• Issuance totals $110.39 billion for 2013 so far
New York, March 28 - JPMorgan took first place among underwriters of emerging markets debt for the year to date, knocking off Citigroup, which had been number one in January and for the year through February, according to data compiled by Prospect News.
HSBC moved up to second position in the league table from third the month before.
Citigroup fell to third place while Deutsche Bank continued in fourth.
However the leading four banks continue to be close in terms of business levels. Just 1.41% of the market separates the first and fourth positions.
JPMorgan handled $12.80 billion of deals in the first quarter, for an 11.6% share. HSBC's total was $11.32 billion, or 10.26% of the market. Citigroup recorded $11.26 billion, or 10.2% and Deutsche had $11.25 billion, or 10.19%.
Issuance for March was $35.65 billion, up solidly from $28.29 billion in February but down from $46.45 billion in January.
Year-to-date volume through the end of the first quarter is $110.39 billion, down 6.5% from the $118.02 billion for the comparable period of 2012.
For deals offered in the U.S. market, JPMorgan was first, followed by Citi in second, both unchanged from January and February.
Year-to-date issuance on this basis was $60.36 billion.
All major currencies, year to date
2012 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 12.804 | 66 | 11.60% | 3 | 11.307 | 52 | 9.58%
|
2 | HSBC | 11.322 | 70 | 10.26% | 1 | 14.866 | 61 | 12.60%
|
3 | Citigroup | 11.258 | 66 | 10.20% | 2 | 14.039 | 57 | 11.90%
|
4 | Deutsche Bank | 11.254 | 56 | 10.19% | 4 | 10.760 | 51 | 9.12%
|
5 | Barclays | 6.461 | 32 | 5.85% | 5 | 7.349 | 25 | 6.23%
|
6 | Bank of America | 6.117 | 45 | 5.54% | 10 | 4.373 | 22 | 3.71%
|
7 | Standard Chartered | 5.911 | 41 | 5.35% | 9 | 4.566 | 29 | 3.87%
|
8 | BNP | 4.399 | 18 | 3.98% | 6 | 6.116 | 27 | 5.18%
|
9 | Goldman Sachs | 4.220 | 21 | 3.82% | 8 | 4.596 | 22 | 3.89%
|
10 | UBS | 3.661 | 38 | 3.32% | 12 | 3.172 | 18 | 2.69%
|
| Total | 110.391 | 195 | 118.015 | 168 |
|
| Average size: | 0.566 | 0.702 |
|
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|
All major currencies, March |
|
| | | | | 2012 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Deutsche Bank | 5.102 | 22 | 14.31% | 1 | 4.610 | 19 | 13.17%
|
2 | HSBC | 5.038 | 27 | 14.13% | 3 | 3.971 | 14 | 11.35%
|
3 | JPMorgan | 4.871 | 25 | 13.66% | 4 | 2.307 | 12 | 6.59%
|
4 | Citigroup | 2.833 | 19 | 7.95% | 2 | 4.163 | 12 | 11.89%
|
5 | Bank of America | 2.222 | 14 | 6.23% | 8 | 1.540 | 8 | 4.40%
|
6 | Standard Chartered | 1.974 | 14 | 5.54% | 12 | 1.108 | 6 | 3.17%
|
7 | BNP | 1.260 | 7 | 3.53% | 5 | 2.126 | 6 | 6.07%
|
8 | Morgan Stanley | 1.013 | 9 | 2.84% | 7 | 1.668 | 9 | 4.77%
|
9 | UBS | 0.730 | 9 | 2.05% | 13 | 1.020 | 7 | 2.91%
|
10 | Credit Agricole | 0.694 | 3 | 1.95% | 33 | 0.150 | 1 | 0.43%
|
| Total | 35.653 | 64 | 34.998 | 50 |
|
| Average size: | 0.557 | 0.700 |
|
|
|
U.S. market, dollar-denominated deals, year to date |
|
| | | | | 2012 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 8.496 | 39 | 14.07% | 3 | 8.228 | 31 | 11.31%
|
2 | Citigroup | 7.362 | 38 | 12.20% | 1 | 10.536 | 39 | 14.48%
|
3 | Deutsche Bank | 6.884 | 27 | 11.40% | 4 | 6.011 | 28 | 8.26%
|
4 | HSBC | 4.883 | 21 | 8.09% | 2 | 8.272 | 28 | 11.37%
|
5 | Barclays | 4.650 | 22 | 7.70% | 5 | 5.587 | 18 | 7.68%
|
6 | Bank of America | 4.041 | 27 | 6.69% | 9 | 3.459 | 15 | 4.76%
|
7 | Goldman Sachs | 3.379 | 11 | 5.60% | 8 | 3.643 | 14 | 5.01%
|
8 | BNP | 2.811 | 10 | 4.66% | 7 | 3.654 | 18 | 5.02%
|
9 | Standard Chartered | 1.516 | 10 | 2.51% | 14 | 1.599 | 7 | 2.20%
|
10 | Credit Suisse | 1.402 | 8 | 2.32% | 11 | 2.312 | 14 | 3.18%
|
| Total | 60.363 | 91 | 72.741 | 91 |
|
| Average size: | 0.663 | 0.799 |
|
|
|
U.S. market, dollar-denominated deals, March |
|
| | | | | 2012 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Deutsche Bank | 3.243 | 12 | 21.21% | 5 | 0.788 | 4 | 8.24%
|
2 | JPMorgan | 2.126 | 13 | 13.90% | 6 | 0.783 | 4 | 8.19%
|
3 | HSBC | 2.104 | 7 | 13.76% | 2 | 1.152 | 2 | 12.04%
|
4 | Citigroup | 1.367 | 11 | 8.94% | 1 | 1.957 | 4 | 20.46%
|
5 | Bank of America | 1.019 | 6 | 6.66% | 3 | 1.000 | 4 | 10.45%
|
6 | Morgan Stanley | 0.707 | 5 | 4.62% | 10 | 0.324 | 2 | 3.39%
|
7 | Barclays | 0.557 | 5 | 3.64% | 4 | 0.888 | 3 | 9.28%
|
8 | Goldman Sachs | 0.371 | 1 | 2.43% | 9 | 0.383 | 2 | 4.00%
|
9 | UBS | 0.363 | 4 | 2.37% | 17 | 0.075 | 1 | 0.78%
|
10 | Santander | 0.310 | 2 | 2.03% |
|
| Total | 15.293 | 26 | 9.566 | 14 |
|
| Average size: | 0.588 | 0.683 |
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Prospect News Emerging Markets Underwriter Rankings
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Criteria
• The tables include all underwritten offerings sold in the international bond markets reported to Prospect News.
• Offerings are included in the time period in which they price (or settle if pricing date not available).
• Amounts are based on the total sales price (face amount multiplied by the offering price). The full amount is credited to the bookrunner (or lead manager if no bookrunners). For multiple bookrunners (or lead managers), the total value is divided equally among all the firms.
• Each tranche is counted as a separate deal.
• Units made up of a bond and a warrant are included; other units are excluded.
• Best efforts and non-underwritten deals are excluded.
• Non-dollar deals are converted to dollars at the rate on the day of pricing.
• Emerging markets are all countries except: United States, Canada, United Kingdom, Germany, France, Italy, Japan, Australia, New Zealand, Netherlands, Ireland, Sweden, Norway, Denmark, Spain, Portugal, Switzerland, Luxembourg, Austria, Belgium, Finland, Iceland and Greece.
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