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

• U.S. market high-yield issuance totals $84.16 billion year to date

• JPMorgan top global high-yield underwriter year to date

• Global high-yield issuance totals $71.49 billion year to date

• Deutsche Bank top European high-yield underwriter year to date

• European high-yield issuance totals $15.77 billion year to date

New York, May 31 - JPMorgan stretched to three months its leadership among underwriters of high-yield bonds, according to data compiled by Prospect News.

The bank took the stop spot in the March rankings and held on for April and May.

For the year so far it has brought to market $13.06 billion of junk bonds, expanding its lead to more than $2 billion.

Citigroup was second with $10.97 billion while Credit Suisse dropped to third place with $9.79 billion.

Issuance continued its robust pace, totaling $25.09 billion for the month, virtually double April's $12.60 billion and the biggest monthly total since November 2006's $29.80 billion. That makes May the second biggest month for new high yield bonds since Prospect News began tracking the market in 2001.

Among the major deals were Edison Mission Energy's $2.7 billion in three tranches, GMAC LLC's $2 billion in two tranches and Dynegy Holdings Inc.'s $1.65 billion in two tranches.

Year to date issuance is now $84.16 billion, way ahead of the $54.16 billion at the same point in the record-setting year of 2006.

Meanwhile for the year through May, JPMorgan was also first for the U.S. market, excluding emerging markets issuers, and for global deals, again excluding emerging markets issuers. In both cases it was the firm's second month at the top. Deutsche Bank was once more number one in Europe.

Europe continued its recent strength with $5.59 billion of deals, up from $3.77 billion in April and far better than March's $0.75 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.

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

2006 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	13.055	59	15.51%	2	7.571	46	13.98%
2	Citigroup	10.971	53	13.04%	1	8.683	40	16.03%
3	Credit Suisse	9.785	58	11.63%	3	5.375	34	9.92%
4	Merrill Lynch	8.351	31	9.92%	7	3.397	23	6.27%
5	Lehman	6.070	41	7.21%	8	3.069	20	5.67%
6	Banc of America	5.871	40	6.98%	4	5.152	40	9.51%
7	Deutsche Bank	5.718	32	6.79%	5	4.231	30	7.81%
8	Goldman Sachs	5.009	33	5.95%	11	2.246	14	4.15%
9	Bear Stearns	3.840	22	4.56%	9	2.934	16	5.42%
10	Morgan Stanley	3.222	20	3.83%	6	4.049	16	7.48%
	Total	84.159	223	54.163	160
	Average size:	0.377	0.339
Year to date, U.S. market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	11.381	52	15.92%	2	7.188	43	14.88%
2	Citigroup	8.754	42	12.24%	1	7.283	33	15.07%
3	Credit Suisse	7.689	47	10.75%	4	5.025	31	10.40%
4	Merrill Lynch	7.101	27	9.93%	7	3.197	21	6.62%
5	Banc of America	5.789	39	8.10%	3	5.152	40	10.66%
6	Lehman	5.741	39	8.03%	8	2.944	19	6.09%
7	Deutsche Bank	4.980	28	6.97%	5	3.835	27	7.94%
8	Goldman Sachs	4.411	31	6.17%	11	1.921	12	3.98%
9	Bear Stearns	3.341	21	4.67%	9	2.934	16	6.07%
10	Jefferies	2.588	14	3.62%	15	0.246	3	0.51%
	Total	71.493	181	48.325	134
	Average size:	0.395	0.361
Year to date, global market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	12.354	58	13.98%	3	8.011	48	12.05%
2	Deutsche Bank	9.187	45	10.40%	4	6.643	40	9.99%
3	Credit Suisse	9.124	52	10.33%	2	8.193	39	12.32%
4	Citigroup	9.118	46	10.32%	1	9.459	40	14.22%
5	Merrill Lynch	7.664	29	8.67%	8	4.197	24	6.31%
6	Banc of America	5.966	42	6.75%	5	5.314	42	7.99%
7	Lehman	5.843	41	6.61%	9	2.981	20	4.48%
8	Goldman Sachs	5.399	37	6.11%	7	4.222	18	6.35%
9	Bear Stearns	3.659	23	4.14%	10	2.934	16	4.41%
10	Jefferies	2.838	15	3.21%	17	0.304	4	0.46%
	Total	88.355	215	66.498	169
	Average size:	0.411	0.393
Year to date, European currencies, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	4.206	17	26.68%	2	2.808	13	15.80%
2	BNP Paribas	1.535	7	9.74%	9	0.511	4	2.87%
3	Credit Suisse	1.435	5	9.10%	1	3.169	8	17.83%
4	Goldman Sachs	0.988	6	6.26%	3	2.301	6	12.95%
5	ABN	0.976	5	6.19%	17	0.052	1	0.30%
6	JPMorgan	0.944	5	5.99%	8	0.823	5	4.63%
7	RBS	0.882	2	5.60%	10	0.495	3	2.79%
8	Barclays	0.861	3	5.46%	5	1.692	5	9.52%
9	SG	0.746	4	4.73%	13	0.175	2	0.99%
10	Calyon	0.737	2	4.68%	12	0.284	3	1.60%
	Total	15.765	32	17.770	34
	Average size:	0.493	0.523
May, U.S. market, all issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	4.776	23	19.03%	1	2.273	11	22.37%
2	JPMorgan	3.700	22	14.74%	3	1.393	9	13.71%
3	Lehman	1.979	13	7.89%	2	1.709	7	16.82%
4	Credit Suisse	1.921	12	7.66%	10	0.315	3	3.10%
5	Banc of America	1.909	13	7.61%	7	0.525	5	5.17%
6	Bear Stearns	1.812	8	7.22%	11	0.235	2	2.32%
7	Deutsche Bank	1.739	11	6.93%	9	0.371	3	3.65%
8	Merrill Lynch	1.723	11	6.87%	8	0.490	5	4.82%
9	Morgan Stanley	1.222	7	4.87%	12	0.217	2	2.14%
10	Goldman Sachs	1.200	6	4.78%	5	0.638	6	6.28%
	Total	25.091	59	10.160	31
	Average size:	0.425	0.328
May, U.S. market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	4.410	19	20.21%	1	1.981	9	24.00%
2	JPMorgan	3.450	21	15.81%	3	1.393	9	16.88%
3	Lehman	1.979	13	9.07%	2	1.709	7	20.71%
4	Credit Suisse	1.921	12	8.80%	11	0.190	2	2.30%
5	Banc of America	1.826	12	8.37%	5	0.525	5	6.36%
6	Deutsche Bank	1.739	11	7.97%	10	0.199	2	2.41%
7	Bear Stearns	1.314	7	6.02%	8	0.235	2	2.85%
8	Merrill Lynch	1.173	9	5.38%	6	0.490	5	5.94%
9	Wachovia	0.806	7	3.70%	15	0.036	1	0.44%
10	Goldman Sachs	0.702	5	3.22%	4	0.638	6	7.74%
	Total	21.815	48	8.253	24
	Average size:	0.454	0.344
May, global market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	4.468	20	15.92%	1	2.273	10	17.44%
2	JPMorgan	4.088	23	14.56%	4	1.393	9	10.69%
3	Deutsche Bank	2.744	16	9.77%	6	0.788	6	6.04%
4	Lehman	1.979	13	7.05%	3	1.745	8	13.39%
5	Credit Suisse	1.921	12	6.84%	2	2.264	5	17.37%
6	Banc of America	1.826	12	6.51%	8	0.525	5	4.03%
7	Barclays	1.341	5	4.78%	18	0.083	1	0.64%
8	Bear Stearns	1.314	7	4.68%	10	0.235	2	1.80%
9	Merrill Lynch	1.173	9	4.18%	7	0.780	7	5.99%
10	Goldman Sachs	1.117	6	3.98%	5	1.272	7	9.76%
	Total	28.074	61	13.034	34
	Average size:	0.460	0.383
May, European currencies, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	1.005	5	17.98%	3	0.589	4	12.96%
2	BNP Paribas	0.812	4	14.53%	6	0.211	3	4.65%
3	Barclays	0.674	2	12.05%
4	JPMorgan	0.639	2	11.42%
5	SG	0.588	3	10.52%	8	0.175	2	3.85%
6	ABN	0.588	3	10.52%
7	RBS	0.449	1	8.04%
8	Goldman Sachs	0.414	1	7.41%	2	0.634	1	13.94%
9	Morgan Stanley	0.135	1	2.42%
10	Calyon	0.069	1	1.23%	7	0.175	2	3.85%
	Total	5.590	12	4.548	10
	Average size:	0.466	0.455
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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