, JPMorgan, UBS and Lehman Brothers, and the $1.34 billion for Momentive Performance Management, handled by JPMorgan, General Electric Capital Corp. and UBS.

With those deals, JPMorgan ended the month $2.0 billion ahead of Citi.

Citigroup 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.

Thanks to the month's giant deals, U.S. market issuance for November was huge at $29.80 billion, almost certainly the biggest month ever in high yield. Since Prospect News began tracking issuance at the start of 2001, the most issuance in a month previously has been $18.42 billion in May 2003.

Year-to-date volume is now $140.83 billion, just marginally behind the previous record total of $142.38 billion set for all of 2004.

Including all major currencies and excluding emerging markets, JPMorgan was again in the number one position while issuance is $159.73 billion following $31.77 billion in November.

In Europe, Deutsche Bank dislodged Credit Suisse to take the number one spot.

November saw $3.49 billion taking the year's total to $31.00 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.

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

2005 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	21.183	112	15.04%	1	11.602	81	12.67%
2	Citigroup	19.184	88	13.62%	3	11.118	78	12.14%
3	Credit Suisse	14.241	79	10.11%	4	10.566	71	11.54%
4	Merrill Lynch	12.578	56	8.93%	6	7.129	44	7.79%
5	Deutsche Bank	12.406	75	8.81%	5	8.166	59	8.92%
6	Banc of America	11.478	81	8.15%	2	11.193	90	12.23%
7	Morgan Stanley	8.892	41	6.31%	9	4.626	28	5.05%
8	Lehman	7.959	53	5.65%	7	6.264	52	6.84%
9	UBS	7.890	41	5.60%	10	4.583	38	5.01%
10	Goldman Sachs	7.013	39	4.98%	8	5.341	37	5.83%
	Total	140.826	358	91.545	356
	Average size:	0.393	0.257
Year to date, U.S. market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	19.976	103	15.59%	2	10.125	75	13.03%
2	Citigroup	16.876	74	13.17%	3	9.156	64	11.79%
3	Credit Suisse	13.485	73	10.52%	4	7.906	55	10.18%
4	Merrill Lynch	12.132	53	9.47%	7	5.432	37	6.99%
5	Banc of America	11.390	80	8.89%	1	11.193	90	14.41%
6	Deutsche Bank	11.346	68	8.85%	5	7.495	53	9.65%
7	Lehman	7.834	52	6.11%	6	5.930	49	7.63%
8	Morgan Stanley	7.671	31	5.99%	10	3.421	24	4.40%
9	Goldman Sachs	6.688	37	5.22%	8	5.258	36	6.77%
10	UBS	6.149	35	4.80%	9	3.593	33	4.63%
	Total	128.151	304	77.676	308
	Average size:	0.422	0.252
Year to date, global market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	23.756	121	14.87%	1	12.268	87	12.69%
2	Citigroup	19.715	87	12.34%	4	10.924	76	11.30%
3	Credit Suisse	18.880	89	11.82%	5	10.456	67	10.82%
4	Deutsche Bank	17.221	95	10.78%	2	11.573	73	11.98%
5	Merrill Lynch	13.776	58	8.62%	8	6.124	41	6.34%
6	Banc of America	11.552	82	7.23%	3	11.425	92	11.82%
7	Morgan Stanley	10.028	40	6.28%	10	3.859	27	3.99%
8	Goldman Sachs	9.060	44	5.67%	6	6.466	42	6.69%
9	Lehman	8.091	56	5.07%	7	6.456	54	6.68%
10	UBS	6.370	38	3.99%	9	3.920	34	4.06%
	Total	159.730	368	96.637	362
	Average size:	0.434	0.267
Year to date, European currencies, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	5.875	27	18.95%	1	4.077	20	22.27%
2	Credit Suisse	5.395	16	17.40%	2	2.550	12	13.93%
3	JPMorgan	3.780	18	12.19%	3	2.143	12	11.70%
4	Citigroup	2.839	13	9.16%	4	1.706	11	9.32%
5	Goldman Sachs	2.373	7	7.65%	5	1.208	6	6.60%
6	Morgan Stanley	2.357	9	7.60%	11	0.438	3	2.39%
7	Barclays	2.069	9	6.68%	20	0.168	1	0.92%
8	Merrill Lynch	1.644	5	5.30%	8	0.692	4	3.78%
9	BNP Paribas	1.460	7	4.71%	6	1.179	5	6.44%
10	RBS	0.669	5	2.16%	10	0.451	3	2.46%
	Total	30.999	62	18.308	51
	Average size:	0.500	0.359
November, U.S. market, all issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	5.682	20	19.07%	2	1.466	9	14.71%
2	Credit Suisse	4.172	9	14.00%	1	1.692	11	16.98%
3	Citigroup	3.450	11	11.58%	5	0.755	6	7.58%
4	Merrill Lynch	2.622	9	8.80%	11	0.327	4	3.28%
5	Goldman Sachs	1.970	6	6.61%	7	0.500	3	5.02%
6	Banc of America	1.913	10	6.42%	4	0.961	10	9.65%
7	UBS	1.909	8	6.41%	8	0.385	2	3.87%
8	Deutsche Bank	1.663	7	5.58%	6	0.608	5	6.11%
9	Morgan Stanley	1.656	11	5.55%	9	0.385	3	3.87%
10	Bear Stearns	1.425	1	4.78%	13	0.184	3	1.85%
	Total	29.803	48	9.964	34
	Average size:	0.621	0.293
November, U.S. market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	5.482	19	19.46%	1	1.466	9	19.67%
2	Credit Suisse	4.172	9	14.81%	4	0.883	6	11.85%
3	Citigroup	3.350	10	11.89%	7	0.422	3	5.66%
4	Merrill Lynch	2.622	9	9.30%	9	0.327	4	4.39%
5	Goldman Sachs	1.970	6	6.99%	6	0.500	3	6.71%
6	Banc of America	1.826	9	6.48%	3	0.961	10	12.90%
7	UBS	1.709	7	6.07%	16	0.017	1	0.22%
8	Bear Stearns	1.425	1	5.06%	10	0.184	3	2.47%
9	Deutsche Bank	1.388	5	4.93%	5	0.608	5	8.16%
10	Lehman	1.190	4	4.22%	2	1.007	8	13.51%
	Total	28.178	40	7.454	27
	Average size:	0.704	0.276
November, global market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	6.423	23	20.22%	1	1.466	9	16.08%
2	Credit Suisse	4.308	10	13.56%	5	0.883	6	9.69%
3	Citigroup	3.350	10	10.54%	6	0.586	4	6.43%
4	Merrill Lynch	2.622	9	8.25%	12	0.327	4	3.59%
5	Deutsche Bank	2.474	9	7.79%	4	0.931	6	10.22%
6	Goldman Sachs	1.970	6	6.20%	7	0.500	3	5.48%
7	UBS	1.830	8	5.76%	18	0.017	1	0.18%
8	Banc of America	1.826	9	5.75%	3	0.961	10	10.55%
9	Bear Stearns	1.425	1	4.49%	13	0.184	3	2.02%
10	Lehman	1.190	4	3.75%	2	1.007	8	11.05%
	Total	31.770	46	9.114	31
	Average size:	0.691	0.294
November, European currencies, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	1.086	4	31.11%	1	0.323	1	28.50%
2	BNP Paribas	0.950	3	27.21%
3	JPMorgan	0.941	4	26.97%
4	Credit Suisse	0.136	1	3.90%
5	Barclays	0.136	1	3.90%
6	GECC	0.121	1	3.45%
7	UBS	0.121	1	3.45%
	Total	3.491	5	1.133	2
	Average size:	0.698	0.566
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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