• Investment-grade issuance totals $133.78 billion in January
By Andrea Heisinger
New York, Jan. 30 - Citigroup Inc. grabbed the top spot among underwriters of investment-grade bonds in January.
Citigroup handled $29.77 billion of new deals. J.P. Morgan Securities Inc. had held the top spot for the same time period in 2008.
Banc of America Securities LLC, J.P. Morgan Securities, Goldman Sachs & Co. and Morgan Stanley & Co. Inc. rounded out the top five for January.
The pace of issuance slowed in the second half of January, but the month still saw $133.78 billion in deals. This is a slight bump from the $116.12 billion priced in January 2008.
It is also ahead of the $105.96 billion that priced in December, more than 80% of which was backed by the Federal Deposit Insurance Corp.
The FDIC issuance, although it contributed to the January total through several large deals, did not make up a majority of bond sales.
Year to date, U.S. market, all issuers
2008 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | Citigroup | 29.766 | 43 | 22.25% | 6 | 9.869 | 26 | 8.50%
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| 2 | Banc of America | 21.061 | 51 | 15.74% | 10 | 4.953 | 20 | 4.27%
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| 3 | JPMorgan | 17.168 | 44 | 12.83% | 1 | 18.209 | 33 | 15.68%
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| 4 | Goldman Sachs | 14.706 | 31 | 10.99% | 4 | 11.185 | 14 | 9.63%
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| 5 | Morgan Stanley | 12.195 | 25 | 9.12% | 2 | 14.005 | 22 | 12.06%
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| 6 | HSBC | 10.077 | 17 | 7.53% | 9 | 5.143 | 12 | 4.43%
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| 7 | Barclays | 8.023 | 30 | 6.00% | 14 | 2.150 | 3 | 1.85%
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| 8 | Greenwich | 5.545 | 16 | 4.15% | 12 | 3.058 | 10 | 2.63%
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| 9 | Deutsche Bank | 4.635 | 18 | 3.46% | 5 | 10.700 | 19 | 9.22%
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| 10 | Credit Suisse | 4.131 | 13 | 3.09% | 15 | 1.350 | 5 | 1.16%
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| Total | 133.779 | 113 | 116.115 | 103 |
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| Average size: | 1.184 | 1.127 |
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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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