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

• U.S. market high-yield issuance totals $111.29 billion year to date

• JPMorgan top global high-yield underwriter year to date

• Global high-yield issuance totals $120.04 billion year to date

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

• European high-yield issuance totals $23.71 billion year to date

New York, July 31 - JPMorgan retained the title of number one underwriter of high-yield bonds for the year so far, according to data compiled by Prospect News.

But it didn't have to do much work to stay there - after roaring along for most of the year, new deal activity in July slumped to $3.05 billion, the lowest monthly total since May 2005 when $2.54 billion of junk bonds were issued.

July's figure was just one eighth of the $24.63 billion total for June, although it was not too far below the $4.93 billion recorded for July 2006.

Year-to-date issuance, however, remains strong at $111.29 billion, 51% above the $73.84 billion for 2006 through July. If activity picks up after the summer, 2007 is still well positioned to beat 2006's record total of $156.63 billion.

JPMorgan has placed first in the Prospect News rankings for five straight months.

Meanwhile for the year through July, 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 third month at the top. Deutsche Bank was once more number one in Europe.

Activity in Europe remained fairly strong with $1.49 billion of deals in July, down form $6.45 billion in June but much better than the $580 million in July 2006.

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	15.209	72	13.67%	1	11.577	67	15.68%
2	Citigroup	13.708	70	12.32%	2	11.149	54	15.10%
3	Credit Suisse	13.255	69	11.91%	3	7.586	51	10.27%
4	Merrill Lynch	10.426	45	9.37%	6	5.537	31	7.50%
5	Deutsche Bank	8.338	52	7.49%	5	6.244	42	8.46%
6	Lehman	7.688	50	6.91%	7	5.321	38	7.21%
7	Banc of America	7.137	49	6.41%	4	6.291	49	8.52%
8	Goldman Sachs	6.890	44	6.19%	11	3.238	22	4.39%
9	Morgan Stanley	5.231	30	4.70%	8	4.049	16	5.48%
10	UBS	4.903	31	4.41%	10	3.342	23	4.53%
	Total	111.289	288	73.836	219
	Average size:	0.386	0.337
Year to date, U.S. market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	13.535	65	14.27%	1	10.868	61	16.22%
2	Citigroup	11.191	56	11.80%	2	9.672	46	14.44%
3	Credit Suisse	10.809	56	11.40%	3	7.236	48	10.80%
4	Merrill Lynch	8.878	38	9.36%	7	5.090	28	7.60%
5	Lehman	7.359	48	7.76%	6	5.196	37	7.75%
6	Banc of America	7.055	48	7.44%	4	6.291	49	9.39%
7	Deutsche Bank	6.981	44	7.36%	5	5.847	39	8.73%
8	Goldman Sachs	6.192	41	6.53%	10	2.913	20	4.35%
9	Wachovia	4.569	23	4.82%	12	1.652	19	2.47%
10	Morgan Stanley	3.902	24	4.11%	8	3.624	12	5.41%
	Total	94.851	233	67.000	188
	Average size:	0.407	0.356
Year to date, global market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	14.859	72	12.38%	2	11.762	67	13.68%
2	Credit Suisse	13.453	63	11.21%	3	10.405	56	12.11%
3	Citigroup	12.694	63	10.57%	1	11.919	54	13.87%
4	Deutsche Bank	11.762	65	9.80%	4	8.655	52	10.07%
5	Merrill Lynch	9.943	43	8.28%	6	6.090	31	7.09%
6	Lehman	7.814	53	6.51%	8	5.232	38	6.09%
7	Goldman Sachs	7.604	50	6.33%	7	5.285	27	6.15%
8	Banc of America	7.231	51	6.02%	5	6.453	51	7.51%
9	Wachovia	4.569	23	3.81%	13	1.652	19	1.92%
10	UBS	4.181	30	3.48%	11	2.793	20	3.25%
	Total	120.042	284	85.947	227
	Average size:	0.423	0.379
Year to date, European currencies, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	4.781	21	20.16%	2	2.808	13	15.12%
2	BNP Paribas	2.665	12	11.24%	11	0.511	4	2.75%
3	Credit Suisse	2.644	7	11.15%	1	3.169	8	17.06%
4	Barclays	1.515	6	6.39%	5	1.771	6	9.54%
5	Citigroup	1.503	7	6.34%	4	2.247	8	12.10%
6	Calyon	1.322	4	5.58%	10	0.529	5	2.85%
7	Goldman Sachs	1.312	8	5.53%	3	2.373	7	12.78%
8	JPMorgan	1.293	6	5.45%	8	0.894	6	4.81%
9	ABN	1.131	6	4.77%	18	0.052	1	0.28%
10	Merrill Lynch	1.066	5	4.49%	7	1.000	3	5.38%
	Total	23.713	48	18.569	39
	Average size:	0.494	0.476
July, U.S. market, all issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	0.907	5	29.70%	3	0.725	3	14.71%
2	Merrill Lynch	0.586	4	19.19%	4	0.443	3	9.00%
3	Barclays	0.471	2	15.42%
4	Lehman	0.471	2	15.42%	1	1.105	9	22.43%
5	Bank of China International	0.197	1	6.45%
6	Citigroup	0.100	1	3.28%	13	0.077	1	1.56%
7	Banc of America	0.097	1	3.18%
8	Credit Suisse	0.075	1	2.46%	2	0.813	7	16.51%
9	Wachovia	0.075	1	2.46%	9	0.150	1	3.04%
10	Jefferies	0.075	1	2.46%
	Total	3.053	10	4.927	18
	Average size:	0.305	0.274
July, U.S. market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Barclays	0.471	2	23.10%
2	Lehman	0.471	2	23.10%	1	1.105	9	26.15%
3	Deutsche Bank	0.387	2	19.01%	3	0.725	3	17.15%
4	Merrill Lynch	0.387	2	19.01%	7	0.196	2	4.64%
5	Banc of America	0.097	1	4.76%
6	Credit Suisse	0.075	1	3.68%	2	0.813	7	19.25%
7	Wachovia	0.075	1	3.68%	8	0.150	1	3.55%
8	Jefferies	0.075	1	3.68%
	Total	2.038	5	4.226	15
	Average size:	0.408	0.282
July, global market, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Barclays	0.624	4	16.77%	13	0.079	1	1.65%
2	Lehman	0.624	4	16.77%	1	1.105	9	23.11%
3	Deutsche Bank	0.541	4	14.53%	3	0.725	3	15.16%
4	Merrill Lynch	0.541	4	14.53%	9	0.196	2	4.10%
5	BNP Paribas	0.293	2	7.87%	16	0.042	1	0.88%
6	TD	0.192	1	5.15%
7	Goldman Sachs	0.156	1	4.18%	8	0.209	2	4.37%
8	ABN	0.156	1	4.18%
9	SG	0.138	1	3.69%	14	0.079	1	1.65%
10	Calyon	0.138	1	3.69%	17	0.026	1	0.55%
	Total	3.724	10	4.782	18
	Average size:	0.372	0.266
July, European currencies, industrialized country issuers
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	BNP Paribas	0.293	2	19.63%
2	Goldman Sachs	0.156	1	10.42%	5	0.071	1	12.29%
3	ABN	0.156	1	10.42%
4	Deutsche Bank	0.153	2	10.28%
5	Barclays	0.153	2	10.28%	1	0.079	1	13.62%
6	Merrill Lynch	0.153	2	10.28%
7	Lehman	0.153	2	10.28%
8	SG	0.138	1	9.21%	4	0.079	1	13.62%
9	Calyon	0.138	1	9.21%	8	0.026	1	4.51%
	Total	1.493	4	0.580	4
	Average size:	0.373	0.145
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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