Banc of America top U.S. market high-yield underwriter year to date

• U.S. market high-yield issuance totals $76.21 billion year to date

New York, July 31 - Banc of America continued its lengthy run at the top of the league tables of high-yield bond underwriters, according to data compiled by Prospect News.

B of A has now been number one in the year-to-date rankings for every month of 2009 so far.

Number-two placed JPMorgan marginally narrowed the gap, however, and is now $1.12 billion behind, from a $1.15 billion difference for the year through June and $1.77 billion at the end of May.

Citigroup held in third place while Deutsche Bank moved up one position from June to number four, pushing Morgan Stanley down to fifth.

Activity remained solid in July, with $12.53 billion of new deals.

That was somewhat lower than June's $16.01 billion and less than half May's $27.24 billion but still ahead of the $9.23 billion in July 2008.

Year-to-date issuance now totals $76.21 billion, 28% ahead of the $59.50 billion at the same stage in 2008.

The league tables and issuance totals are generally similar if emerging markets deals are excluded and also if non-dollar junk bonds are included.

However the European junk market showed real signs of life after a lengthy period of low or zero new deals. July saw $4.21 billion of new junk bonds in European currencies, up from $0.87 billion in June.

Year-to-date volume in Europe now totals $7.30 billion in 12 deals.

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

2008 comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	13.543	91	17.77%	2	9.412	48	15.82%
2	JPMorgan	12.419	83	16.30%	1	9.422	53	15.84%
3	Citigroup	7.595	47	9.97%	5	5.343	28	8.98%
4	Deutsche Bank	7.265	48	9.53%	6	3.763	24	6.33%
5	Morgan Stanley	6.952	30	9.12%	4	6.094	30	10.24%
6	Goldman Sachs	6.163	36	8.09%	7	2.830	21	4.76%
7	Credit Suisse	4.847	36	6.36%	3	7.666	29	12.89%
8	Wachovia	3.991	37	5.24%	11	1.484	13	2.50%
9	RBS	2.622	22	3.44%	13	1.155	8	1.95%
10	Barclays	1.966	19	2.58%	16	0.825	6	1.39%
	Total	76.207	167	59.497	115
	Average size:	0.456	0.517
Year to date, U.S. market, industrialized country issuers
					2008 comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	13.264	89	18.70%	1	9.412	48	18.42%
2	JPMorgan	11.462	79	16.16%	2	8.922	50	17.46%
3	Citigroup	7.385	44	10.41%	5	4.011	21	7.85%
4	Deutsche Bank	6.187	46	8.72%	6	2.912	17	5.70%
5	Goldman Sachs	6.163	36	8.69%	7	2.830	21	5.54%
6	Morgan Stanley	5.874	28	8.28%	4	5.844	28	11.43%
7	Credit Suisse	4.604	33	6.49%	3	7.369	26	14.42%
8	Wachovia	3.991	37	5.63%	10	1.484	13	2.90%
9	RBS	2.565	21	3.62%	12	1.155	8	2.26%
10	Barclays	1.966	19	2.77%	14	0.325	2	0.64%
	Total	70.915	159	51.105	100
	Average size:	0.446	0.511
Year to date, global market, industrialized country issuers
					2008 comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	13.264	89	16.92%	1	9.486	49	18.47%
2	JPMorgan	11.769	82	15.01%	2	8.922	50	17.37%
3	Citigroup	7.950	46	10.14%	5	4.011	21	7.81%
4	Deutsche Bank	7.406	52	9.45%	6	2.912	17	5.67%
5	Goldman Sachs	6.730	39	8.59%	7	2.904	22	5.65%
6	Morgan Stanley	5.821	28	7.43%	4	5.917	29	11.52%
7	Credit Suisse	4.912	36	6.27%	3	7.369	26	14.35%
8	Wachovia	3.991	37	5.09%	10	1.484	13	2.89%
9	RBS	3.039	24	3.86%	12	1.155	8	2.25%
10	Barclays	2.405	20	3.07%	14	0.325	2	0.63%
	Total	78.395	172	51.365	103
	Average size:	0.456	0.499
Year to date, European currencies, industrialized country issuers
					2008 comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	1.219	6	16.70%
2	Calyon	0.635	3	8.70%
3	Banca IMI	0.594	2	8.14%
4	Goldman Sachs	0.567	3	7.77%	2	0.074	1	21.11%
5	Citigroup	0.566	2	7.75%
6	RBS	0.475	3	6.50%
7	Unicredit	0.439	1	6.01%
8	Barclays	0.439	1	6.01%
9	BNP Paribas	0.348	4	4.77%
10	Credit Suisse	0.308	3	4.22%
	Total	7.300	12	0.349	3
	Average size:	0.608	0.116
July, U.S. market, all issuers
					2008 comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.581	17	12.62%	3	0.986	8	10.69%
2	Banc of America	1.554	15	12.40%	4	0.973	7	10.55%
3	Deutsche Bank	1.408	10	11.23%	5	0.786	6	8.52%
4	Goldman Sachs	1.244	8	9.93%	7	0.550	5	5.96%
5	RBS	0.916	7	7.31%
6	Credit Suisse	0.880	6	7.03%	11	0.413	2	4.47%
7	Citigroup	0.811	7	6.47%	2	1.367	7	14.81%
8	Morgan Stanley	0.685	3	5.47%	1	1.676	10	18.16%
9	Wells Fargo	0.575	8	4.59%
10	Jefferies	0.457	4	3.64%
	Total	12.531	33	9.229	15
	Average size:	0.380	0.615
July, U.S. market, industrialized country issuers
					2008 comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.524	16	12.63%	2	0.986	8	12.36%
2	Banc of America	1.464	14	12.13%	3	0.973	7	12.20%
3	Deutsche Bank	1.408	10	11.67%	5	0.786	6	9.85%
4	Goldman Sachs	1.244	8	10.31%	7	0.550	5	6.90%
5	RBS	0.859	6	7.12%
6	Credit Suisse	0.790	5	6.55%	9	0.413	2	5.18%
7	Citigroup	0.754	6	6.25%	4	0.950	6	11.91%
8	Morgan Stanley	0.685	3	5.68%	1	1.676	10	21.01%
9	Wells Fargo	0.575	8	4.76%
10	Jefferies	0.457	4	3.78%
	Total	12.066	31	7.979	14
	Average size:	0.389	0.570
July, global market, industrialized country issuers
					2008 comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	1.935	12	11.89%	5	0.786	6	9.55%
2	Goldman Sachs	1.771	10	10.88%	7	0.624	6	7.58%
3	JPMorgan	1.680	17	10.32%	3	0.986	8	11.98%
4	Banc of America	1.464	14	8.99%	2	1.047	8	12.72%
5	RBS	1.014	7	6.23%
6	Credit Suisse	0.946	6	5.81%	9	0.413	2	5.02%
7	Citigroup	0.909	7	5.59%	4	0.950	6	11.55%
8	Calyon	0.830	4	5.10%
9	Banca IMI	0.772	3	4.74%
10	Morgan Stanley	0.685	3	4.21%	1	1.750	11	21.26%
	Total	16.275	34	8.229	16
	Average size:	0.479	0.514
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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