JPMorgan top U.S. market high-yield underwriter year to date

• U.S. market high-yield issuance totals $44.83 billion year to date

• Citigroup top global high-yield underwriter year to date

• Global high-yield issuance totals $54.29 billion year to date

• Deutsche Bank top European high-yield underwriter year to date

• European high-yield issuance totals $13.22 billion year to date

New York, April 28 - JPMorgan Securities jumped to the number one position among underwriters of high-yield bonds for the year so far, pushing Citigroup into second place, according to data compiled by Prospect News.

Boosted by its role as sole lead manager of a $1.5 billion sale for Ford Motor Credit Co., JPMorgan leaped up from fifth place at the end of March.

Citigroup had been the top underwriter for the year through March, the year through February and for January.

But JPMorgan's lead is a slim $131 million.

JPMorgan was also first for April, although it would have placed first even without the Ford deal thanks to its involvement in more deals than any other bank during the month.

Total volume for April was $13.27 billion, up from March's $10.01 billion and far better than February's $5.69 billion although below January's unusual $15.86 billion.

Year-to-date issuance now stands at $44.83 billion, a solid $8 billion or 22% ahead of the total at the same stage of 2005.

Until this past month, 2006 had been running at generally the same pace as last year.

For the global high-yield market, covering all major currencies but only issuers from industrialized countries, Citigroup remained in first place, a position it took from Morgan Stanley, while Deutsche Bank moved up to first for European deals, dislodging Morgan Stanley.

Global issuance so far this year is $54.29 billion, again jumping ahead of the 2005 figure in April after spending earlier months of the year at similar levels. The comparable figure for last year is $42.40 billion.

After lagging behind 2005, European activity shot ahead in April and now totals $13.22 billion compared with $10.24 billion at the same stage of last year.

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	JPMorgan	6.541	38	14.59%	2	4.882	29	13.25%
2	Citigroup	6.410	29	14.30%	3	4.436	29	12.04%
3	Credit Suisse	4.793	30	10.69%	1	5.074	31	13.77%
4	Banc of America	4.723	35	10.53%	4	4.299	34	11.67%
5	Deutsche Bank	3.861	27	8.61%	5	3.010	20	8.17%
6	Morgan Stanley	3.832	14	8.55%	9	1.802	7	4.89%
7	Merrill Lynch	2.907	18	6.49%	12	1.364	10	3.70%
8	Bear Stearns	2.699	14	6.02%	11	1.441	10	3.91%
9	UBS	1.907	12	4.25%	7	2.523	21	6.85%
10	Goldman Sachs	1.607	8	3.59%	8	2.233	16	6.06%
	Total	44.831	129	36.848	146
	Average size:	0.348	0.252
Year to date, U.S. market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	6.158	35	15.06%	3	3.838	26	11.98%
2	Citigroup	5.303	24	12.97%	2	3.924	25	12.25%
3	Banc of America	4.723	35	11.55%	1	4.299	34	13.42%
4	Credit Suisse	4.568	28	11.17%	4	3.629	23	11.33%
5	Deutsche Bank	3.637	25	8.89%	5	2.936	19	9.16%
6	Morgan Stanley	3.407	10	8.33%	12	0.942	5	2.94%
7	Merrill Lynch	2.707	16	6.62%	11	1.290	9	4.03%
8	Bear Stearns	2.699	14	6.60%	10	1.441	10	4.50%
9	UBS	1.824	11	4.46%	7	2.274	20	7.10%
10	Wachovia	1.399	15	3.42%	9	1.453	9	4.53%
	Total	40.900	110	32.040	128
	Average size:	0.372	0.250
Year to date, global market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	7.185	30	13.23%	1	5.433	35	12.81%
2	JPMorgan	6.981	40	12.86%	5	4.524	32	10.67%
3	Deutsche Bank	5.855	34	10.78%	3	4.741	30	11.18%
4	Credit Suisse	5.662	33	10.43%	2	5.184	30	12.23%
5	Morgan Stanley	4.924	15	9.07%	13	1.177	7	2.78%
6	Banc of America	4.885	37	9.00%	4	4.531	36	10.68%
7	Merrill Lynch	3.417	17	6.29%	9	1.673	12	3.94%
8	Goldman Sachs	2.950	11	5.43%	6	3.441	22	8.11%
9	Bear Stearns	2.699	14	4.97%	11	1.441	10	3.40%
10	Barclays	2.062	7	3.80%
	Total	54.291	135	42.403	160
	Average size:	0.402	0.265
Year to date, European currencies, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	2.218	9	16.78%	1	1.805	11	17.63%
2	Citigroup	1.882	6	14.24%	3	1.447	9	14.13%
3	Barclays	1.692	5	12.79%
4	Goldman Sachs	1.667	5	12.61%	4	1.208	6	11.80%
5	Morgan Stanley	1.518	5	11.48%	11	0.235	2	2.30%
6	Credit Suisse	1.094	5	8.28%	2	1.555	7	15.19%
7	JPMorgan	0.823	5	6.22%	6	0.686	6	6.70%
8	Merrill Lynch	0.709	1	5.36%	8	0.382	3	3.74%
9	RBS	0.495	3	3.75%	14	0.162	1	1.58%
10	UniCredit	0.299	1	2.26%
	Total	13.222	24	10.239	31
	Average size:	0.551	0.330
April, U.S. market, all issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	3.485	17	26.25%	10	0.229	4	4.11%
2	Deutsche Bank	1.695	14	12.77%	13	0.119	1	2.13%
3	Credit Suisse	1.333	10	10.04%	1	1.026	6	18.38%
4	Banc of America	1.171	13	8.82%	6	0.394	3	7.06%
5	Citigroup	1.141	9	8.60%	9	0.237	2	4.25%
6	Bear Stearns	0.760	6	5.72%	8	0.268	2	4.79%
7	Lehman	0.673	6	5.07%	5	0.449	6	8.05%
8	Wachovia	0.651	8	4.90%	7	0.321	1	5.75%
9	Merrill Lynch	0.543	3	4.09%	15	0.108	1	1.94%
10	UBS	0.435	4	3.28%	3	0.565	5	10.13%
	Total	13.274	46	5.582	26
	Average size:	0.289	0.215
April, U.S. market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	3.285	16	27.47%	8	0.229	4	5.42%
2	Deutsche Bank	1.471	12	12.30%	10	0.119	1	2.81%
3	Credit Suisse	1.333	10	11.14%	2	0.717	4	16.97%
4	Banc of America	1.171	13	9.79%	5	0.394	3	9.32%
5	Citigroup	0.859	7	7.18%
6	Bear Stearns	0.760	6	6.35%	7	0.268	2	6.33%
7	Wachovia	0.651	8	5.44%	6	0.321	1	7.60%
8	Lehman	0.548	5	4.58%	4	0.449	6	10.63%
9	UBS	0.435	4	3.64%	3	0.565	5	13.38%
10	Merrill Lynch	0.394	2	3.29%	11	0.108	1	2.56%
	Total	11.958	38	4.226	21
	Average size:	0.315	0.201
April, global market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	3.876	19	22.23%	8	0.389	6	6.82%
2	Deutsche Bank	2.676	17	15.35%	4	0.641	4	11.24%
3	Citigroup	1.839	10	10.55%
4	Credit Suisse	1.825	13	10.47%	2	0.717	4	12.58%
5	Goldman Sachs	1.389	6	7.97%	1	0.762	8	13.37%
6	Banc of America	1.272	14	7.29%	7	0.394	3	6.91%
7	Bear Stearns	0.760	6	4.36%	10	0.268	2	4.69%
8	Wachovia	0.651	8	3.73%	9	0.321	1	5.63%
9	RBS	0.606	4	3.48%
10	Morgan Stanley	0.582	4	3.34%
	Total	17.433	48	5.699	27
	Average size:	0.363	0.211
April, European currencies, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	1.205	5	22.01%	1	0.522	3	35.42%
2	Goldman Sachs	1.126	4	20.57%
3	Citigroup	0.980	3	17.90%
4	JPMorgan	0.591	3	10.79%	5	0.159	2	10.81%
5	Credit Suisse	0.493	3	9.00%
6	Barclays	0.386	2	7.06%
7	RBS	0.386	2	7.06%
8	Morgan Stanley	0.207	2	3.78%
9	Banc of America	0.101	1	1.84%
	Total	5.475	10	1.473	6
	Average size:	0.548	0.246
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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