* High yield issuance $24.43 billion year to date
* Deutsche top high yield underwriter for March
* High yield issuance $7.45 billion for March
New York, March. 31 - High-yield bond issuance scored its biggest quarter in almost two years during the first three months of 2003, according to data compiled by Prospect News.
New deals for the first quarter of 2003 totaled $24.43 billion; the last time it was bigger was the second quarter of 2002 when the total was $29.21 billion.
Bolstering the first quarter figure was February's $10.05 billion. But both March and January saw solid amounts of new bonds at $7.45 billion and $6.93 billion respectively. By comparison the monthly average for 2002 was $4.97 billion.
After being boosted by a small number of giant deals in February, average offering size returned to $225.77 million in March, virtually identical to the year-ago comparable figure of $225.26 million. None of the month's transactions topped $1 billion and the largest was Universal City Development Partners' $500 million sale.
Top underwriter so far this year is Credit Suisse First Boston. For the first quarter, CSFB brought $4.62 billion of bonds to market, solidly ahead of Salomon Smith Barney in second place with $3.55 billion.
For March, Deutsche Bank Securities Inc. came top of the list with $949.33 million of transactions. CSFB placed second with $854 million.
Year to date and Q1, 2003
2002 Comparables
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | CS First Boston | 4,617.80 | 26 | 1 | 3,043.51 | 18
|
| 2. | Salomon | 3,549.01 | 19 | 3 | 2,151.44 | 16
|
| 3. | Deutsche Bank | 3,214.08 | 19 | 2 | 2,329.92 | 13
|
| 4. | Banc of America | 2,328.30 | 14 | 4 | 2,070.35 | 16
|
| 5. | Goldman Sachs | 2,032.06 | 10 | 6 | 1,496.85 | 4 |
|
| 6. | JP Morgan | 1,780.60 | 13 | 5 | 1,572.99 | 11
|
| 6. | Lehman | 1,576.62 | 9 | 7 | 1,181.04 | 6
|
| 7. | Morgan Stanley | 1,333.39 | 3 | 8 | 1,159.46 | 7
|
| 9. | UBS Warburg | 1,090.03 | 8 | 9 | 1,005.41 | 5
|
| 10. | Dresdner KW | 875.00 | 1 | 11 | 519.80 | 4
|
| 11. | Bear Stearns | 531.04 | 3 | 14 | 235.91 | 2
|
| 12. | CIBC | 450.43 | 4 | 13 | 270.05 | 3
|
| 13. | Jefferies | 339.28 | 3 | 15 | 149.08 | 2
|
| 14. | Merrill Lynch | 271.22 | 2 | 10 | 687.78 | 4
|
| 15. | Scotia | 225.00 | 1 | - | - | -
|
|
|
| Total | $24,431.58 | 79 | $18,330.51 | 74
|
|
|
| Average size | $309.26 | $247.71
|
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|
| March 2003
|
| | | | | 2002 Comparables
|
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | Deutsche Bank | 949.33 | 7 | 2 | 1,137.50 | 7
|
| 2. | CS First Boston | 853.74 | 7 | 1 | 1,368.51 | 10
|
| 3. | Banc of America | 829.04 | 6 | 6 | 730.24 | 7
|
| 4. | JP Morgan | 822.93 | 5 | 8 | 250.00 | 2
|
| 5. | Salomon | 792.48 | 6 | 4 | 897.08 | 6
|
| 6. | Lehman | 782.50 | 3 | 13 | 98.76 | 1
|
| 7. | UBS Warburg | 627.17 | 5 | 3 | 947.08 | 4
|
| 8. | Goldman Sachs | 522.01 | 4 | 7 | 500.00 | 2 |
|
| 9. | Morgan Stanley | 458.39 | 2 | 5 | 807.30 | 4
|
| 10. | Bear Stearns | 431.94 | 2 | - | - | -
|
|
|
| Total | $7,450.48 | 33 | $7,433.64 | 33
|
|
|
| Average size | $225.77 | $225.26
|
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| Prospect News High Yield Underwriter Rankings
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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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