JPMorgan still number one U.S. market high-yield underwriter

• U.S. market high-yield issuance totals $69.20 billion year to date

New York, Sept. 30 - JPMorgan held the number one spot among underwriters of high-yield bonds for the year to date, keeping the position it regained in August, according to data compiled by Prospect News.

Volume for September was $8.03 billion, most of it from the $7.07 billion roll of First Data Corp.'s bridge loan into high-yield bonds.

Without that transaction, September's total would have been $0.96 billion, down from August's $1.68 billion and the smallest since February's $0.92 billion.

At $69.20 billion, year-to-date volume is just 57% of the $122.06 billion at the same stage in 2007.

But September's total is similar to the $8.67 billion recorded in September 2007.

Among the underwriters, JPMorgan and Banc of America Securities were unchanged at the number one and number two positions, respectively, with neither completing any deals during the month.

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 remains on top. Total volume year to date on this basis is $60.56 billion.

September did see one European junk offering, the €400 million of notes priced for Ford Motor Credit Co.'s FCE Bank plc.

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	10.199	55	14.74%	1	17.073	77	13.99%
2	Banc of America	9.552	49	13.80%	5	9.852	55	8.07%
3	Credit Suisse	8.874	34	12.82%	3	13.760	73	11.27%
4	Citigroup	6.662	33	9.63%	2	14.227	72	11.66%
5	Morgan Stanley	6.094	30	8.81%	9	5.346	33	4.38%
6	Deutsche Bank	4.773	27	6.90%	6	8.402	53	6.88%
7	Goldman Sachs	4.229	26	6.11%	7	7.953	46	6.52%
8	Merrill Lynch	3.554	16	5.14%	4	11.106	48	9.10%
9	Lehman	2.775	18	4.01%	8	7.688	50	6.30%
10	UBS	2.362	16	3.41%	10	4.966	32	4.07%
	Total	69.201	128	122.055	313
	Average size:	0.541	0.390
Year to date, U.S. market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	9.699	52	16.02%	1	15.399	70	14.82%
2	Banc of America	9.552	49	15.77%	4	9.770	54	9.40%
3	Credit Suisse	8.451	30	13.95%	3	11.123	58	10.70%
4	Morgan Stanley	5.844	28	9.65%	10	3.965	25	3.82%
5	Citigroup	5.330	26	8.80%	2	11.709	58	11.27%
6	Goldman Sachs	4.229	26	6.98%	7	7.255	43	6.98%
7	Deutsche Bank	3.921	20	6.47%	8	7.045	45	6.78%
8	Merrill Lynch	3.431	15	5.67%	5	9.038	40	8.70%
9	Lehman	2.775	18	4.58%	6	7.359	48	7.08%
10	UBS	1.611	10	2.66%	13	3.580	28	3.44%
	Total	60.559	112	103.930	251
	Average size:	0.541	0.414
Year to date, global market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	9.699	52	15.83%	1	16.790	78	12.97%
2	Banc of America	9.626	50	15.71%	6	9.946	57	7.68%
3	Credit Suisse	8.451	30	13.79%	2	13.767	65	10.63%
4	Morgan Stanley	5.917	29	9.66%	11	4.176	27	3.23%
5	Citigroup	5.330	26	8.70%	3	13.212	65	10.21%
6	Goldman Sachs	4.303	27	7.02%	7	8.667	52	6.69%
7	Deutsche Bank	3.921	20	6.40%	4	11.555	66	8.93%
8	Merrill Lynch	3.431	15	5.60%	5	10.104	45	7.80%
9	Lehman	2.775	18	4.53%	8	7.882	54	6.09%
10	UBS	1.611	10	2.63%	10	4.244	31	3.28%
	Total	61.276	116	129.459	304
	Average size:	0.528	0.426
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	3.67%
2	Pareto Securities	0.099	1	12.23%
3	Goldman Sachs	0.074	1	9.13%	8	1.312	8	5.45%
3	Morgan Stanley	0.074	1	9.13%	18	0.210	2	0.87%
3	Banc of America	0.074	1	9.13%	20	0.147	2	0.61%
6	Guy Butler Ltd.	0.029	1	3.63%
	Total	0.806	4	24.051	50
	Average size:	0.201	0.481
Third quarter, U.S. market, all issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	2.686	12	14.19%	8	0.619	3	4.49%
2	Goldman Sachs	1.949	10	10.30%	4	1.063	2	7.71%
3	Deutsche Bank	1.795	9	9.48%	6	0.971	6	7.04%
4	JPMorgan	1.763	10	9.31%	2	1.863	5	13.51%
5	Morgan Stanley	1.676	10	8.85%	18	0.089	2	0.65%
6	Credit Suisse	1.620	7	8.56%	9	0.579	5	4.20%
7	Lehman	1.174	4	6.20%	11	0.471	2	3.41%
8	HSBC	1.134	4	5.99%	12	0.300	1	2.17%
9	Banc of America	1.113	8	5.88%	1	2.812	7	20.39%
10	Merrill Lynch	1.109	4	5.86%	3	1.266	7	9.18%
	Total	18.932	28	13.794	34
	Average size:	0.676	0.406
Third quarter, U.S. market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	2.269	11	13.02%	6	0.519	2	4.67%
2	Goldman Sachs	1.949	10	11.18%	3	1.063	2	9.57%
3	Deutsche Bank	1.795	9	10.30%	9	0.452	3	4.06%
4	JPMorgan	1.763	10	10.11%	2	1.863	5	16.76%
5	Morgan Stanley	1.676	10	9.62%	18	0.063	1	0.57%
6	Credit Suisse	1.495	6	8.58%	10	0.388	3	3.49%
7	Lehman	1.174	4	6.73%	8	0.471	2	4.23%
8	Banc of America	1.113	8	6.39%	1	2.812	7	25.29%
9	Merrill Lynch	1.109	4	6.36%	5	0.548	4	4.93%
10	HSBC	1.009	3	5.79%	11	0.300	1	2.70%
	Total	17.432	26	11.117	23
	Average size:	0.670	0.483
Third quarter, global market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	2.269	11	12.51%	9	0.519	2	4.05%
2	Goldman Sachs	2.023	11	11.15%	3	1.219	3	9.52%
3	Deutsche Bank	1.795	9	9.90%	8	0.605	5	4.73%
4	JPMorgan	1.763	10	9.72%	2	1.863	5	14.56%
5	Morgan Stanley	1.750	11	9.65%	21	0.063	1	0.50%
6	Credit Suisse	1.495	6	8.24%	12	0.388	3	3.03%
7	Banc of America	1.187	9	6.54%	1	2.812	7	21.96%
8	Lehman	1.174	4	6.47%	7	0.624	4	4.88%
9	Merrill Lynch	1.109	4	6.12%	5	0.701	6	5.48%
10	HSBC	1.009	3	5.56%	13	0.300	1	2.34%
	Total	18.140	29	12.803	28
	Average size:	0.626	0.457
September, U.S. market, all issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	1.319	5	16.43%	8	0.219	1	2.52%
2	Goldman Sachs	1.174	4	14.63%	3	1.000	1	11.54%
2	Lehman	1.174	4	14.63%
4	Credit Suisse	1.009	3	12.58%	7	0.441	3	5.09%
4	Deutsche Bank	1.009	3	12.58%	12	0.064	1	0.74%
4	HSBC	1.009	3	12.58%
4	Merrill Lynch	1.009	3	12.58%	6	0.680	3	7.85%
8	UBS	0.197	1	2.46%
9	Jefferies	0.124	1	1.55%	5	0.707	3	8.16%
	Total	8.026	7	8.669	20
	Average size:	1.147	0.433
September, U.S. market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	1.319	5	16.43%	6	0.219	1	3.11%
2	Goldman Sachs	1.174	4	14.63%	3	1.000	1	14.22%
2	Lehman	1.174	4	14.63%
4	Credit Suisse	1.009	3	12.58%	5	0.250	1	3.55%
4	Deutsche Bank	1.009	3	12.58%	10	0.064	1	0.91%
4	HSBC	1.009	3	12.58%
4	Merrill Lynch	1.009	3	12.58%	9	0.160	2	2.28%
8	UBS	0.197	1	2.46%
9	Jefferies	0.124	1	1.55%	4	0.707	3	10.06%
	Total	8.026	7	7.033	15
	Average size:	1.147	0.469
September, global market, industrialized country issuers
					2007 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	1.319	5	15.55%	6	0.219	1	3.11%
2	Goldman Sachs	1.174	4	13.84%	3	1.000	1	14.22%
2	Lehman	1.174	4	13.84%
4	Credit Suisse	1.009	3	11.90%	5	0.250	1	3.55%
4	Deutsche Bank	1.009	3	11.90%	10	0.064	1	0.91%
4	HSBC	1.009	3	11.90%
4	Merrill Lynch	1.009	3	11.90%	9	0.160	2	2.28%
8	RBS	0.457	1	5.39%
9	UBS	0.197	1	2.32%
10	Jefferies	0.124	1	1.47%	4	0.707	3	10.06%
	Total	8.483	8	7.033	15
	Average size:	1.060	0.469
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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