• U.S. market high-yield issuance totals $21.72 billion year to date
• Morgan Stanley top global high-yield underwriter year to date
• Global high-yield issuance totals $24.85 billion year to date
• Morgan Stanley top European high-yield underwriter year to date
• European high-yield issuance totals $5.32 billion year to date
New York, Feb. 28 - Citigroup remained the number one underwriter of high-yield bonds for the year so far, according to data compiled by Prospect News.
The firm also ranked first in January. It had been third for all of 2005.
Credit Suisse remained in second place while Morgan Stanley held at third, both unchanged from the month before.
Total volume for the month plunged to $5.69 billion, way down from the $16.03 billion total for January and the lowest level of issuance since October's $3.12 billion.
But thanks to January's burst if activity, the year-to-date tally of $21.72 billion is very close to the $21.57 billion at the same point in 2005 - although the count of deals is just 52 compared to 82 a year earlier.
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 same as in January.
Global issuance so far this year is $24.85 billion, slightly below the comparable $25.33 billion figure for 2005.
European activity is correspondingly lower at $5.32 billion year to date against 2005's $5.85 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 | Citigroup | 3.922 | 15 | 18.06% | 3 | 2.712 | 17 | 12.57%
|
2 | Credit Suisse | 2.693 | 15 | 12.40% | 1 | 3.277 | 20 | 15.19%
|
3 | Morgan Stanley | 2.413 | 7 | 11.11% | 10 | 0.842 | 4 | 3.90%
|
4 | Bear Stearns | 1.939 | 8 | 8.93% | 8 | 1.023 | 6 | 4.74%
|
5 | JPMorgan | 1.733 | 12 | 7.98% | 6 | 1.717 | 13 | 7.96%
|
6 | Banc of America | 1.614 | 13 | 7.43% | 2 | 2.873 | 23 | 13.32%
|
7 | Deutsche Bank | 1.611 | 8 | 7.41% | 4 | 2.320 | 14 | 10.75%
|
8 | UBS | 1.255 | 6 | 5.78% | 7 | 1.670 | 13 | 7.74%
|
9 | Merrill Lynch | 1.110 | 7 | 5.11% | 9 | 0.926 | 7 | 4.29%
|
10 | RBC | 0.774 | 2 | 3.56% | 13 | 0.155 | 1 | 0.72%
|
| Total | 21.723 | 52 | 21.571 | 82
|
|
| Average size: | 0.418 | 0.263
|
|
|
Year to date, U.S. market, industrialized country issuers
|
| | | | | 2005 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Citigroup | 3.097 | 12 | 15.96% | 2 | 2.587 | 16 | 13.36%
|
2 | Credit Suisse | 2.468 | 13 | 12.72% | 4 | 2.142 | 14 | 11.06%
|
3 | Morgan Stanley | 2.188 | 5 | 11.28% | 10 | 0.842 | 4 | 4.35%
|
4 | Bear Stearns | 1.939 | 8 | 9.99% | 8 | 1.023 | 6 | 5.29%
|
5 | JPMorgan | 1.651 | 11 | 8.50% | 7 | 1.366 | 11 | 7.06%
|
6 | Banc of America | 1.614 | 13 | 8.31% | 1 | 2.873 | 23 | 14.84%
|
7 | Deutsche Bank | 1.611 | 8 | 8.30% | 3 | 2.246 | 13 | 11.60%
|
8 | UBS | 1.173 | 5 | 6.04% | 6 | 1.422 | 12 | 7.35%
|
9 | Merrill Lynch | 1.060 | 6 | 5.46% | 9 | 0.852 | 6 | 4.40%
|
10 | RBC | 0.774 | 2 | 3.99% | 13 | 0.155 | 1 | 0.80%
|
| Total | 19.408 | 43 | 19.362 | 72 |
|
|
| Average size: | 0.451 | 0.269
|
|
|
Year to date, global market, industrialized country issuers
|
| | | | | 2005 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Morgan Stanley | 3.499 | 8 | 14.08% | 11 | 0.916 | 5 | 3.61%
|
2 | Citigroup | 3.397 | 13 | 13.67% | 1 | 3.997 | 25 | 15.78%
|
3 | Credit Suisse | 3.070 | 15 | 12.36% | 2 | 3.076 | 17 | 12.14%
|
4 | Bear Stearns | 1.939 | 8 | 7.81% | 10 | 1.023 | 6 | 4.04%
|
5 | JPMorgan | 1.882 | 13 | 7.58% | 7 | 1.731 | 14 | 6.83%
|
6 | Deutsche Bank | 1.786 | 10 | 7.19% | 3 | 3.039 | 17 | 12.00%
|
7 | Merrill Lynch | 1.769 | 7 | 7.12% | 9 | 1.049 | 7 | 4.14%
|
8 | Banc of America | 1.614 | 13 | 6.49% | 4 | 3.006 | 24 | 11.86%
|
9 | Barclays | 1.259 | 3 | 5.07% |
|
10 | UBS | 1.173 | 5 | 4.72% | 6 | 1.749 | 13 | 6.90%
|
| Total | 24.845 | 53 | 25.334 | 90 |
|
|
| Average size: | 0.469 | 0.281
|
|
|
Year to date, European currencies, industrialized country issuers
|
| | | | | 2005 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Morgan Stanley | 1.311 | 3 | 24.66% | 12 | 0.074 | 1 | 1.26%
|
2 | Barclays | 1.009 | 2 | 18.97% |
|
3 | Merrill Lynch | 0.709 | 1 | 13.34% | 9 | 0.198 | 1 | 3.38%
|
4 | Credit Suisse | 0.602 | 2 | 11.32% | 2 | 0.934 | 3 | 15.97%
|
5 | Citigroup | 0.299 | 1 | 5.63% | 1 | 1.348 | 8 | 23.05%
|
6 | UniCredit | 0.299 | 1 | 5.63% |
|
7 | BNP Paribas | 0.299 | 1 | 5.63% | 4 | 0.657 | 3 | 11.24%
|
8 | JPMorgan | 0.232 | 2 | 4.36% | 6 | 0.365 | 3 | 6.24%
|
9 | Deutsche Bank | 0.175 | 2 | 3.30% | 3 | 0.793 | 4 | 13.57%
|
10 | Calyon | 0.109 | 1 | 2.05% |
|
| Total | 5.316 | 8 | 5.848 | 17 |
|
|
| Average size: | 0.665 | 0.344 |
|
|
|
February, U.S. market, all issuers
|
| | | | | 2005 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | UBS | 1.074 | 4 | 18.86% | 6 | 0.777 | 9 | 8.44%
|
2 | Merrill Lynch | 0.706 | 4 | 12.40% | 7 | 0.627 | 5 | 6.82%
|
3 | Bear Stearns | 0.625 | 3 | 10.98% | 5 | 0.786 | 4 | 8.54%
|
4 | Banc of America | 0.599 | 6 | 10.52% | 1 | 1.482 | 14 | 16.09%
|
5 | Citigroup | 0.491 | 4 | 8.62% | 2 | 1.052 | 9 | 11.42%
|
6 | Wachovia | 0.340 | 3 | 5.98% | 8 | 0.609 | 4 | 6.62%
|
7 | Deutsche Bank | 0.309 | 3 | 5.43% | 3 | 0.991 | 6 | 10.76%
|
8 | BNP Paribas | 0.300 | 1 | 5.27% |
|
9 | Credit Suisse | 0.238 | 3 | 4.19% | 4 | 0.963 | 8 | 10.46%
|
10 | Morgan Stanley | 0.213 | 3 | 3.75% | 12 | 0.250 | 2 | 2.72%
|
| Total | 5.694 | 21 | 9.206 | 41
|
|
| Average size: | 0.271 | 0.225
|
|
|
February, U.S. market, industrialized country issuers
|
| | | | | 2005 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | UBS | 1.074 | 4 | 21.15% | 6 | 0.777 | 9 | 8.65%
|
2 | Merrill Lynch | 0.656 | 3 | 12.92% | 8 | 0.553 | 4 | 6.16%
|
3 | Bear Stearns | 0.625 | 3 | 12.31% | 5 | 0.786 | 4 | 8.75%
|
4 | Banc of America | 0.599 | 6 | 11.80% | 1 | 1.482 | 14 | 16.49%
|
5 | Citigroup | 0.491 | 4 | 9.67% | 2 | 1.052 | 9 | 11.71%
|
6 | Wachovia | 0.340 | 3 | 6.71% | 7 | 0.609 | 4 | 6.78%
|
7 | Deutsche Bank | 0.309 | 3 | 6.09% | 3 | 0.917 | 5 | 10.20%
|
8 | BNP Paribas | 0.300 | 1 | 5.91% |
|
9 | JPMorgan | 0.166 | 1 | 3.27% | 9 | 0.520 | 4 | 5.79%
|
10 | Credit Suisse | 0.163 | 2 | 3.22% | 4 | 0.889 | 7 | 9.90%
|
| Total | 5.077 | 17 | 8.984 | 40 |
|
|
| Average size: | 0.299 | 0.225
|
|
|
February, global market, industrialized country issuers
|
| | | | | 2005 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | UBS | 1.074 | 4 | 15.48% | 7 | 0.777 | 9 | 6.53%
|
2 | Citigroup | 0.790 | 5 | 11.39% | 2 | 1.621 | 13 | 13.61%
|
3 | Merrill Lynch | 0.656 | 3 | 9.46% | 8 | 0.751 | 5 | 6.30%
|
4 | Bear Stearns | 0.625 | 3 | 9.01% | 6 | 0.786 | 4 | 6.60%
|
5 | BNP Paribas | 0.599 | 2 | 8.64% | 12 | 0.260 | 2 | 2.18%
|
6 | Banc of America | 0.599 | 6 | 8.64% | 3 | 1.482 | 14 | 12.44%
|
7 | Deutsche Bank | 0.362 | 4 | 5.22% | 4 | 0.917 | 5 | 7.70%
|
8 | Wachovia | 0.340 | 3 | 4.91% | 10 | 0.609 | 4 | 5.12%
|
9 | Barclays | 0.299 | 1 | 4.32% |
|
10 | UniCredit | 0.299 | 1 | 4.32% |
|
| Total | 6.937 | 23 | 11.909 | 49 |
|
|
| Average size: | 0.302 | 0.243
|
|
|
February, European currencies, industrialized country issuers
|
| | | | | 2005 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | UniCredit | 0.299 | 1 | 17.21% |
|
2 | BNP Paribas | 0.299 | 1 | 17.21% | 7 | 0.198 | 1 | 7.06%
|
3 | Barclays | 0.299 | 1 | 17.21% |
|
4 | Citigroup | 0.299 | 1 | 17.21% | 2 | 0.507 | 3 | 18.09%
|
5 | Calyon | 0.109 | 1 | 6.26% |
|
6 | JPMorgan | 0.109 | 1 | 6.26% | 3 | 0.291 | 2 | 10.40%
|
7 | RBS | 0.109 | 1 | 6.26% |
|
8 | Jefferies | 0.058 | 1 | 3.34% |
|
9 | ABN | 0.052 | 1 | 3.02% |
|
10 | Banca IMI | 0.052 | 1 | 3.02% |
|
| Total | 1.740 | 4 | 2.801 | 8 |
|
|
| Average size: | 0.435 | 0.350
|
|
|
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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