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

• U.S. market high-yield issuance totals $71.84 billion year to date

New York, Nov. 26 - High-yield bond issuance dropped in November to the lowest level since the Sept. 11 attacks virtually shut down the market, according to data compiled by Prospect News.

The month saw just $490 million of new debt in two tranches - and all that activity was the result of Catalina Marketing Corp.'s bridge loan rolling into bonds. Without that transaction, issuance would have been zero, below the $363 million in September 2001.

Year-to-date new deals now total $71.84 billion, just 46% of the $157.72 billion at the same stage of last year.

The 2008 total now looks set to be the lowest since 2002's $59.62 billion and without significant volume in December is unlikely to pass 2001's $76.45 billion. For every year from 2003 to 2007, more than $100 billion of junk bonds were issued, peaking at $159.63 billion in 2007.

With issuance virtually non-existent in the most recent month, the league tables were essentially unchanged.

J.P. Morgan Securities Inc. retained the number one spot among underwriters of high-yield bonds for the year to date, keeping the position it regained in August.

Banc of America Securities LLC was unchanged at number two.

JPMorgan regained first place in August after Banc of America took it for the year through June and July. Up until May, JPMorgan had held the lead for every month of 2008 in the year-to-date figures and also placed first for all of 2007.

Excluding emerging market deals from the totals, JPMorgan also remains on top.

After one junk offering in September, the European market had yet another month without deals. That sector of the market has been essentially shut down since the credit crisis began in the summer of 2007.

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

2007 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	10.682	57	14.87%	1	24.169	92	15.32%
2	Banc of America	9.652	50	13.44%	5	12.724	72	8.07%
3	Credit Suisse	8.874	34	12.35%	2	18.208	90	11.54%
4	Citigroup	7.146	35	9.95%	3	18.025	88	11.43%
5	Morgan Stanley	6.840	35	9.52%	9	7.996	42	5.07%
6	Deutsche Bank	4.872	28	6.78%	8	10.373	63	6.58%
7	Goldman Sachs	4.393	28	6.11%	6	11.913	61	7.55%
8	Merrill Lynch	3.554	16	4.95%	4	13.520	63	8.57%
9	Lehman	2.775	18	3.86%	7	10.647	65	6.75%
10	UBS	2.462	17	3.43%	10	5.320	34	3.37%
	Total	71.839	133	157.722	371
	Average size:	0.540	0.425
Year to date, U.S. market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	10.182	54	16.11%	1	22.495	85	16.33%
2	Banc of America	9.652	50	15.27%	4	12.642	71	9.18%
3	Credit Suisse	8.451	30	13.37%	2	15.374	73	11.16%
4	Morgan Stanley	6.590	33	10.43%	9	6.616	34	4.80%
5	Citigroup	5.814	28	9.20%	3	15.221	71	11.05%
6	Goldman Sachs	4.393	28	6.95%	6	11.215	58	8.14%
7	Deutsche Bank	4.021	21	6.36%	8	8.818	53	6.40%
8	Merrill Lynch	3.431	15	5.43%	5	11.229	54	8.15%
9	Lehman	2.775	18	4.39%	7	10.319	63	7.49%
10	UBS	1.711	11	2.71%	12	3.847	29	2.79%
	Total	63.197	117	137.781	302
	Average size:	0.540	0.456
Year to date, global market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	10.182	54	15.93%	1	23.886	93	14.58%
2	Banc of America	9.725	51	15.22%	5	12.819	74	7.82%
3	Credit Suisse	8.451	30	13.22%	2	18.018	80	11.00%
4	Morgan Stanley	6.664	34	10.43%	9	6.827	36	4.17%
5	Citigroup	5.814	28	9.10%	3	16.724	78	10.21%
6	Goldman Sachs	4.466	29	6.99%	6	12.627	67	7.71%
7	Deutsche Bank	4.021	21	6.29%	4	13.327	74	8.13%
8	Merrill Lynch	3.431	15	5.37%	7	12.295	59	7.50%
9	Lehman	2.775	18	4.34%	8	10.841	69	6.62%
10	UBS	1.711	11	2.68%	11	4.511	32	2.75%
	Total	63.915	121	163.872	358
	Average size:	0.528	0.458
Year to date, European currencies, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	RBS	0.457	1	56.74%	12	0.882	2	3.66%
2	Pareto Securities	0.099	1	12.23%
3	Goldman Sachs	0.074	1	9.13%	8	1.312	8	5.44%
4	Morgan Stanley	0.074	1	9.13%	18	0.210	2	0.87%
5	Banc of America	0.074	1	9.13%	20	0.147	2	0.61%
6	Guy Butler Ltd.	0.029	1	3.63%	26	0.030	1	0.13%
	Total	0.806	4	24.129	52
	Average size:	0.201	0.464
November, U.S. market, all issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	0.163	2	33.33%	1	2.143	7	19.10%
2	Bear Stearns	0.163	2	33.33%	12	0.213	1	1.90%
3	Morgan Stanley	0.163	2	33.33%	5	0.980	4	8.74%
	Total	0.490	2	11.222	23
	Average size:	0.245	0.488
November, U.S. market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	0.163	2	33.33%	1	2.143	7	19.78%
2	Bear Stearns	0.163	2	33.33%
3	Morgan Stanley	0.163	2	33.33%	5	0.980	4	9.05%
	Total	0.490	2	10.834	21
	Average size:	0.245	0.516
November, global market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	0.163	2	33.33%	1	2.143	7	19.72%
2	Bear Stearns	0.163	2	33.33%
3	Morgan Stanley	0.163	2	33.33%	5	0.980	4	9.02%
	Total	0.490	2	10.865	22
	Average size:	0.245	0.494
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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