* High yield issuance $59.65 billion for 2002
* Deutsche Bank top high yield underwriter in fourth quarter
* High yield issuance $14.54 billion in fourth quarter
* JP Morgan top high yield underwriter in December
* High yield issuance $6.44 billion in December
New York, Dec. 31 - High-yield bond issuance totaled $59.65 billion in 2002, down 22.9% from 2001's $77.37 billion, according to data compiled by Prospect News.
However the 2002 figure was 34.2% above the $44.44 billion brought to market in 2000 but significantly smaller - 35.6% less - than the $92.56 billion seen in 1999.
Credit Suisse First Boston was the top underwriter in 2002, as it was in 2001, 2000 and 1999 (including amounts for predecessor Donaldson, Lufkin & Jenrette). (Prospect News data does not extend earlier than 1999.)
Moving up into second place for the year was Deutsche Bank Securities Inc., sharply improved from seventh place in 2001. Salomon Smith Barney slipped a position to third while JP Morgan Securities and Banc of America Securities held steady at fourth and fifth respectively.
The most significant decline among the big firms was Goldman, Sachs & Co., which dropped to seventh from third in 2001.
By quarter, the second period was the busiest for issuance in 2002 with a total of $21.86 billion followed by $18.33 billion for the first quarter, the fourth quarter at $14.54 billion and the third at just $4.92 billion.
The biggest month of 2002 was April with $8.39 billion in 39 deals. At the other extreme, August had only $1.18 billion in six deals.
2002
2001
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | CS First Boston | 9,715.84 | 71 | 1 | 12,886.91 | 64
|
| 2. | Deutsche Bank | 7,546.11 | 51 | 7 | 5,705.00 | 36
|
| 3. | Salomon SB | 6,666.40 | 46 | 2 | 9,679.65 | 41
|
| 4. | JP Morgan | 6,561.23 | 50 | 4 | 8,223.28 | 53
|
| 5. | Banc of America | 5,692.70 | 45 | 5 | 7,193.35 | 47
|
| 6. | Lehman | 4,751.32 | 28 | 8 | 5,097.60 | 26
|
| 7. | Goldman Sachs | 4,680.43 | 16 | 3 | 9,290.85 | 40
|
| 8. | Morgan Stanley | 3,575.58 | 19 | 6 | 6,108.41 | 24
|
| 9. | UBS Warburg | 3,251.95 | 20 | 10 | 2,947.53 | 20
|
| 10. | Merrill Lynch | 1,651.97 | 10 | 9 | 4,926.29 | 26
|
| 11. | Bear Stearns | 1,592.64 | 13 | 11 | 2,654.09 | 18
|
| 12. | Wachovia | 1,076.84 | 11 | 13 | 451.58 | 4
|
| 13. | Dresdner KW | 775.61 | 7 | 18 | 123.65 | 1
|
| 14. | CIBC | 592.19 | 7 | 16 | 245.05 | 2
|
| 15. | Jefferies | 589.41 | 7 | 12 | 933.07 | 9
|
| 16. | BMO | 267.39 | 3 | - | - | -
|
| 17. | TD Securities | 265.54 | 2 | 14 | 348.00 | 3
|
| 18. | ABN Amro | 198.67 | 1 | - | - |
|
| 19. | ING | 128.01 | 1 | - | - | -
|
| 20. | Scotia | 40.54 | 1 | - | - | -
|
|
|
| Total | $59,647.85 | 252 | $77,365.10 | 288
|
|
|
| Average size | $236.70 | $268.63
|
|
|
| 2002 Fourth Quarter
|
| | | | | 2001 Comparables
|
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | Deutsche Bank | 2,313.37 | 19 | 3 | 1,379.05 | 10
|
| 2. | JP Morgan | 2,152.60 | 17 | 2 | 2,575.90 | 17
|
| 3. | CS First Boston | 2,045.97 | 18 | 1 | 2,890.16 | 14
|
| 4. | Banc of America | 1,536.79 | 12 | 5 | 1,350.90 | 10
|
| 5. | Salomon SB | 1,513.53 | 11 | 4 | 1,367.16 | 6
|
| 6. | Lehman | 1,106.44 | 9 | 6 | 1,143.42 | 6
|
| 7. | Goldman Sachs | 1,043.65 | 4 | 7 | 1,022.28 | 7
|
| 8. | Merrill Lynch | 665.59 | 3 | 9 | 686.67 | 5
|
| 9. | Bear Stearns | 618.30 | 6 | 10 | 559.84 | 4
|
| 10. | Wachovia | 537.92 | 4 | 11 | 414.28 | 3
|
| 11. | UBS Warburg | 403.66 | 3 | 8 | 696.88 | 7
|
| 12. | Dresdner KW | 185.83 | 2 | - | - | -
|
| 13. | CIBC | 173.31 | 2 | - | - | -
|
| 14. | Morgan Stanley | 165.00 | 2 | 13 | 80.23 | 1
|
| 15. | Jefferies | 75.00 | 1 | 12 | 334.97 | 3
|
|
|
| Total | $14,536.97 | 61 | $14,501.74 | 64
|
|
|
| Average size | $238.31 | $226.59
|
|
|
|
|
| December 2002
|
| | | | | 2001 Comparables
|
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | JP Morgan | 1,018.42 | 5 | 8 | 316.27 | 3
|
| 2. | CS First Boston | 916.93 | 7 | 1 | 1,490.60 | 7
|
| 3. | Goldman Sachs | 877.49 | 2 | 10 | 244.53 | 2 |
|
| 4. | Lehman | 675.83 | 6 | 3 | 791.55 | 3 |
|
| 5. | Deutsche Bank | 674.88 | 6 | 2 | 799.28 | 4
|
| 6. | Merrill Lynch | 565.59 | 2 | 5 | 448.98 | 3
|
| 7. | Banc of America | 406.15 | 4 | 4 | 662.54 | 5
|
| 8. | Wachovia | 342.92 | 2 | 12 | 89.28 | 1
|
| 9. | UBS Warburg | 337.50 | 2 | 6 | 435.38 | 4 |
|
| 10. | Bear Stearns | 224.14 | 3 | 7 | 350.00 | 2
|
|
|
| Total | $6,436.80 | 27 | $6,034.67 | 25
|
|
|
| Average size | $238.40 | $241.39
|
|
|
|
|
| Prospect News High Yield Underwriter Rankings
|
|
|
Criteria
* The tables include all dollar-denominated offerings sold in the U.S. as public or Rule 144A deals reported to Prospect News.
* 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 above $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.
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