• Emerging markets issuance totals $110.02 billion year to date
New York, May 28 - Deutsche Bank continued as the top underwriter of emerging market debt for the year to date - but this time after a subdued month for new deals, according to data compiled by Prospect News.
Deutsche had been first for the year through April, the year through March and the year through February, after rising from second place in January.
With total issuance for the month at just $7.32 billion in 11 deals, the rankings at the end of May were largely unchanged from April, though Barclays and JPMorgan swapped places, with JPMorgan rising to third position.
New deal volume was well below the $32.83 billion in 51 deals notched in April and the $32.12 billion in 42 deals for March.
It was also down from the $9.61 billion in 15 deals recorded in May last year.
Activity year to date now totals $110.02 billion in 153 deals, still 82% better than the $60.35 billion in 64 deals for the comparable period of 2009.
In the U.S. market, May saw $6.24 billion, bringing the year-to-date total to $75.65 billion, also far ahead of the comparable $50.88 billion for the year-earlier period.
Year to date, all major currencies
2009 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Deutsche Bank | 10.633 | 42 | 9.66% | 2 | 6.519 | 19 | 10.80%
|
| 2 | Citigroup | 10.073 | 36 | 9.16% | 4 | 6.058 | 19 | 10.04%
|
| 3 | JPMorgan | 8.892 | 42 | 8.08% | 1 | 6.803 | 13 | 11.27%
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| 4 | Barclays | 8.846 | 28 | 8.04% | 6 | 5.509 | 12 | 9.13%
|
| 5 | HSBC | 8.761 | 36 | 7.96% | 3 | 6.082 | 15 | 10.08%
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| 6 | Credit Suisse | 7.463 | 25 | 6.78% | 7 | 4.500 | 8 | 7.46%
|
| 7 | Goldman Sachs | 6.619 | 24 | 6.02% | 5 | 5.942 | 16 | 9.84%
|
| 8 | Morgan Stanley | 5.634 | 21 | 5.12% | 10 | 2.071 | 5 | 3.43%
|
| 9 | Bank of America | 5.259 | 27 | 4.78% | 12 | 0.934 | 2 | 1.55%
|
| 10 | UBS | 4.567 | 16 | 4.15% | 11 | 1.739 | 3 | 2.88%
|
| Total | 110.020 | 153 | 60.354 | 64 |
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| Average size: | 0.719 | 0.943 |
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| Year to date, U.S. market, dollar-denominated deals
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| | | | | 2009 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Citigroup | 7.740 | 23 | 10.23% | 4 | 5.490 | 17 | 10.79%
|
| 2 | Deutsche Bank | 7.676 | 29 | 10.15% | 6 | 4.602 | 11 | 9.05%
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| 3 | JPMorgan | 6.964 | 31 | 9.21% | 1 | 6.361 | 12 | 12.50%
|
| 4 | Barclays | 6.447 | 20 | 8.52% | 5 | 4.736 | 10 | 9.31%
|
| 5 | Credit Suisse | 6.407 | 22 | 8.47% | 7 | 4.500 | 8 | 8.84%
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| 6 | Goldman Sachs | 5.509 | 20 | 7.28% | 3 | 5.803 | 15 | 11.41%
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| 7 | Bank of America | 4.389 | 24 | 5.80% | 12 | 0.934 | 2 | 1.84%
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| 8 | HSBC | 4.274 | 16 | 5.65% | 2 | 5.943 | 14 | 11.68%
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| 9 | Morgan Stanley | 3.715 | 13 | 4.91% | 9 | 2.071 | 5 | 4.07%
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| 10 | UBS | 3.582 | 12 | 4.74% | 10 | 1.739 | 3 | 3.42%
|
| Total | 75.650 | 102 | 50.878 | 43 |
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| Average size: | 0.742 | 1.183 |
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| May, all major currencies
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| | | | | 2009 Comparables
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | UBS | 0.920 | 4 | 12.58% |
|
| 2 | Morgan Stanley | 0.822 | 2 | 11.23% | 5 | 1.078 | 2 | 11.21%
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| 3 | Daiwa | 0.747 | 1 | 10.21% |
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| 4 | Goldman Sachs | 0.747 | 1 | 10.21% |
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| 5 | HSBC | 0.624 | 3 | 8.54% | 3 | 1.327 | 3 | 13.81%
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| 6 | Citigroup | 0.572 | 5 | 7.83% | 6 | 0.626 | 2 | 6.51%
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| 7 | Barclays | 0.476 | 2 | 6.50% | 4 | 1.231 | 3 | 12.81%
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| 8 | JPMorgan | 0.455 | 3 | 6.22% | 2 | 1.491 | 2 | 15.52%
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| 9 | CIMB | 0.417 | 1 | 5.70% |
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| 10 | BNP Paribas | 0.346 | 2 | 4.74% | 9 | 0.398 | 2 | 4.14%
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| Total | 7.316 | 11 | 9.612 | 15 |
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| Average size: | 0.665 | 0.641 |
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| May, U.S. market, dollar-denominated deals
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| | | | | 2009 Comparables
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| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | UBS | 0.920 | 4 | 14.75% |
|
| 2 | Daiwa | 0.747 | 1 | 11.98% |
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| 3 | Goldman Sachs | 0.747 | 1 | 11.98% |
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| 4 | Morgan Stanley | 0.747 | 1 | 11.98% | 5 | 1.078 | 2 | 13.53%
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| 5 | Barclays | 0.476 | 2 | 7.63% | 4 | 1.121 | 2 | 14.07%
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| 6 | CIMB | 0.417 | 1 | 6.68% |
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| 7 | HSBC | 0.417 | 1 | 6.68% | 3 | 1.327 | 3 | 16.65%
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| 8 | BNP Paribas | 0.346 | 2 | 5.56% |
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| 9 | JPMorgan | 0.322 | 2 | 5.16% | 1 | 1.491 | 2 | 18.72%
|
| 10 | Bank of America | 0.170 | 3 | 2.77% |
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| Total | 6.236 | 7 | 7.969 | 6 |
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| Average size: | 0.891 | 1.328 |
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| Prospect News Emerging Markets Underwriter Rankings
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Criteria
• The tables include all underwritten offerings sold in the international bond markets reported to Prospect News.
• Offerings are included in the time period in which they price (or settle if pricing date not available).
• Amounts are based on the total sales price (face amount multiplied by the offering price). The full amount is credited to the bookrunner (or lead manager if no bookrunners). For multiple bookrunners (or lead managers), the total value is divided equally among all the firms.
• Each tranche is counted as a separate deal.
• Units made up of a bond and a warrant are included; other units are excluded.
• Best efforts and non-underwritten deals are excluded.
• Non-dollar deals are converted to dollars at the rate shown in Federal Reserve's H.10 release on day of pricing.
• Emerging markets are all countries except: United States, Canada, United Kingdom, Germany, France, Italy, Japan, Australia, New Zealand, Netherlands, Ireland, Sweden, Norway, Denmark, Spain, Portugal, Switzerland, Luxembourg, Austria, Belgium, Finland, Iceland and Greece.
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