Deutsche Bank top emerging markets underwriter for 2006

• Emerging markets issuance totals $128.60 billion for 2006

• Credit Suisse top emerging markets underwriter in Q4

• Emerging markets issuance totals $44.92 billion in Q4

• Citigroup top emerging markets underwriter in December

• Emerging markets issuance totals $7.19 billion in December

New York, Dec. 29 - Deutsche Bank Securities wrapped 2006 as it had performed for most of the year - as the number one underwriter of emerging markets bonds, according to data compiled by Prospect News.

The bank brought to market $15.36 billion of EM debt during the year, $1.86 billion ahead of second-placed Citigroup.

Deutsche had held the number one spot for the year through every month from March onwards.

Citigroup was the number one underwriter in 2005, with Deutsche ranking number two.

The year finished with $128.60 billion of new deals, very similar to the $130.64 billion recorded in 2005.

December's $7.19 billion was well below November's $20.32 billion but still ahead of several months earlier in the year, including August, July, June and April. By month, the year saw new deal activity alternate between high monthly volumes between $14.7 billion and $20.3 billion and much lower levels between $2.4 billion and $7.8 billion.

Dollar-denominated issuance in the U.S. market was $69.37 billion for the year, slightly ahead of the 2005 total of $68.20 billion.

In this sector, Citigroup placed first, with Credit Suisse second and Deutsche Bank just marginally behind.

2006, all major currencies

2005 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	15.364	65	11.95%	2	16.640	53	12.74%
2	Citigroup	13.508	75	10.50%	1	18.791	71	14.38%
3	JPMorgan	12.550	54	9.76%	3	13.126	52	10.05%
4	Credit Suisse	12.488	53	9.71%	4	12.279	53	9.40%
5	UBS	11.255	53	8.75%	5	10.596	47	8.11%
6	Goldman Sachs	9.620	25	7.48%	13	2.583	12	1.98%
7	Morgan Stanley	8.800	40	6.84%	6	8.542	26	6.54%
8	Barclays	8.167	43	6.35%	12	4.461	26	3.41%
9	HSBC	6.799	34	5.29%	8	6.502	29	4.98%
10	ABN	5.623	33	4.37%	9	6.435	32	4.93%
	Total	128.602	348	130.641	317
	Average size:	0.370	0.412
2006, U.S. market, dollar-denominated deals
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	9.193	44	13.25%	1	10.675	42	15.65%
2	Credit Suisse	7.744	33	11.16%	3	8.887	38	13.03%
3	Deutsche Bank	7.728	28	11.14%	4	7.801	25	11.44%
4	JPMorgan	7.437	31	10.72%	2	9.337	33	13.69%
5	UBS	6.463	23	9.32%	7	4.762	21	6.98%
6	Morgan Stanley	6.418	27	9.25%	5	6.481	21	9.50%
7	Goldman Sachs	6.278	12	9.05%	10	1.834	8	2.69%
8	Barclays	4.038	14	5.82%	13	1.311	9	1.92%
9	Lehman	3.022	11	4.36%	9	1.939	8	2.84%
10	Merrill Lynch	2.591	10	3.73%	6	5.093	24	7.47%
	Total	69.373	149	68.199	151
	Average size:	0.466	0.452
Q4, all major currencies
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	5.186	21	11.55%	2	3.381	14	11.40%
2	Deutsche Bank	5.061	22	11.27%	5	2.083	13	7.02%
3	UBS	4.754	20	10.58%	6	2.035	13	6.86%
4	Citigroup	4.332	27	9.65%	1	5.188	24	17.50%
5	Goldman Sachs	4.305	9	9.58%	11	1.046	6	3.53%
6	Barclays	3.129	13	6.97%	10	1.126	8	3.80%
7	JPMorgan	3.066	11	6.83%	3	2.381	11	8.03%
8	ABN	2.804	14	6.24%	4	2.169	11	7.31%
9	Merrill Lynch	2.331	9	5.19%	7	2.003	12	6.76%
10	HSBC	1.966	12	4.38%	9	1.486	8	5.01%
	Total	44.917	116	29.650	88
	Average size:	0.387	0.337
Q4, U.S. market, dollar-denominated deals
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	3.678	12	13.77%	7	0.992	5	5.64%
2	Credit Suisse	3.367	12	12.61%	2	2.472	11	14.04%
3	UBS	2.694	8	10.09%	6	1.028	6	5.84%
4	Goldman Sachs	2.481	2	9.29%	14	0.297	2	1.68%
5	JPMorgan	2.399	7	8.99%	4	1.582	7	8.98%
6	Barclays	2.309	6	8.65%	10	0.613	4	3.48%
7	Citigroup	2.142	11	8.02%	1	3.492	13	19.83%
8	Merrill Lynch	1.411	4	5.29%	5	1.504	8	8.54%
9	ABN	1.396	5	5.23%	9	0.792	5	4.50%
10	Morgan Stanley	1.243	7	4.65%	3	1.619	8	9.19%
	Total	26.699	51	17.609	43
	Average size:	0.524	0.410
December, all major currencies
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	1.156	5	16.09%	1	1.179	4	14.44%
2	Credit Suisse	0.948	4	13.19%	7	0.585	1	7.17%
3	Barclays	0.874	4	12.17%	10	0.312	2	3.83%
4	JPMorgan	0.792	3	11.02%	3	1.101	5	13.49%
5	Deutsche Bank	0.716	4	9.97%	5	0.688	4	8.43%
6	Lehman	0.600	3	8.35%
7	Merrill Lynch	0.475	3	6.61%	6	0.679	5	8.32%
8	HSBC	0.454	3	6.32%
9	Jefferies	0.300	1	4.17%
10	UBS	0.242	2	3.36%	14	0.113	1	1.38%
	Total	7.186	23	8.163	28
	Average size:	0.312	0.292
December, U.S. market, dollar-denominated deals
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	0.948	4	18.27%
2	Citigroup	0.889	3	17.14%	3	0.755	2	16.75%
3	Barclays	0.625	2	12.05%
4	JPMorgan	0.625	2	12.05%	1	0.985	4	21.84%
5	Lehman	0.575	2	11.09%
6	Deutsche Bank	0.450	2	8.67%	5	0.422	2	9.35%
7	Merrill Lynch	0.325	2	6.27%	6	0.412	3	9.15%
8	Jefferies	0.300	1	5.78%
9	HSBC	0.225	1	4.34%
10	Morgan Stanley	0.150	1	2.89%	2	0.830	5	18.41%
	Total	5.186	15	4.509	12
	Average size:	0.346	0.376
Prospect News Emerging Markets Underwriter Rankings

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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