• U.S. market high-yield issuance totals $31.56 billion year to date
• Citigroup top global high-yield underwriter year to date
• Global high-yield issuance totals $36.86 billion year to date
• Morgan Stanley top European high-yield underwriter year to date
• European high-yield issuance totals $7.75 billion year to date
New York, March 31 - Citigroup scored another month as top underwriter of high-yield bonds for the year so far, according to data compiled by Prospect News.
The firm held the same position in February and January. It had been third for all of 2005.
However Banc of America Securities moved up to second place from sixth, pushing down Credit Suisse and Morgan Stanley into third and fourth places respectively.
Helping Banc of America was its role on a large number of deals rather than a single big transaction. The bank was bookrunner or joint bookrunner on nine deals, a number matched only by J.P. Morgan Securities.
With that total, Banc of America placed first for March.
Total volume for the month was $10.01 billion - with more than a quarter of that, $2.70 billion, coming to market on a single day, March 29.
That level of activity was much stronger than February's $5.69 billion although still far below January's $15.86 billion.
Year-to-date volume now stands at $31.56 billion, very similar to the $31.27 billion at the same stage in 2005, although the number of deals is much lower at 83 versus 120.
For the global high-yield market, covering all major currencies but only issuers from industrialized countries, Citigroup took first place from the previous month's leader, Morgan Stanley, while Morgan Stanley remained number one for European deals, the same as in February and January.
Global issuance so far this year is $36.86 billion, almost identical to the comparable $36.70 billion figure for 2005.
European activity is running at a slower pace to 2005 with $7.75 billion year to date against last year's $8.77 billion. March saw only four deals for $2.37 billion come to market.
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 | 5.269 | 20 | 16.70% | 2 | 4.199 | 27 | 13.43%
|
2 | Banc of America | 3.552 | 22 | 11.26% | 4 | 3.905 | 31 | 12.49%
|
3 | Credit Suisse | 3.461 | 20 | 10.97% | 3 | 4.047 | 25 | 12.94%
|
4 | Morgan Stanley | 3.457 | 12 | 10.95% | 9 | 1.342 | 6 | 4.29%
|
5 | JPMorgan | 3.056 | 21 | 9.68% | 1 | 4.653 | 25 | 14.88%
|
6 | Merrill Lynch | 2.364 | 15 | 7.49% | 10 | 1.256 | 9 | 4.02%
|
7 | Deutsche Bank | 2.165 | 13 | 6.86% | 5 | 2.892 | 19 | 9.25%
|
8 | Bear Stearns | 1.939 | 8 | 6.15% | 11 | 1.173 | 8 | 3.75%
|
9 | UBS | 1.472 | 8 | 4.66% | 7 | 1.957 | 16 | 6.26%
|
10 | Goldman Sachs | 1.345 | 6 | 4.26% | 8 | 1.471 | 8 | 4.70%
|
| Total | 31.557 | 83 | 31.266 | 120 |
|
|
| Average size: | 0.380 | 0.261
|
|
|
Year to date, U.S. market, industrialized country issuers
|
| | | | | 2005 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Citigroup | 4.444 | 17 | 15.36% | 1 | 3.924 | 25 | 14.11%
|
2 | Banc of America | 3.552 | 22 | 12.27% | 2 | 3.905 | 31 | 14.04%
|
3 | Credit Suisse | 3.236 | 18 | 11.18% | 4 | 2.912 | 19 | 10.47%
|
4 | Morgan Stanley | 3.032 | 8 | 10.47% | 12 | 0.942 | 5 | 3.39%
|
5 | JPMorgan | 2.873 | 19 | 9.93% | 3 | 3.609 | 22 | 12.97%
|
6 | Merrill Lynch | 2.314 | 14 | 8.00% | 9 | 1.182 | 8 | 4.25%
|
7 | Deutsche Bank | 2.165 | 13 | 7.48% | 5 | 2.817 | 18 | 10.13%
|
8 | Bear Stearns | 1.939 | 8 | 6.70% | 10 | 1.173 | 8 | 4.22%
|
9 | UBS | 1.389 | 7 | 4.80% | 7 | 1.709 | 15 | 6.14%
|
10 | Goldman Sachs | 1.020 | 4 | 3.52% | 8 | 1.471 | 8 | 5.29%
|
| Total | 28.942 | 72 | 27.814 | 107 |
|
|
| Average size: | 0.402 | 0.260
|
|
|
Year to date, global market, industrialized country issuers
|
| | | | | 2005 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Citigroup | 5.346 | 20 | 14.50% | 1 | 5.433 | 35 | 14.80%
|
2 | Morgan Stanley | 4.342 | 11 | 11.78% | 10 | 1.177 | 7 | 3.21%
|
3 | Credit Suisse | 3.837 | 20 | 10.41% | 2 | 4.467 | 26 | 12.17%
|
4 | Banc of America | 3.613 | 23 | 9.80% | 3 | 4.137 | 33 | 11.27%
|
5 | Deutsche Bank | 3.179 | 17 | 8.62% | 5 | 4.101 | 26 | 11.17%
|
6 | JPMorgan | 3.105 | 21 | 8.42% | 4 | 4.135 | 26 | 11.27%
|
7 | Merrill Lynch | 3.023 | 15 | 8.20% | 9 | 1.564 | 11 | 4.26%
|
8 | Bear Stearns | 1.939 | 8 | 5.26% | 11 | 1.173 | 8 | 3.20%
|
9 | Goldman Sachs | 1.561 | 5 | 4.24% | 6 | 2.679 | 14 | 7.30%
|
10 | Barclays | 1.555 | 4 | 4.22% |
|
| Total | 36.858 | 87 | 36.704 | 133 |
|
|
| Average size: | 0.424 | 0.276
|
|
|
Year to date, European currencies, industrialized country issuers
|
| | | | | 2005 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Morgan Stanley | 1.311 | 3 | 16.92% | 10 | 0.235 | 2 | 2.69%
|
2 | Barclays | 1.305 | 3 | 16.85% |
|
3 | Deutsche Bank | 1.013 | 4 | 13.08% | 3 | 1.283 | 8 | 14.64%
|
4 | Citigroup | 0.902 | 3 | 11.65% | 2 | 1.447 | 9 | 16.51%
|
5 | Merrill Lynch | 0.709 | 1 | 9.15% | 7 | 0.382 | 3 | 4.36%
|
6 | Credit Suisse | 0.602 | 2 | 7.77% | 1 | 1.555 | 7 | 17.74%
|
7 | Goldman Sachs | 0.541 | 1 | 6.99% | 4 | 1.208 | 6 | 13.78%
|
8 | BNP Paribas | 0.299 | 1 | 3.86% | 5 | 0.657 | 3 | 7.50%
|
9 | UniCredit | 0.299 | 1 | 3.86% |
|
10 | JPMorgan | 0.232 | 2 | 2.99% | 6 | 0.527 | 4 | 6.01%
|
| Total | 7.747 | 14 | 8.765 | 25 |
|
|
| Average size: | 0.553 | 0.351
|
|
|
March, U.S. market, all issuers
|
| | | | | 2005 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Banc of America | 1.996 | 9 | 19.95% | 3 | 1.032 | 8 | 10.64%
|
2 | Citigroup | 1.405 | 5 | 14.04% | 2 | 1.487 | 10 | 15.33%
|
3 | JPMorgan | 1.323 | 9 | 13.22% | 1 | 2.936 | 12 | 30.28%
|
4 | Merrill Lynch | 1.254 | 8 | 12.53% | 9 | 0.330 | 2 | 3.41%
|
5 | Morgan Stanley | 1.043 | 5 | 10.42% | 7 | 0.500 | 2 | 5.16%
|
6 | Credit Suisse | 0.825 | 5 | 8.25% | 4 | 0.770 | 5 | 7.94%
|
7 | Goldman Sachs | 0.748 | 2 | 7.47% | 5 | 0.638 | 3 | 6.58%
|
8 | Deutsche Bank | 0.555 | 5 | 5.54% | 6 | 0.572 | 5 | 5.90%
|
9 | Lehman | 0.472 | 4 | 4.71% | 12 | 0.263 | 3 | 2.71%
|
10 | UBS | 0.216 | 2 | 2.16% | 10 | 0.287 | 3 | 2.96%
|
| Total | 10.008 | 31 | 9.696 | 38 |
|
|
| Average size: | 0.323 | 0.255
|
|
|
March, U.S. market, industrialized country issuers
|
| | | | | 2005 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Banc of America | 1.996 | 9 | 20.56% | 3 | 1.032 | 8 | 12.21%
|
2 | Citigroup | 1.405 | 5 | 14.47% | 2 | 1.337 | 9 | 15.81%
|
3 | Merrill Lynch | 1.254 | 8 | 12.92% | 8 | 0.330 | 2 | 3.91%
|
4 | JPMorgan | 1.223 | 8 | 12.60% | 1 | 2.242 | 11 | 26.53%
|
5 | Morgan Stanley | 0.843 | 3 | 8.69% | 14 | 0.100 | 1 | 1.18%
|
6 | Credit Suisse | 0.825 | 5 | 8.50% | 4 | 0.770 | 5 | 9.11%
|
7 | Goldman Sachs | 0.748 | 2 | 7.70% | 5 | 0.638 | 3 | 7.55%
|
8 | Deutsche Bank | 0.555 | 5 | 5.71% | 6 | 0.572 | 5 | 6.76%
|
9 | Lehman | 0.472 | 4 | 4.86% | 11 | 0.263 | 3 | 3.11%
|
10 | UBS | 0.216 | 2 | 2.23% | 9 | 0.287 | 3 | 3.39%
|
| Total | 9.708 | 29 | 8.452 | 35 |
|
|
| Average size: | 0.335 | 0.241
|
|
|
March, global market, industrialized country issuers
|
| | | | | 2005 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Banc of America | 2.058 | 10 | 16.89% | 5 | 1.131 | 9 | 9.95%
|
2 | Citigroup | 2.008 | 7 | 16.48% | 2 | 1.436 | 10 | 12.63%
|
3 | Deutsche Bank | 1.393 | 7 | 11.43% | 6 | 1.062 | 9 | 9.34%
|
4 | Goldman Sachs | 1.289 | 3 | 10.58% | 4 | 1.259 | 7 | 11.07%
|
5 | Merrill Lynch | 1.254 | 8 | 10.29% | 7 | 0.515 | 4 | 4.53%
|
6 | JPMorgan | 1.223 | 8 | 10.04% | 1 | 2.404 | 12 | 21.14%
|
7 | Morgan Stanley | 0.843 | 3 | 6.92% | 12 | 0.262 | 2 | 2.30%
|
8 | Credit Suisse | 0.825 | 5 | 6.77% | 3 | 1.391 | 9 | 12.23%
|
9 | Lehman | 0.472 | 4 | 3.87% | 11 | 0.263 | 3 | 2.31%
|
10 | Barclays | 0.297 | 1 | 2.44% |
|
| Total | 12.184 | 34 | 11.370 | 43 |
|
|
| Average size: | 0.358 | 0.264
|
|
|
March, European currencies, industrialized country issuers
|
| | | | | 2005 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Deutsche Bank | 0.838 | 2 | 35.35% | 3 | 0.490 | 4 | 16.79%
|
2 | Citigroup | 0.603 | 2 | 25.43% | 10 | 0.099 | 1 | 3.39%
|
3 | Goldman Sachs | 0.541 | 1 | 22.83% | 2 | 0.621 | 4 | 21.29%
|
4 | Barclays | 0.297 | 1 | 12.52% |
|
5 | Banc of America | 0.062 | 1 | 2.59% | 11 | 0.099 | 1 | 3.39%
|
6 | Pareto | 0.030 | 1 | 1.28% |
|
| Total | 2.371 | 4 | 2.917 | 8 |
|
|
| Average size: | 0.593 | 0.365
|
|
|
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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