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

• U.S. market high-yield issuance totals $54.46 billion year to date

• Citigroup top global high-yield underwriter year to date

• Global high-yield issuance totals $67.33 billion year to date

• Credit Suisse top European high-yield underwriter year to date

• European high-yield issuance totals $17.77 billion year to date

New York, May 31 - Citigroup is back on top as underwriter of high-yield bonds, regaining the place it temporarily lost in April, according to data compiled by Prospect News.

JPMorgan Securities, which had jumped to the number one position for the year through April on the back of its role as sole lead manager of a $1.5 billion sale for Ford Motor Credit Co., was pushed back into second position.

Citigroup has now brought $8.68 billion of junk bonds to market so far this year compared to $7.93 billion for JPMorgan.

Banc of America is in third place with $5.25 billion.

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

Citi's strong performance in May was partly due to handling more deals than any other bank, at 11 for the month, and partly due to its role as sole bookrunner for Dean Foods Co.'s $500 million of senior notes and Amkor Technology Inc.'s $400 million of senior notes.

Issuance volume for May was $9.63 billion, down markedly from $13.27 billion in April and similar to March's $10.01 billion. February saw $5.69 billion and January $15.86 billion.

The year-to-date total now stands at $54.46 billion, $15.08 billion or 38.3% ahead of the $39.38 billion at the same stage in 2005.

For the global high-yield market, covering all major currencies but only issuers from industrialized countries, Citigroup remained in first place for a second month.

For European deals, Credit Suisse took the number one position from Deutsche Bank, which had only held it for a month.

Global issuance so far this year is $67.33 billion. The comparable figure for last year is $44.93 billion.

European deals are also running far ahead of 2005 at $17.77 billion for 2006 so far against $10.58 billion at the same stage 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	Citigroup	8.683	40	15.95%	3	4.577	31	11.62%
2	JPMorgan	7.934	47	14.57%	2	5.077	32	12.89%
3	Banc of America	5.248	40	9.64%	4	4.571	38	11.61%
4	Credit Suisse	5.108	33	9.38%	1	5.246	33	13.32%
5	Deutsche Bank	4.231	30	7.77%	5	3.218	22	8.17%
6	Morgan Stanley	4.049	16	7.44%	8	2.263	11	5.75%
7	Merrill Lynch	3.397	23	6.24%	11	1.607	13	4.08%
8	Lehman	3.069	20	5.64%	7	2.689	23	6.83%
9	Bear Stearns	2.934	16	5.39%	12	1.528	11	3.88%
10	UBS	2.622	16	4.82%	6	2.887	23	7.33%
	Total	54.456	158	39.384	161
	Average size:	0.345	0.245
Year to date, U.S. market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	7.551	44	15.36%	2	4.033	29	11.78%
2	Citigroup	7.283	33	14.82%	3	3.990	26	11.66%
3	Banc of America	5.248	40	10.68%	1	4.571	38	13.35%
4	Credit Suisse	4.758	30	9.68%	4	3.802	25	11.11%
5	Deutsche Bank	3.835	27	7.80%	5	3.144	21	9.18%
6	Morgan Stanley	3.624	12	7.37%	12	1.208	8	3.53%
7	Merrill Lynch	3.197	21	6.50%	10	1.532	12	4.48%
8	Lehman	2.944	19	5.99%	6	2.689	23	7.85%
9	Bear Stearns	2.934	16	5.97%	11	1.528	11	4.46%
10	UBS	2.172	14	4.42%	7	2.638	22	7.71%
	Total	49.153	134	34.231	141
	Average size:	0.367	0.243
Year to date, global market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	9.459	40	14.05%	1	5.500	36	12.24%
2	JPMorgan	8.374	49	12.44%	4	4.887	36	10.88%
3	Credit Suisse	7.927	38	11.77%	2	5.357	32	11.92%
4	Deutsche Bank	6.643	40	9.87%	3	4.949	32	11.01%
5	Banc of America	5.410	42	8.04%	5	4.803	40	10.69%
6	Morgan Stanley	5.142	17	7.64%	12	1.443	10	3.21%
7	Goldman Sachs	4.222	18	6.27%	6	3.441	22	7.66%
8	Merrill Lynch	4.197	24	6.23%	9	1.915	15	4.26%
9	Lehman	2.981	20	4.43%	7	3.155	27	7.02%
10	Bear Stearns	2.934	16	4.36%	11	1.528	11	3.40%
	Total	67.325	169	44.931	174
	Average size:	0.398	0.258
Year to date, European currencies, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	3.169	8	17.83%	2	1.555	7	14.70%
2	Deutsche Bank	2.808	13	15.80%	1	1.805	11	17.07%
3	Goldman Sachs	2.301	6	12.95%	4	1.208	6	11.42%
4	Citigroup	2.175	7	12.24%	3	1.447	9	13.68%
5	Barclays	1.692	5	9.52%	13	0.168	1	1.59%
6	Morgan Stanley	1.518	5	8.54%	11	0.235	2	2.23%
7	Merrill Lynch	1.000	3	5.62%	8	0.382	3	3.62%
8	JPMorgan	0.823	5	4.63%	6	0.854	7	8.08%
9	BNP Paribas	0.511	4	2.87%	5	1.000	4	9.45%
10	RBS	0.495	3	2.79%	15	0.162	1	1.53%
	Total	17.770	34	10.575	32
	Average size:	0.523	0.330
May, U.S. market, all issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	2.273	11	23.62%	9	0.141	2	5.57%
2	Lehman	1.709	7	17.76%	10	0.110	1	4.34%
3	JPMorgan	1.393	9	14.47%	7	0.195	3	7.70%
4	UBS	0.715	4	7.43%	2	0.364	2	14.35%
5	Goldman Sachs	0.638	6	6.63%
6	Banc of America	0.525	5	5.46%	3	0.272	4	10.73%
7	Merrill Lynch	0.490	5	5.09%	4	0.242	3	9.56%
8	Deutsche Bank	0.371	3	3.85%	6	0.207	2	8.18%
9	Credit Suisse	0.315	3	3.27%	8	0.173	2	6.82%
10	Bear Stearns	0.235	2	2.44%	11	0.087	1	3.45%
	Total	9.625	29	2.536	15
	Average size:	0.332	0.169
May, U.S. market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	1.981	9	24.00%	11	0.067	1	3.04%
2	Lehman	1.709	7	20.71%	9	0.110	1	5.02%
3	JPMorgan	1.393	9	16.88%	7	0.195	3	8.91%
4	Goldman Sachs	0.638	6	7.74%
5	Banc of America	0.525	5	6.36%	2	0.272	4	12.41%
6	Merrill Lynch	0.490	5	5.94%	4	0.242	3	11.06%
7	UBS	0.348	3	4.22%	1	0.364	2	16.60%
8	Bear Stearns	0.235	2	2.85%	10	0.087	1	3.99%
9	Morgan Stanley	0.217	2	2.64%	3	0.266	3	12.14%
10	Deutsche Bank	0.199	2	2.41%	6	0.207	2	9.47%
	Total	8.253	24	2.192	13
	Average size:	0.344	0.169
May, global market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	2.273	10	17.44%	12	0.067	1	2.64%
2	Credit Suisse	2.264	5	17.37%	8	0.173	2	6.84%
3	Lehman	1.745	8	13.39%	10	0.110	1	4.35%
4	JPMorgan	1.393	9	10.69%	2	0.363	4	14.38%
5	Goldman Sachs	1.272	7	9.76%
6	Deutsche Bank	0.788	6	6.04%	6	0.207	2	8.21%
7	Merrill Lynch	0.780	7	5.99%	5	0.242	3	9.59%
8	Banc of America	0.525	5	4.03%	3	0.272	4	10.76%
9	UBS	0.348	3	2.67%	1	0.364	2	14.39%
10	Bear Stearns	0.235	2	1.80%	11	0.087	1	3.46%
	Total	13.034	34	2.528	14
	Average size:	0.383	0.181
May, European currencies, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	2.074	3	45.61%
2	Goldman Sachs	0.634	1	13.94%
3	Deutsche Bank	0.589	4	12.96%
4	Citigroup	0.293	1	6.44%
5	Merrill Lynch	0.290	2	6.38%
6	BNP Paribas	0.211	3	4.65%
7	Calyon	0.175	2	3.85%
8	SG	0.175	2	3.85%
9	HSBC	0.036	1	0.79%
10	Lehman	0.036	1	0.79%
	Total	4.548	10	0.336	1
	Average size:	0.455	0.336
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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