Citigroup top U.S. market high-yield underwriter for January

• U.S. market high-yield issuance totals $16.03 billion in January

• Morgan Stanley top global high-yield underwriter for January

• Global high-yield issuance totals $17.91 billion in January

• Morgan Stanley top European high-yield underwriter for January

• European high-yield issuance totals $3.58 billion in January

New York, Jan. 31 - Citigroup was the number one underwriter of high-yield bonds in January, according to data compiled by Prospect News.

The firm, which placed third for all of 2005, brought $3.43 billion of junk bonds to market, well ahead of Credit Suisse in second place with $2.46 billion. Morgan Stanley was third with $2.20 billion. Credit Suisse had been fourth for all of 2005 while Morgan Stanley only managed 10th place.

Meanwhile total volume for the month was strong at $16.03 billion, 30% higher than the $12.36 billion for January 2005 and just ahead of the $15.33 billion in January 2004. That made it the biggest month for new deals since November 2004's $16.19 billion.

Both Citigroup and Morgan Stanley were given a big lift in the tables by their role as joint bookrunners on NRG Energy Inc.'s $3.6 billion bond sale, a deal that also gave a significant boost to the month's total volume.

Meanwhile Credit Suisse was helped by EchoStar DBS Corp.'s $1.5 billion of senior notes for which it was joint bookrunner with Deutsche Bank.

Also making a substantial contribution - although more to the global and European figures - was Ineos Group Holdings plc's deal, which came as €1.75 billion and $750 million. Merrill Lynch & Co., Barclays Capital and Morgan Stanley were joint bookrunners.

For the global high-yield market, covering all major currencies but only issuers from industrialized countries, Morgan Stanley placed first and it also ranked number one for European deals. The firm placed 10th for all of 2005 in the global rankings and failed to make the top 10 for Europe.

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.

January, U.S. market, all issuers

2005 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	3.431	11	21.41%	2	1.66	8	13.43%
2	Credit Suisse	2.455	12	15.32%	1	2.314	12	18.71%
3	Morgan Stanley	2.200	4	13.72%	8	0.592	2	4.79%
4	JPMorgan	1.567	11	9.78%	6	1.197	9	9.68%
5	Bear Stearns	1.314	5	8.20%	11	0.237	2	1.92%
6	Deutsche Bank	1.301	5	8.12%	5	1.329	8	10.75%
7	Banc of America	1.015	7	6.33%	4	1.391	9	11.25%
8	RBC	0.699	1	4.36%	-	-	-	-
9	Goldman Sachs	0.545	3	3.40%	9	0.375	2	3.03%
10	Merrill Lynch	0.404	3	2.52%	10	0.298	2	2.41%
	Total	16.030	31	12.364	41
	Average size:	0.517	0.302
January, U.S. market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	2.606	8	18.19%	1	1.535	7	14.79%
2	Credit Suisse	2.305	11	16.08%	5	1.253	7	12.07%
3	Morgan Stanley	2.050	3	14.30%	8	0.592	2	5.70%
4	JPMorgan	1.485	10	10.36%	6	0.846	7	8.16%
5	Bear Stearns	1.314	5	9.17%	11	0.237	2	2.28%
6	Deutsche Bank	1.301	5	9.08%	4	1.329	8	12.81%
7	Banc of America	1.015	7	7.08%	3	1.391	9	13.41%
8	RBC	0.699	1	4.88%	-	-	-	-
9	Merrill Lynch	0.404	3	2.82%	10	0.298	2	2.87%
10	Wachovia	0.282	3	1.97%	12	0.165	1	1.59%
	Total	14.331	26	10.378	32
	Average size:	0.551	0.324
January, global market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Morgan Stanley	3.361	6	18.77%	9	0.666	3	4.96%
2	Credit Suisse	2.907	13	16.23%	5	1.253	7	9.33%
3	Citigroup	2.606	8	14.55%	1	2.376	12	17.70%
4	JPMorgan	1.608	11	8.98%	7	0.920	8	6.85%
5	Deutsche Bank	1.424	6	7.95%	2	2.122	12	15.81%
6	Bear Stearns	1.314	5	7.34%	12	0.237	2	1.76%
7	Merrill Lynch	1.113	4	6.22%	11	0.298	2	2.22%
8	Banc of America	1.015	7	5.67%	3	1.524	10	11.35%
9	Barclays	0.959	2	5.36%	-	-	-	-
10	RBC	0.699	1	3.90%	-	-	-	-
	Total	17.908	30	13.425	41
	Average size:	0.597	0.327
January, European currencies, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Morgan Stanley	1.311	3	36.65%	8	0.074	1	2.42%
2	Barclays	0.709	1	19.83%	-	-	-	-
3	Merrill Lynch	0.709	1	19.83%	-	-	-	-
4	Credit Suisse	0.602	2	16.82%	-	-	-	-
5	Deutsche Bank	0.123	1	3.43%	2	0.793	4	26.04%
6	JPMorgan	0.123	1	3.43%	7	0.074	1	2.42%
	Total	3.577	4	3.047	9
	Average size:	0.894	0.339
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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