• Investment-grade issuance totals $702.18 billion year to date
By Andrea Heisinger
New York, Nov. 26 - J.P. Morgan Securities Inc. retained its spot as the top underwriter of investment-grade debt for the year to date, handling $103.16 billion in new issues.
This amount includes Wednesday's $6 billion self-led deal taking advantage of a Federal Deposit Insurance Corp. guarantee that was part of the government's financial bailout package.
JPMorgan also took the top spot for November with $11.53 billion in underwriting.
This was a sizable increase from October when it also took the top spot, but with $4.15 billion.
November was another rocky month for issuance but also marked the return of corporate bond issues that had been largely frozen since August. The month saw just $46.36 billion in total.
Year-to-date issuance has now reached $702.18 billion.
The month also saw the first takers in the FDIC-backed note program that is available for banks' bond issues through June 2009.
Year to date, U.S. market, all issuers
| Underwriter | Amount | No. | Share
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| 1 | JPMorgan | 103.145 | 322 | 14.69%
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| 2 | Citigroup | 90.095 | 271 | 12.83%
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| 3 | Morgan Stanley | 72.401 | 180 | 10.31%
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| 4 | Goldman Sachs | 63.393 | 156 | 9.03%
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| 5 | Banc of America | 56.596 | 262 | 8.06%
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| 6 | Merrill Lynch | 48.833 | 137 | 6.95%
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| 7 | Lehman | 41.182 | 112 | 5.86%
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| 8 | Deutsche Bank | 38.427 | 123 | 5.47%
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| 9 | Credit Suisse | 33.051 | 101 | 4.71%
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| 10 | Barclays | 26.915 | 120 | 3.83%
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| Total | 702.178 | 910 |
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| Average size: | 0.772 |
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| November |
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| Underwriter | Amount | No. | Share
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| 1 | JPMorgan | 11.530 | 23 | 24.87%
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| 2 | Goldman Sachs | 9.118 | 15 | 19.67%
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| 3 | Morgan Stanley | 7.827 | 14 | 16.89%
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| 4 | Citigroup | 5.399 | 19 | 11.65%
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| 5 | Barclays | 3.298 | 11 | 7.11%
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| 6 | Banc of America | 2.313 | 12 | 4.99%
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| 7 | Deutsche Bank | 1.659 | 9 | 3.58%
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| 8 | HSBC | 1.510 | 4 | 3.26%
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| 9 | Greenwich | 1.129 | 8 | 2.44%
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| 10 | Credit Suisse | 0.851 | 5 | 1.84%
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| Total | 46.355 | 52 |
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| Average size: | 0.891 |
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| Prospect News Investment Grade Underwriter Rankings
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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.
• Convertibles, trust preferreds and preferred stock are excluded.
• Minimum $75 million deal size
• Deals rated investment grade by either Standard & Poor's or Moody's Investors Service 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.
• Remarketings are excluded.
• 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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