JPMorgan remains top investment-grade bond underwriter year to date

• Investment-grade bond issuance totals $256.92 billion year to date

New York, March 31 - J.P. Morgan Securities Inc. held onto the top underwriting spot for high-grade bonds for both the year to date and for March.

JPMorgan also underwrote the most bonds in January and February.

For 2010 so far, the bank has brought to market $41.55 billion of high-grade corporate debt, 16.2% of the total.

Bank of America is in second place with $29.81 billion, followed by Citigroup at $25.52 billion, Goldman Sachs at $21.99 billion and, in fifth place, Morgan Stanley with $19.98 billion.

Issuance for the month was strong at $95.23 billion, improved from February's $61.87 billion and slightly lower than January's $99.82 billion. However it was almost $40 billion short of the $134.90 billion in March 2009.

So far this year, U.S. investment grade volume totals $256.92 billion, lagging significantly behind the $368.33 billion for the first quarter of 2009.

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

2009 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	41.548	114	16.17%	1	63.368	151	17.20%
2	Bank of America	29.807	112	11.60%	3	52.466	148	14.24%
3	Citigroup	25.515	95	9.93%	2	61.186	130	16.61%
4	Goldman Sachs	21.991	59	8.56%	5	39.884	97	10.83%
5	Morgan Stanley	19.978	60	7.78%	4	40.062	87	10.88%
6	Barclays	19.570	65	7.62%	6	22.539	83	6.12%
7	Deutsche Bank	19.433	59	7.56%	8	15.396	65	4.18%
8	Credit Suisse	17.177	47	6.69%	10	11.573	47	3.14%
9	UBS	13.334	32	5.19%	11	7.340	48	1.99%
10	RBS	9.764	35	4.19%
	Total	256.917	278	368.327	353
	Average size:	0.924	1.043
March, U.S. market, all issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	16.080	59	16.89%	4	17.882	50	13.26%
2	Bank of America	14.530	57	15.26%	1	21.090	59	15.63%
3	Goldman Sachs	11.482	35	12.06%	3	18.219	46	13.51%
4	Citigroup	11.171	46	11.73%	2	18.403	53	13.64%
5	Barclays	7.866	33	8.26%	6	9.495	37	7.04%
6	Credit Suisse	6.530	23	6.96%	7	6.467	26	4.79%
7	RBS	5.476	17	5.75%
8	Deutsche Bank	4.969	23	5.22%	9	4.841	19	3.59%
9	Morgan Stanley	4.323	25	4.54%	5	15.883	34	11.77%
10	BNP Paribas	2.533	12	2.66%	13	1.891	14	1.40%
	Total	95.226	125	134.897	135
	Average size:	0.762	0.999
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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