JPMorgan top underwriter of high-grade bonds for year to date

• U.S. market high-grade bond issuance $822.02 billion year to date

• Bank of America Merrill Lynch top high-grade underwriter for month

By Andrea Heisinger

New York, Nov. 30 - J.P. Morgan Securities LLC remains the top underwriter of high-grade bonds for the year to date, while Bank of America Merrill Lynch took the top spot for November, according to data compiled by Prospect News.

JPMorgan was the underwriter on $125.13 billion of bonds so far this year out of the $822.02 billion sold in 1,092 deals for 2010 year to date. The volume of issuance is lagging behind the same period in 2009 when more than $1.02 trillion of paper had been sold.

Bank of America Merrill Lynch, Morgan Stanley & Co. Inc., Citigroup Global Markets Inc. and Goldman Sachs & Co. rounded out the top five underwriters so far this year.

Bank of America snagged the top underwriting spot from JPMorgan for the month of November with $7.44 billion of bonds handled in 41 sales. JPMorgan had been the top monthly underwriter for a string of months prior to November.

The top underwriter in November 2009 was also Bank of America, when the bank handled $11.62 billion in 50 deals for that month.

There was $60.25 billion of bonds priced in 106 offerings for the month of November compared to the $78.94 billion in 108 issues in 2009.

JPMorgan, Citigroup, Deutsche Bank and Morgan Stanley came in behind Bank of America in underwriting totals for the month.

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

2009 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	125.130	461	15.22%	2	146.444	459	14.39%
2	Bank of America	91.414	418	11.12%	3	123.767	448	12.16%
3	Morgan Stanley	75.899	279	9.23%	4	108.470	306	10.65%
4	Citigroup	75.643	334	9.20%	1	173.389	408	17.03%
5	Goldman Sachs	66.967	233	8.15%	5	85.861	245	8.43%
6	Barclays	64.110	260	7.80%	6	72.104	242	7.08%
7	Deutsche Bank	57.101	234	6.95%	7	61.706	231	6.06%
8	Credit Suisse	42.558	162	5.18%	9	40.934	138	4.02%
9	HSBC	39.665	118	4.83%	8	43.484	123	4.27%
10	UBS	37.471	127	4.56%	11	20.139	124	1.98%
	Total	822.021	1092	1018.025	1139
	Average size:	0.753	0.894
November. U.S. market, all issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	7.437	41	12.34%	1	11.618	50	14.72%
2	JPMorgan	7.185	40	11.93%	5	7.461	40	9.45%
3	Citigroup	4.942	32	8.20%	4	7.913	37	10.02%
4	Deutsche Bank	4.849	27	8.05%	7	5.643	21	7.15%
5	Morgan Stanley	4.463	27	7.41%	3	9.644	33	12.22%
6	Goldman Sachs	4.188	26	6.95%	8	5.160	19	6.54%
7	Barclays	4.071	20	6.76%	6	6.490	22	8.22%
8	HSBC	3.485	16	5.78%	10	2.840	11	3.60%
9	RBS	3.413	22	5.66%	2	10.190	23	12.91%
10	Wells Fargo	2.670	19	4.43%	11	2.054	18	2.60%
	Total	60.250	106	78.935	108
	Average size:	0.568	0.731
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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