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

• U.S. market high-yield issuance totals $18.42 billion year to date

New York, April 30 - JPMorgan continued its long residency at the top of the league table for high-yield bond underwriters, according to data compiled by Prospect News.

The bank ranked first for the year through April and for the month of April. It also came in first for the year through March, February, in January and for all of 2007, 2006 and 2005.

New deal volume rebounded markedly to $8.48 billion for the month, although two large emerging markets deals, from Vimpelcom and Evraz Group SA, were among five emerging markets deals that added $3.80 billion to the total.

Without the emerging markets deals, the month's total was $4.68 billion, still a notable improvement.

March saw $1.83 billion of high-yield deals and February $0.92 billion, both with no emerging markets offerings in the United States. January's figure was $7.19 billion, again with no emerging markets contribution.

Year-to-date issuance is now $18.42 billion in 33 deals ($14.61 billion in 28 deals without emerging markets), far behind the $58.54 billion in 164 deals at the same stage in 2007.

Europe yet again saw no deals. The region's junk market effectively shut down after July, with just one small offering in each of November and December.

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	3.444	13	18.70%	1	9.355	37	15.98%
2	Banc of America	2.147	11	11.66%	8	3.688	26	6.30%
3	Deutsche Bank	1.863	7	10.11%	7	3.704	20	6.33%
4	Merrill Lynch	1.629	5	8.85%	3	6.628	20	11.32%
5	Citigroup	1.418	5	7.70%	4	6.195	30	10.58%
6	Credit Suisse	1.323	4	7.18%	2	7.864	46	13.43%
7	Goldman Sachs	0.727	5	3.95%	6	3.809	27	6.51%
8	Lehman	0.705	5	3.83%	5	4.091	28	6.99%
9	Calyon	0.650	4	3.53%
9	UBS	0.650	4	3.53%	9	2.037	19	3.48%
	Total	18.415	33	58.543	164
	Average size:	0.558	0.357
Year to date, U.S. market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	3.444	13	23.57%	1	7.931	31	16.14%
2	Banc of America	2.147	11	14.69%	7	3.688	26	7.51%
3	Merrill Lynch	1.629	5	11.15%	2	5.928	18	12.07%
4	Deutsche Bank	1.362	4	9.32%	8	2.966	16	6.04%
5	Credit Suisse	1.222	3	8.37%	3	5.768	35	11.74%
6	Citigroup	1.168	3	7.99%	4	4.344	23	8.84%
7	Goldman Sachs	0.727	5	4.97%	6	3.709	26	7.55%
8	Lehman	0.705	5	4.82%	5	3.762	26	7.66%
9	Morgan Stanley	0.526	5	3.60%	13	1.251	9	2.55%
10	RBC	0.431	5	2.95%	16	0.318	2	0.65%
	Total	14.614	28	49.128	132
	Average size:	0.522	0.372
Year to date, global market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	3.444	13	23.57%	1	8.266	35	13.84%
2	Banc of America	2.147	11	14.69%	7	3.864	29	6.47%
3	Merrill Lynch	1.629	5	11.15%	3	6.491	20	10.87%
4	Deutsche Bank	1.362	4	9.32%	4	6.168	28	10.33%
5	Credit Suisse	1.222	3	8.37%	2	7.203	40	12.06%
6	Citigroup	1.168	3	7.99%	5	4.649	26	7.78%
7	Goldman Sachs	0.727	5	4.97%	6	4.282	31	7.17%
8	Lehman	0.705	5	4.82%	8	3.864	28	6.47%
9	Morgan Stanley	0.526	5	3.60%	13	1.326	10	2.22%
10	RBC	0.431	5	2.95%	21	0.318	2	0.53%
	Total	14.614	28	59.731	153
	Average size:	0.522	0.390
Year to date, European currencies, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
	Total	0.000	0	10.175	20
	Average size:	0.509
April, U.S. market, all issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.590	6	18.75%	1	1.799	10	14.94%
2	Calyon	0.650	4	7.66%
2	UBS	0.650	4	7.66%	7	1.051	10	8.73%
2	ABN	0.650	4	7.66%
5	Deutsche Bank	0.640	4	7.55%	2	1.310	9	10.87%
6	Merrill Lynch	0.573	3	6.76%	8	0.630	2	5.23%
7	Lehman	0.525	4	6.19%	13	0.285	3	2.37%
8	Banc of America	0.445	4	5.25%	5	1.206	7	10.01%
9	Goldman Sachs	0.395	3	4.66%	9	0.598	6	4.96%
10	Citigroup	0.362	3	4.27%	6	1.182	8	9.81%
	Total	8.482	20	12.046	36
	Average size:	0.424	0.335
April, U.S. market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.590	6	33.97%	1	1.599	9	15.12%
2	Merrill Lynch	0.573	3	12.25%	10	0.330	1	3.12%
3	Lehman	0.525	4	11.21%	13	0.285	3	2.69%
4	Banc of America	0.445	4	9.50%	4	1.206	7	11.40%
5	Goldman Sachs	0.395	3	8.44%	8	0.598	6	5.65%
6	RBC	0.356	4	7.60%
7	Wachovia	0.234	3	5.00%
8	Deutsche Bank	0.140	1	2.98%	7	0.822	6	7.77%
9	Morgan Stanley	0.121	2	2.59%	9	0.441	3	4.17%
10	Scotia	0.112	1	2.39%
	Total	4.681	15	10.577	30
	Average size:	0.312	0.353
April, global market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.590	6	33.97%	3	1.599	9	11.14%
2	Merrill Lynch	0.573	3	12.25%	13	0.330	1	2.30%
3	Lehman	0.525	4	11.21%	15	0.285	3	1.99%
4	Banc of America	0.445	4	9.50%	5	1.281	8	8.93%
5	Goldman Sachs	0.395	3	8.44%	6	1.099	10	7.66%
6	RBC	0.356	4	7.60%
7	Wachovia	0.234	3	5.00%
8	Deutsche Bank	0.140	1	2.98%	1	1.800	11	12.55%
9	Morgan Stanley	0.121	2	2.59%	10	0.516	4	3.60%
10	Scotia	0.112	1	2.39%
	Total	4.681	15	14.350	39
	Average size:	0.312	0.368
April, European currencies, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
	Total	0.000	0	3.773	9
	Average size:	0.419
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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