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

• U.S. market high-yield issuance totals $74.66 billion year to date

• JPMorgan top global high-yield underwriter year to date

• Global high-yield issuance totals $86.98 billion year to date

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

• European high-yield issuance totals $18.77 billion year to date

New York, July 31 - JPMorgan Securities held on to the number one position among underwriters of high-yield bonds, increasing its lead slightly over second ranked Citigroup, according to data compiled by Prospect News.

So far this year, the firm has brought to market $11.94 billion of deals, $0.79 billion more than Citigroup. The margin at the end of June was $0.33 billion.

July marks the second month JPMorgan has placed first after it dislodged Citigroup in June, boosted by its role as joint bookrunner on two of the month's biggest deals, Nortel Networks Ltd.'s $2 billion of senior notes in three parts and Windstream Corp.'s $2.5 billion of senior notes in two parts. JPMorgan was first for the year through the end of April, but Citi had been in the lead at the end of all the previous months this year.

JPMorgan also remained number one among underwriters of U.S. market junk deals from issuers based in industrialized countries - i.e. excluding emerging markets - and for the global high-yield market.

Credit Suisse, meanwhile, was number one in Europe for a third month.

U.S. issuance volume was $4.93 billion in July, a marked plunge from $14.57 billion in June, the second-biggest month of the year so far.

July's activity was actually lower than the $7.91 billion in July 2005, only the second time this year that a month has failed to outpace its counterpart a year earlier, the other laggard being February.

However year-to-date volume of $74.66 billion remains robustly ahead of the $59.91 billion figure at the same stage in 2005.

Global activity is now $86.98 billion compared to $64.62 billion for the comparable period of 2005. European issuance is $18.77 billion versus $13.10 billion.

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.

For the global high-yield market, covering all major currencies but only issuers from industrialized countries, JPMorgan also dislodged Citigroup, which had been in first place for two months.

Year to date, U.S. market, all issuers

2005 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	11.939	68	15.99%	3	7.093	45	11.84%
2	Citigroup	11.149	54	14.93%	1	7.288	52	12.16%
3	Credit Suisse	7.319	50	9.80%	4	6.978	45	11.65%
4	Banc of America	6.387	49	8.55%	2	7.259	52	12.12%
5	Deutsche Bank	6.244	42	8.36%	5	6.066	41	10.12%
6	Merrill Lynch	5.537	31	7.42%	6	4.721	27	7.88%
7	Lehman	5.321	38	7.13%	9	3.440	26	5.74%
8	Morgan Stanley	4.049	16	5.42%	8	3.506	19	5.85%
9	Bear Stearns	3.347	20	4.48%	12	1.728	12	2.88%
10	UBS	3.342	23	4.48%	7	3.949	32	6.59%
	Total	74.664	219	59.913	232
	Average size:	0.341	0.258
Year to date, U.S. market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	11.231	62	16.56%	3	5.816	40	11.32%
2	Citigroup	9.672	46	14.26%	2	5.960	42	11.59%
3	Credit Suisse	6.969	47	10.28%	5	5.376	35	10.46%
4	Banc of America	6.387	49	9.42%	1	7.259	52	14.12%
5	Deutsche Bank	5.847	39	8.62%	4	5.794	37	11.27%
6	Lehman	5.196	37	7.66%	7	3.440	26	6.69%
7	Merrill Lynch	5.090	28	7.51%	6	3.524	21	6.86%
8	Morgan Stanley	3.624	12	5.34%	11	2.301	15	4.48%
9	Bear Stearns	3.347	20	4.93%	12	1.528	11	2.97%
10	Goldman Sachs	2.913	20	4.29%	9	2.960	21	5.76%
	Total	67.827	188	51.403	199
	Average size:	0.361	0.258
Year to date, global market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	12.124	68	13.94%	5	7.067	49	10.94%
2	Citigroup	11.919	54	13.70%	2	7.564	53	11.70%
3	Credit Suisse	10.138	55	11.66%	4	7.436	44	11.51%
4	Deutsche Bank	8.655	52	9.95%	1	8.328	51	12.89%
5	Banc of America	6.549	51	7.53%	3	7.491	54	11.59%
6	Merrill Lynch	6.090	31	7.00%	7	3.906	24	6.04%
7	Goldman Sachs	5.285	27	6.08%	6	4.168	27	6.45%
8	Lehman	5.232	38	6.01%	8	3.906	30	6.04%
9	Morgan Stanley	5.142	17	5.91%	10	2.738	18	4.24%
10	Bear Stearns	3.347	20	3.85%	12	1.528	11	2.36%
	Total	86.977	227	64.623	240
	Average size:	0.383	0.269
Year to date, European currencies, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	3.169	8	16.88%	2	2.059	9	15.73%
2	Deutsche Bank	2.808	13	14.96%	1	2.535	14	19.36%
3	Goldman Sachs	2.373	7	12.64%	5	1.208	6	9.22%
4	Citigroup	2.247	8	11.97%	3	1.541	10	11.77%
5	Barclays	1.771	6	9.43%	14	0.168	1	1.28%
6	Morgan Stanley	1.518	5	8.09%	9	0.438	3	3.34%
7	Merrill Lynch	1.000	3	5.32%	10	0.382	3	2.92%
8	JPMorgan	0.894	6	4.76%	4	1.251	9	9.55%
9	Calyon	0.732	5	3.90%
10	RBS	0.574	4	3.06%	12	0.271	2	2.07%
	Total	18.772	39	13.095	40
	Average size:	0.481	0.327
July, U.S. market, all issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Lehman	1.105	9	22.43%	8	0.495	1	6.26%
2	Credit Suisse	0.813	7	16.51%	10	0.125	2	1.58%
3	Deutsche Bank	0.725	3	14.71%	3	1.104	9	13.95%
4	Merrill Lynch	0.443	3	9.00%	5	0.900	4	11.38%
5	JPMorgan	0.431	4	8.75%	1	1.455	8	18.40%
6	UBS	0.365	3	7.41%	9	0.300	2	3.79%
7	Bear Stearns	0.263	3	5.34%
8	Wachovia	0.150	1	3.04%
9	ING	0.150	1	3.04%
10	RBS	0.138	1	2.79%
	Total	4.927	18	7.910	22
	Average size:	0.274	0.360
July, U.S. market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Lehman	1.105	9	26.15%	8	0.495	1	7.69%
2	Credit Suisse	0.813	7	19.25%	9	0.050	1	0.78%
3	Deutsche Bank	0.725	3	17.15%	2	1.029	8	15.97%
4	UBS	0.365	3	8.64%	10	0.050	1	0.78%
5	Bear Stearns	0.263	3	6.22%
6	JPMorgan	0.204	2	4.83%	1	1.305	7	20.27%
7	Merrill Lynch	0.196	2	4.64%	5	0.650	3	10.09%
8	Wachovia	0.150	1	3.55%
9	RBS	0.138	1	3.25%
10	Goldman Sachs	0.138	1	3.25%	6	0.647	4	10.04%
	Total	4.226	15	6.440	16
	Average size:	0.282	0.403
July, global market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Lehman	1.105	9	22.17%	8	0.495	1	5.93%
2	Credit Suisse	0.813	7	16.32%	10	0.352	2	4.21%
3	Deutsche Bank	0.725	3	14.54%	1	1.759	11	21.05%
4	UBS	0.365	3	7.32%	11	0.050	1	0.60%
5	JPMorgan	0.275	3	5.53%	2	1.702	9	20.37%
6	Bear Stearns	0.263	3	5.27%
7	Calyon	0.229	1	4.59%
8	RBS	0.217	2	4.34%
9	Goldman Sachs	0.209	2	4.19%	6	0.647	4	7.74%
10	Merrill Lynch	0.196	2	3.94%	5	0.650	3	7.78%
	Total	4.985	18	8.354	21
	Average size:	0.277	0.398
July, European currencies, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Calyon	0.229	1	29.24%
2	SG	0.079	1	10.09%
3	Dresdner KW	0.079	1	10.09%
4	RBS	0.079	1	10.09%
5	Barclays	0.079	1	10.09%
6	Citigroup	0.071	1	9.11%	5	0.095	1	4.94%
7	JPMorgan	0.071	1	9.11%	2	0.396	2	20.72%
8	Goldman Sachs	0.071	1	9.11%
9	None/Unknown	0.024	1	3.06%
	Total	0.783	4	1.914	5
	Average size:	0.196	0.383
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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