• High-grade issuance totals $646.2 billion year to date
By Andrea Heisinger
New York, June 30 - Citigroup Global Markets Inc. took the top spot as high-grade bond underwriter for the year to date, for June and for the second quarter.
Citigroup also held the top bookrunning spot in May.
Citigroup has handled $114.92 billion in 254 deals so far in 2009. Citigroup's total year to date for 2009 is well above the $69.59 billion it underwrote during the same period in 2008.
Overall, issuance in the investment-grade market totaled $646.20 billion year to date.
The top five underwriters for the year were rounded out by J.P. Morgan Securities Inc., Banc of America Securities LLC, Morgan Stanley & Co. Inc. and Goldman Sachs & Co.
Citigroup ran the books for $53.74 billion in offerings for a second quarter that had $277.87 billion in sales. JPMorgan, Banc of America, Morgan Stanley and Goldman Sachs made up the rest of the top five during the quarter.
Citigroup had well more than double the underwritten offerings for June than it had a year ago. It handled $19.39 billion for the month, while in the same month in 2008, it ran the books on $6.78 billion.
Barclays Capital Inc., JPMorgan, Goldman Sachs and Morgan Stanley followed Citigroup in June's underwriting rankings.
Year to date, U.S. market, all issuers
2008 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | Citigroup | 114.922 | 254 | 17.78% | 2 | 69.594 | 202 | 13.00%
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| 2 | JPMorgan | 105.022 | 277 | 16.25% | 1 | 72.850 | 227 | 13.60%
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| 3 | Banc of America | 83.484 | 261 | 12.92% | 6 | 41.743 | 181 | 7.80%
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| 4 | Morgan Stanley | 66.394 | 171 | 10.27% | 3 | 53.196 | 136 | 9.93%
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| 5 | Goldman Sachs | 61.690 | 165 | 9.55% | 5 | 43.827 | 113 | 8.18%
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| 6 | Barclays | 43.783 | 146 | 6.78% | 12 | 16.218 | 80 | 3.03%
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| 7 | Deutsche Bank | 29.755 | 115 | 4.60% | 8 | 31.586 | 95 | 5.90%
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| 8 | HSBC | 29.465 | 69 | 4.56% | 11 | 18.914 | 65 | 3.53%
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| 9 | RBS | 29.303 | 93 | 4.53% | 13 | 15.473 | 71 | 2.89%
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| 10 | Credit Suisse | 25.195 | 86 | 3.90% | 9 | 23.427 | 67 | 4.38%
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| Total | 646.198 | 662 | 535.468 | 669 |
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| Average size: | 0.976 | 0.800 |
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| Second quarter |
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| | | | | 2008 Comparables |
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| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | Citigroup | 53.736 | 124 | 19.34% | 1 | 44.392 | 114 | 14.36%
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| 2 | JPMorgan | 41.655 | 126 | 14.99% | 2 | 38.177 | 123 | 12.35%
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| 3 | Banc of America | 28.059 | 107 | 10.09% | 5 | 27.447 | 109 | 8.88%
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| 4 | Morgan Stanley | 26.332 | 84 | 9.48% | 3 | 30.283 | 84 | 9.80%
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| 5 | Goldman Sachs | 21.806 | 68 | 7.85% | 6 | 21.878 | 63 | 7.08%
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| 6 | Barclays | 21.244 | 63 | 7.65% | 13 | 8.761 | 49 | 2.83%
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| 7 | RBS | 15.904 | 45 | 5.72% | 31 | 0.075 | 1 | 0.02%
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| 8 | Deutsche Bank | 14.359 | 50 | 5.17% | 8 | 16.522 | 55 | 5.35%
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| 9 | Credit Suisse | 13.622 | 39 | 4.90% | 9 | 16.364 | 38 | 5.29%
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| 10 | HSBC | 10.837 | 32 | 3.90% | 10 | 10.203 | 35 | 3.30%
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| Total | 277.871 | 309 | 309.076 | 372 |
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| Average size: | 0.899 | 0.831 |
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| June |
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| | | | | 2008 Comparables |
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| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | Citigroup | 19.393 | 46 | 19.82% | 2 | 6.780 | 27 | 10.72%
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| 2 | Barclays | 10.080 | 30 | 10.30% | 13 | 1.993 | 15 | 3.15%
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| 3 | Morgan Stanley | 9.879 | 34 | 10.10% | 4 | 5.082 | 21 | 8.04%
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| 4 | JPMorgan | 9.506 | 40 | 9.72% | 1 | 9.789 | 43 | 15.48%
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| 5 | Banc of America | 9.180 | 37 | 9.38% | 5 | 4.713 | 23 | 7.45%
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| 6 | Goldman Sachs | 8.684 | 31 | 8.88% | 11 | 2.576 | 12 | 4.07%
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| 7 | Deutsche Bank | 5.837 | 18 | 5.97% | 9 | 2.891 | 10 | 4.57%
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| 8 | Credit Suisse | 4.257 | 11 | 4.35% | 6 | 3.759 | 13 | 5.94%
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| 9 | HSBC | 3.677 | 13 | 3.76% | 10 | 2.797 | 9 | 4.42%
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| 10 | Wachovia | 3.562 | 18 | 3.64% | 8 | 3.043 | 13 | 4.81%
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| Total | 97.836 | 117 | 63.240 | 90 |
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| Average size: | 0.836 | 0.703 |
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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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