Deutsche Bank top emerging markets underwriter year to date

• Emerging markets issuance totals $104.08 billion year to date

New York, July 31 - Deutsche Bank Securities retained its status as number one underwriter of emerging markets bonds for the year so far, according to data compiled by Prospect News.

The bank has ranked first for the year-to-date league tables in every month this year, as well as for all of 2006 and year to date in 2006 for every month from March onwards.

Deutsche was also first for the month of July.

Market activity shrank dramatically, however, with just $6.43 billion of new bonds pricing, less than one third the $20.77 billion in June.

That made July the slowest month since August 2006, when issuance amounted to $2.36 billion.

However it was only slightly less than July 2006, when $6.69 billion came to market.

For the year so far, issuance totals $104.08 billion, 57% ahead of the $66.21 billion at the same stage in 2006.

For dollar-denominated issuance in the U.S. market, Deutsche was also in the number one position. The month's issuance of $2.39 billion brought the year's total to $44.65 billion. Dollar-denominated issuance year to date is also comfortably ahead of the 2006 figure of $35.47 billion.

Year to date, all major currencies

2006 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	16.329	68	15.69%	1	9.068	33	13.70%
2	Citigroup	13.587	67	13.05%	2	8.296	39	12.53%
3	JPMorgan	8.335	40	8.01%	3	8.262	31	12.48%
4	Credit Suisse	8.307	35	7.98%	4	6.061	24	9.15%
5	UBS	8.145	37	7.83%	6	5.235	25	7.91%
6	Barclays	6.484	32	6.23%	7	3.665	19	5.54%
7	ABN	5.198	25	4.99%	10	1.929	13	2.91%
8	Morgan Stanley	5.124	21	4.92%	5	6.009	22	9.08%
9	Merrill Lynch	4.897	28	4.70%	14	0.977	8	1.48%
10	HSBC	4.662	27	4.48%	9	2.855	16	4.31%
	Total	104.082	248	66.208	179
	Average size:	0.420	0.370
Year to date, U.S. market, dollar-denominated deals
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	6.455	26	14.46%	4	4.050	16	11.42%
2	Citigroup	6.412	27	14.36%	1	6.425	28	18.11%
3	Credit Suisse	5.602	23	12.55%	5	3.606	16	10.17%
4	JPMorgan	4.569	18	10.23%	2	4.497	19	12.68%
5	Merrill Lynch	3.163	16	7.08%	13	0.447	3	1.26%
6	Morgan Stanley	3.107	12	6.96%	3	4.414	15	12.44%
7	UBS	2.771	9	6.21%	6	3.320	12	9.36%
8	Barclays	2.289	9	5.13%	8	1.529	6	4.31%
9	ABN	1.829	9	4.10%	12	0.477	3	1.34%
10	Goldman Sachs	1.514	5	3.39%	7	2.359	5	6.65%
	Total	44.645	99	35.471	79
	Average size:	0.451	0.449
July, all major currencies
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	2.047	9	31.84%	8	0.252	2	3.77%
2	Citigroup	0.600	2	9.33%	1	1.692	8	25.30%
3	HSBC	0.575	4	8.94%	6	0.422	2	6.30%
4	Merrill Lynch	0.540	5	8.41%	10	0.247	1	3.69%
5	Standard Chartered	0.399	3	6.21%
6	Morgan Stanley	0.207	2	3.22%	9	0.252	2	3.77%
7	UBS	0.200	2	3.11%	3	0.832	3	12.44%
8	Bank of China	0.197	1	3.06%
9	Credit Suisse	0.182	2	2.83%	4	0.747	2	11.17%
10	ABN	0.150	2	2.33%
10	BNP Paribas	0.150	2	2.33%	13	0.150	1	2.24%
	Total	6.429	23	6.689	19
	Average size:	0.280	0.352
July, U.S. market, dollar-denominated deals
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	1.256	5	52.64%	7	0.252	2	4.58%
2	Citigroup	0.600	2	25.12%	1	1.692	8	30.77%
3	Merrill Lynch	0.334	3	13.98%	9	0.247	1	4.49%
4	Bank of China	0.197	1	8.25%
	Total	2.387	8	5.500	12
	Average size:	0.298	0.458
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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