• Emerging markets issuance totals $68.22 billion year to date
• Goldman Sachs top emerging markets underwriter in August
• Emerging markets issuance totals $2.01 billion in August
New York, Aug. 31 - Deutsche Bank Securities held on to its position as the top underwriter of emerging markets bonds for the year so far although with a slightly reduced lead, according to data compiled by Prospect News.
Citigroup stayed in second place but narrowed Deutsche's advantage to $0.70 billion from $0.77 billion the month before.
JPMorgan Securities, meanwhile, was trailing in third place by a mere $17 million.
Citigroup moved ahead of JPMorgan for the year through July, after the two banks had exchanged positions for the two months before that.
New deal activity slumped to a very low pace - although better than August 2005.
For the month, $2.01 billion of bonds came to market, down from $6.69 billion in July. By comparison, August 2005 saw $0.81 billion of issuance.
The dollar market saw just $0.59 billion in August, down from $0.68 billion a year ago.
For the year so far, emerging markets issuance totals $68.22 billion, 79.5% of the $85.83 billion at the same stage in 2005.
For dollar-denominated deals offered in the United States, Citigroup held on to first position, the same as in the previous six months.
Year to date, all major currencies
2005 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Deutsche Bank | 9.217 | 35 | 13.51% | 1 | 12.493 | 33 | 14.56%
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| 2 | Citigroup | 8.516 | 42 | 12.48% | 2 | 12.275 | 43 | 14.30%
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| 3 | JPMorgan | 8.499 | 33 | 12.46% | 3 | 9.550 | 37 | 11.13%
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| 4 | Morgan Stanley | 6.122 | 23 | 8.97% | 8 | 4.022 | 13 | 4.69%
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| 5 | Credit Suisse | 6.061 | 24 | 8.88% | 4 | 7.823 | 35 | 9.12%
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| 6 | UBS | 5.334 | 26 | 7.82% | 5 | 7.719 | 29 | 8.99%
|
| 7 | Barclays | 3.915 | 21 | 5.74% | 12 | 3.336 | 18 | 3.89%
|
| 8 | Goldman Sachs | 3.876 | 11 | 5.68% | 17 | 0.698 | 4 | 0.81%
|
| 9 | HSBC | 2.955 | 17 | 4.33% | 7 | 4.157 | 17 | 4.84%
|
| 10 | ABN | 2.028 | 14 | 2.97% | 10 | 3.650 | 18 | 4.25%
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| Total | 68.216 | 188 | 85.829 | 201 |
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| Average size: | 0.363 | 0.427 |
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| Year to date, U.S. market, dollar-denominated deals
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| | | | | 2005 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Citigroup | 6.550 | 29 | 18.17% | 2 | 6.556 | 27 | 15.67%
|
| 2 | JPMorgan | 4.735 | 21 | 13.13% | 1 | 6.560 | 22 | 15.68%
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| 3 | Morgan Stanley | 4.527 | 16 | 12.55% | 5 | 3.772 | 11 | 9.01%
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| 4 | Deutsche Bank | 4.050 | 16 | 11.23% | 4 | 5.456 | 16 | 13.04%
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| 5 | Credit Suisse | 3.606 | 16 | 10.00% | 3 | 6.166 | 26 | 14.74%
|
| 6 | UBS | 3.320 | 12 | 9.21% | 6 | 3.241 | 13 | 7.75%
|
| 7 | Goldman Sachs | 2.359 | 5 | 6.54% | 11 | 0.698 | 4 | 1.67%
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| 8 | Barclays | 1.529 | 6 | 4.24% | 12 | 0.697 | 5 | 1.67%
|
| 9 | Lehman | 1.319 | 6 | 3.66% | 8 | 1.507 | 4 | 3.60%
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| 10 | HSBC | 0.880 | 4 | 2.44% | 9 | 1.294 | 5 | 3.09%
|
| Total | 36.059 | 81 | 41.841 | 95 |
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| Average size: | 0.445 | 0.440 |
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| August, all major currencies
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| | | | | 2005 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Goldman Sachs | 0.517 | 2 | 25.77% |
|
| 2 | Barclays | 0.250 | 2 | 12.45% |
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| 3 | JPMorgan | 0.238 | 2 | 11.83% |
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| 4 | Citigroup | 0.220 | 3 | 10.96% |
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| 5 | Deutsche Bank | 0.149 | 2 | 7.42% | 2 | 0.283 | 1 | 34.83%
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| 6 | Merrill Lynch | 0.113 | 1 | 5.61% |
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| 7 | Morgan Stanley | 0.113 | 1 | 5.61% |
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| 8 | BCP | 0.110 | 1 | 5.47% |
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| 9 | ABN | 0.100 | 1 | 4.97% |
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| 10 | UBS | 0.100 | 1 | 4.97% |
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| Total | 2.007 | 9 | 0.813 | 5 |
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| Average size: | 0.223 | 0.163 |
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| August, U.S. market, dollar-denominated deals
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| | | | | 2005 Comparables
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| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | JPMorgan | 0.238 | 2 | 40.42% |
|
| 2 | Citigroup | 0.125 | 1 | 21.27% |
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| 3 | Morgan Stanley | 0.113 | 1 | 19.15% |
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| 4 | Merrill Lynch | 0.113 | 1 | 19.15% |
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| Total | 0.588 | 2 | 0.683 | 3 |
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| Average size: | 0.294 | 0.228 |
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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 shown in Federal Reserve's H.10 release on 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, Belgium, Iceland and Greece.
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