Citigroup top high yield underwriter year to date

* High yield issuance totals $83.72 billion year to date

* Goldman Sachs top high yield underwriter in July

* High yield issuance totals $14.33 billion in July

New York, July 31 - High yield issuance fell back somewhat in July from the remarkable levels of the previous two months including May's record-setting volume.

But the decline was only relative; the month's total was higher than every other month so far this year apart from May and June and beat every single month in 2002, according to data compiled by Prospect News.

In fact the $14.33 billion of issuance almost matched the $14.54 billion seen in the entire fourth quarter of 2002.

Meanwhile, Citigroup remained the number-one underwriter of junk bonds although the margin of its lead over second-placed Credit Suisse First Boston narrowed.

July's $14.33 billion of new deals represented a 16.5% decline from June's $17.15 billion, itself a little lower than May's $18.42 billion. But by as a comparison, the next largest figure so far this year was February's $10.05 billion and the busiest month of 2002, April, managed only $8.40 billion.

July's total brings the year-to-date tally to $83.72 billion. That is already 40.4% higher than the $59.65 billion total for all of 2002, 8.2% above the $77.37 billion total for all of 2001 and almost double the $44.44 billion seen in 2000.

July itself recorded more than 10 times the issuance of $1.30 billion seen in July 2002.

Prospect News' data covers dollar-denominated high-yield deals issued in the U.S. as registered offerings or under Rule 144A.

Citigroup remains the leading underwriter of junk bonds although its lead over Credit Suisse First Boston narrowed to $155 million.

Goldman, Sachs & Co. was number one for July with $4.91 billion of deals brought to market, way ahead of CSFB in the number two position at $1.48 billion. Goldman's total was boosted by its role as bookrunner on Calpine Corp.'s $2.55 billion of junk bonds.

Year to date 2003

2002 Comparables

	Underwriter	Amount	No.	Rank	Amount	No.
1.	Citigroup	12,521.56	67	2	4,904.62	33
2.	CS First Boston	12,366.59	74	1	7,218.76	49
3.	Goldman Sachs	9,561.47	37	6	3,583.54	11
4.	JP Morgan	8,637.81	60	4	3,983.24	30
5.	Deutsche Bank	8,349.62	59	3	4,277.15	27
6.	Banc of America	6,837.19	50	5	3,967.60	30
7.	Lehman	6,127.82	38	7	3,521.90	18
8.	UBS	4,496.41	33	9	2,524.73	15
9.	Morgan Stanley	4,128.71	20	8	2,710.58	16
10.	Bear Stearns	3,854.36	23	11	974.33	7
11.	Merrill Lynch	1,608.57	14	10	986.38	7
12.	Wachovia	1,576.55	13	13	505.59	6
13.	CIBC	924.24	9	14	418.88	5
14.	Dresdner KW	875.00	1	12	519.79	4
15.	Jefferies	663.38	6	15	379.40	5
	Total	$83,719.62	292	$41,487.45	175
	Average size	$286.71	$237.07
July 2003
					2002 Comparables
	Underwriter	Amount	No.	Rank	Amount	No.
1.	Goldman Sachs	4,907.92	10	1	426.25	2
2.	CS First Boston	1,481.49	11	5	123.40	1
3.	Citigroup	1,141.02	7	2	348.31	2
4.	Bear Stearns	1,134.02	4	-	-	-
5.	JP Morgan	1,103.06	7	3	125.00	1
6.	Deutsche Bank	1,047.41	9	-	-	-
7.	UBS	774.95	5	4	123.94	1
8.	Morgan Stanley	715.00	3	-	-	-
9.	Banc of America	711.67	6	6	100.34	1
10.	Lehman	567.25	4	-	-	-
	Total	$14,329.78	43	$1,299.08	7
	Average size	$259.44	$267.49
Prospect News High Yield Underwriter Rankings

Criteria

* The tables include all dollar-denominated offerings sold in the U.S. as public or Rule 144A deals reported to Prospect News.

* 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 above $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.

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