Citigroup top underwriter of investment-grade bonds in 2009

• JPMorgan top underwriter of investment-grade bonds in Q4, December

By Andrea Heisinger

New York, Dec. 31 - Citigroup Global Markets Inc. was the top underwriter for 2009 in the high-grade bond market, while J.P. Morgan Securities Inc. took over the No. 1 position for the fourth quarter and for December.

JPMorgan took over for Citigroup, which had been the top underwriter in previous months.

Citigroup handled $177.85 billion in 425 deals during 2009. This was out of the nearly $1.05 trillion in bond sales in the investment-grade market. Citi ended 2008 in second place as underwriter, with $102.85 billion in bond sales out of the $808.79 billion that were priced.

Rounding out the top five underwriters in 2009 were JPMorgan, Bank of America Merrill Lynch, Morgan Stanley & Co. and Goldman Sachs & Co.

The fourth quarter of 2009 saw $55.95 billion in bond offerings as issuance wound down following a busy first half of the year. JPMorgan did $8.43 billion in bond sales in the fourth quarter after being third in rankings for the same period in 2008.

Bank of America Merrill Lynch, Credit Suisse Securities, Goldman Sachs and Citigroup made up the rest of the top five in the fourth quarter.

JPMorgan also held the top underwriting spot for December, with $2.43 billion in bond sales out of the $17.55 billion for the month. JPMorgan was fourth in December 2008.

It took over for Citigroup, which had been the top underwriter for November.

The remainder of the top five for December was made up of Goldman Sachs, Bank of America Merrill Lynch, Citigroup and Deutsche Bank Securities Inc.

Issuance is expected to ramp up in the first part of January, following a dull end to 2009 with virtually no issuance in the last two weeks of the year.

Year to date, U.S. market, all issuers

2008 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	177.848	425	16.88%	2	102.852	301	12.72%
2	JPMorgan	156.783	484	14.88%	1	122.465	356	15.14%
3	Bank of America	135.592	491	12.87%	3	85.820	308	10.61%
4	Morgan Stanley	110.157	313	10.45%	4	83.152	210	10.28%
5	Goldman Sachs	88.157	254	8.37%	5	72.053	184	8.91%
6	Barclays	74.709	253	7.09%	10	31.640	137	3.91%
7	Deutsche Bank	64.163	241	6.09%	8	40.070	133	4.95%
8	RBS	53.620	168	5.09%	13	21.673	100	2.67%
9	HSBC	43.567	124	4.13%	11	29.717	91	3.67%
10	Credit Suisse	41.898	144	3.98%	9	35.918	112	4.44%
	Total	1053.803	1194	808.785	1025
	Average size:	0.883	0.789
Fourth quarter
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	8.433	51	15.07%	3	0.594	3	18.29%
2	Bank of America	7.322	57	13.09%	5	0.184	2	5.65%
3	Credit Suisse	5.336	27	9.54%
4	Goldman Sachs	5.311	35	9.49%	4	0.274	3	8.44%
5	Citigroup	4.377	27	7.82%	2	0.594	3	18.29%
6	Deutsche Bank	4.236	30	7.57%	8	0.100	1	3.07%
7	Barclays	3.692	25	6.60%
8	Morgan Stanley	3.361	27	6.01%	1	0.942	7	28.96%
9	Wells Fargo	2.637	22	4.71%
10	UBS	2.351	15	4.20%	11	0.100	1	3.07%
	Total	55.953	139	3.251	7
	Average size:	0.403	0.464
December
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	2.426	12	13.82%	4	0.111	1	18.14%
2	Goldman Sachs	2.150	8	12.25%	2	0.111	1	18.14%
3	Bank of America	2.068	14	11.78%	5	0.084	1	13.71%
4	Citigroup	1.677	8	9.55%	3	0.111	1	18.14%
5	Deutsche Bank	1.491	6	8.50%
6	Credit Suisse	1.341	9	7.64%
7	Morgan Stanley	1.161	7	6.62%	1	0.195	2	31.86%
8	Wells Fargo	1.147	6	6.53%
9	Jefferies	1.108	9	6.31%
10	Barclays	1.029	5	5.86%
	Total	17.549	38	0.613	2
	Average size:	0.462	0.306
Prospect News Investment Grade 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.

• 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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