CSFB top U.S. market high-yield underwriter year to date

* U.S. market high-yield issuance totals $95.36 billion year to date

* U.S. market high-yield issuance totals $9.10 billion in August

* Deutsche Bank top European high-yield underwriter year to date

* European high-yield issuance totals $13.61 billion year to date

* Citigroup top global high-yield underwriter year to date

* Global high-yield issuance totals $102.28 billion

New York, Aug. 31 - High-yield bond issuance eased back a little further in August but the $9.10 billion total for the U.S. market was still 13% more than the $8.05 billion in the same month of 2003, according to data compiled by Prospect News.

The year-to-date total is now $95.36 billion, $3.58 billion or 4% more than the $91.78 billion at the same stage of last year.

August's tally was, however a little lower than the $9.39 billion for July and the second smallest this year, ahead only of May's $6.93 billion.

Credit Suisse First Boston remained the top underwriter of junk bonds in the U.S. market on a year-to-date basis with $14.65 billion of deals.

But for August J.P. Morgan placed first with $1.72 billion.

And for the year-to-date total Citigroup narrowed CSFB's lead to just $130 million. Citigroup was number two in August with $1.48 billion while CSFB came third at $1.27 billion.

The 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.

For industrialized countries only - excluding emerging markets - the trends are similar although Citigroup ranks number one among underwriters with $13.84 billion against CSFB's $13.07 billion.

Year-to-date issuance for industrialized countries is $88.67 billion versus $86.35 billion at the same point in 2003. August's total was $9.10 billion against the $7.76 billion for August last year.

In Europe, Deutsche Bank is the number one underwriter of junk bonds so far this year with $2.44 billion of debt. The figures cover issuance in a major European currency - primarily euros and pounds - from companies based in an industrialized country and are converted to dollars.

Year-to-date issuance in Europe is $13.61 billion, just over double the $6.7 billion at the same stage of 2003.

Global high-yield issuance now totals $102.28 billion, counting issuers from industrialized countries and all currencies. That total is $9.27 billion or 10% better than the $93.02 billion at the comparable point in 2003.

Citigroup leads in the global league tables with $15.02 billion of debt with CSFB narrowly in second place with $14.96 billion.

Year to date 2004, U.S. market, all issuers

2003 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	CSFB	14.654	99	15.37%	1	14.488	83	15.79%
2	Citigroup	14.525	92	15.23%	2	12.889	72	14.04%
3	JPMorgan	11.023	81	11.56%	4	9.287	67	10.12%
4	Banc of America	10.866	86	11.39%	6	7.532	56	8.21%
5	Deutsche Bank	9.355	62	9.81%	5	9.276	67	10.11%
6	UBS	6.535	51	6.85%	8	4.684	35	5.10%
7	Morgan Stanley	6.388	36	6.70%	9	4.305	23	4.69%
8	Lehman	5.367	43	5.63%	7	6.992	44	7.62%
9	Goldman Sachs	4.759	35	4.99%	3	10.483	43	11.42%
10	Merrill Lynch	3.642	27	3.82%	11	2.024	16	2.21%
11	Bear Stearns	3.238	26	3.40%	10	4.004	24	4.36%
12	Jefferies	1.298	16	1.36%	15	0.767	7	0.84%
13	Wachovia	1.128	16	1.18%	12	1.957	16	2.13%
14	CIBC	0.758	6	0.79%	13	1.059	11	1.15%
15	BNP Paribas	0.358	3	0.38%	16	0.270	3	0.29%
	Total	95.357	384	91.780	323
	Average size:	0.248	0.284
August 2004, U.S. market, all issuers
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.716	16	18.85%	6	0.649	7	8.06%
2	Citigroup	1.476	11	16.21%	8	0.400	5	4.97%
3	CSFB	1.269	11	13.94%	1	2.121	9	26.35%
4	Banc of America	1.053	10	11.57%	5	0.695	6	8.63%
5	Morgan Stanley	0.800	4	8.79%	10	0.289	3	3.59%
6	Lehman	0.639	5	7.02%	4	0.702	6	8.72%
7	UBS	0.533	4	5.85%	11	0.188	2	2.33%
8	Deutsche Bank	0.517	5	5.68%	2	0.960	8	11.92%
9	Goldman Sachs	0.412	3	4.52%	3	0.872	5	10.83%
10	Bear Stearns	0.293	3	3.22%	12	0.140	1	1.74%
	Total	9.102	35	8.050	31
	Average size:	0.260	0.260
Year to date 2004, U.S. market, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	13.835	87	15.60%	2	12.730	71	14.74%
2	CSFB	13.067	92	14.74%	1	13.756	78	15.93%
3	Banc of America	10.866	86	12.25%	6	7.532	56	8.72%
4	JPMorgan	10.360	76	11.68%	4	9.287	67	10.76%
5	Deutsche Bank	8.154	58	9.20%	5	8.605	63	9.97%
6	Morgan Stanley	6.272	35	7.07%	9	3.283	21	3.80%
7	UBS	5.437	42	6.13%	8	3.848	30	4.46%
8	Lehman	5.027	41	5.67%	7	6.805	43	7.88%
9	Goldman Sachs	4.759	35	5.37%	3	10.483	43	12.14%
10	Merrill Lynch	3.147	26	3.55%	11	2.024	16	2.34%
11	Bear Stearns	3.118	25	3.52%	10	3.227	21	3.74%
12	Jefferies	1.298	16	1.46%	14	0.767	7	0.89%
13	Wachovia	1.128	16	1.27%	12	1.957	16	2.27%
14	CIBC	0.758	6	0.85%	13	1.059	11	1.23%
15	BNP Paribas	0.271	2	0.31%	15	0.270	3	0.31%
	Total	88.671	357	86.346	308
	Average size:	0.248	0.280
August 2004, U.S. market, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.716	16	18.85%	6	0.649	7	8.37%
2	Citigroup	1.476	11	16.21%	8	0.400	5	5.16%
3	CSFB	1.269	11	13.94%	1	2.121	9	27.35%
4	Banc of America	1.053	10	11.57%	5	0.695	6	8.96%
5	Morgan Stanley	0.800	4	8.79%	11	0.142	2	1.83%
6	Lehman	0.639	5	7.02%	4	0.702	6	9.05%
7	UBS	0.533	4	5.85%	10	0.188	2	2.42%
8	Deutsche Bank	0.517	5	5.68%	3	0.812	7	10.47%
9	Goldman Sachs	0.412	3	4.52%	2	0.872	5	11.24%
10	Bear Stearns	0.293	3	3.22%	12	0.140	1	1.81%
	Total	9.102	35	7.755	30
	Average size:	0.260	0.259
Year to date 2004, European currencies, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	2.440	19	17.92%	1	1.793	9	26.88%
2	CSFB	1.891	12	13.89%	2	1.190	9	17.84%
3	JPMorgan	1.493	9	10.97%	7	0.252	5	3.78%
4	Citigroup	1.183	6	8.69%	4	0.851	7	12.75%
5	RBS	1.049	4	7.71%	6	0.339	2	5.08%
6	Goldman Sachs	0.936	8	6.87%	3	0.897	5	13.45%
7	Morgan Stanley	0.888	10	6.52%	14	0.057	1	0.86%
8	Merrill Lynch	0.674	4	4.95%	12	0.061	1	0.92%
9	BNP Paribas	0.643	5	4.72%	5	0.396	4	5.94%
10	WestLB	0.599	3	4.40%
	Total	13.613	47	6.669	25
	Average size:	0.290	0.267
Year to date 2004, global market, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	15.018	93	14.68%	2	13.581	78	14.60%
2	CSFB	14.958	104	14.62%	1	14.946	87	16.07%
3	JPMorgan	11.853	85	11.59%	5	9.539	72	10.26%
4	Banc of America	11.187	91	10.94%	6	7.774	60	8.36%
5	Deutsche Bank	10.594	77	10.36%	4	10.398	72	11.18%
6	Morgan Stanley	7.160	45	7.00%	10	3.340	22	3.59%
7	Goldman Sachs	5.695	43	5.57%	3	11.381	48	12.24%
8	UBS	5.437	42	5.32%	8	3.848	30	4.14%
9	Lehman	5.218	44	5.10%	7	7.025	46	7.55%
10	Merrill Lynch	3.822	30	3.74%	11	2.085	17	2.24%
11	Bear Stearns	3.511	27	3.43%	9	3.422	23	3.68%
12	Jefferies	1.298	16	1.27%	14	0.767	7	0.82%
13	RBS	1.174	5	1.15%	16	0.526	3	0.57%
14	Wachovia	1.128	16	1.10%	12	1.957	16	2.10%
15	BNP Paribas	0.914	7	0.89%	15	0.666	7	0.72%
	Total	102.284	404	93.016	333
	Average size:	0.253	0.279
August 2004, global market, industrialized country issuers
					2003 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	1.904	12	19.97%	8	0.400	5	5.16%
2	JPMorgan	1.716	16	18.00%	6	0.649	7	8.37%
3	CSFB	1.269	11	13.31%	1	2.121	9	27.35%
4	Banc of America	1.053	10	11.05%	5	0.695	6	8.96%
5	Morgan Stanley	0.800	4	8.40%	11	0.142	2	1.83%
6	Lehman	0.639	5	6.71%	4	0.702	6	9.05%
7	UBS	0.533	4	5.59%	10	0.188	2	2.42%
8	Deutsche Bank	0.517	5	5.42%	3	0.812	7	10.47%
9	Goldman Sachs	0.412	3	4.32%	2	0.872	5	11.24%
10	Bear Stearns	0.293	3	3.08%	12	0.140	1	1.81%
	Total	9.530	36	7.755	30
	Average size:	0.265	0.259
Prospect News High-Yield Underwriter Rankings

Criteria

* U.S. tables include all 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.

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