• Emerging markets issuance totals $121.62 billion year to date
New York, June 30- Deutsche Bank was once more top of the league table of emerging markets debt underwriters, as it has been for most of the year, according to data compiled by Prospect News.
Issuance picked up a little in June compared to May but remained at a depressed level.
Deutsche has been first in the year-to-date rankings every month since February; it placed second in January.
Citigroup remained in the number two position while HSBC moved up two places to third, although it was only $100 million ahead of fourth-placed Barclays. JPMorgan slipped to fifth from third.
June saw $11.60 billion of new deals, up from $7.32 billion in May but only around a third of the $32.83 billion in April and the $32.12 billion in March.
Year-to-date issuance now totals $121.62 billion, slightly less than double the $68.52 billion at the same point in 2009.
Looking at dollar-denominated deals offered in the United States, Citigroup places first for the year to far while issuance totals $82.20 billion, comfortably ahead of the $56.31 billion for the comparable period of 2009.
The second quarter saw $51.75 billion of emerging markets deals denominated in major currencies, versus $40.57 billion in the second quarter of last year.
June's $11.60 billion compared to $8.16 billion in June 2009.
Year to date, all major currencies
2009 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Deutsche Bank | 12.335 | 49 | 10.14% | 3 | 7.134 | 22 | 10.41%
|
| 2 | Citigroup | 11.124 | 42 | 9.15% | 1 | 7.337 | 25 | 10.71%
|
| 3 | HSBC | 10.181 | 41 | 8.37% | 2 | 7.228 | 20 | 10.55%
|
| 4 | Barclays | 10.082 | 34 | 8.29% | 5 | 7.029 | 17 | 10.26%
|
| 5 | JPMorgan | 9.411 | 44 | 7.74% | 4 | 7.084 | 16 | 10.34%
|
| 6 | Credit Suisse | 8.437 | 31 | 6.94% | 7 | 4.781 | 10 | 6.98%
|
| 7 | Goldman Sachs | 7.118 | 27 | 5.85% | 6 | 6.638 | 18 | 9.69%
|
| 8 | Morgan Stanley | 6.216 | 25 | 5.11% | 10 | 2.071 | 5 | 3.02%
|
| 9 | Bank of America | 6.023 | 30 | 4.96% | 13 | 0.934 | 2 | 1.36%
|
| 10 | UBS | 4.567 | 16 | 3.75% | 11 | 1.739 | 3 | 2.54%
|
| Total | 121.624 | 169 | 68.516 | 76 |
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| Average size: | 0.720 | 0.902 |
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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 | 8.792 | 29 | 10.70% | 4 | 6.241 | 20 | 11.08%
|
| 2 | Deutsche Bank | 8.321 | 32 | 10.12% | 6 | 4.967 | 13 | 8.82%
|
| 3 | Barclays | 7.434 | 25 | 9.04% | 5 | 6.206 | 14 | 11.02%
|
| 4 | Credit Suisse | 7.331 | 27 | 8.92% | 7 | 4.553 | 9 | 8.09%
|
| 5 | JPMorgan | 6.964 | 31 | 8.47% | 1 | 6.592 | 14 | 11.71%
|
| 6 | Goldman Sachs | 6.009 | 23 | 7.31% | 3 | 6.499 | 17 | 11.54%
|
| 7 | Bank of America | 5.153 | 27 | 6.27% | 12 | 0.934 | 2 | 1.66%
|
| 8 | HSBC | 4.540 | 17 | 5.52% | 2 | 6.540 | 16 | 11.62%
|
| 9 | Morgan Stanley | 4.297 | 17 | 5.23% | 10 | 2.071 | 5 | 3.68%
|
| 10 | UBS | 3.582 | 12 | 4.36% | 11 | 1.739 | 3 | 3.09%
|
| Total | 82.197 | 111 | 56.306 | 51 |
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| Average size: | 0.741 | 1.104 |
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| Second quarter, all major currencies |
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| | | | | 2009 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Citigroup | 5.063 | 21 | 9.78% | 5 | 4.037 | 16 | 9.95%
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| 2 | Credit Suisse | 4.626 | 16 | 8.94% | 6 | 3.688 | 7 | 9.09%
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| 3 | Deutsche Bank | 4.506 | 20 | 8.71% | 4 | 4.203 | 15 | 10.36%
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| 4 | HSBC | 4.091 | 19 | 7.90% | 7 | 3.355 | 11 | 8.27%
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| 5 | Barclays | 3.864 | 15 | 7.47% | 1 | 5.044 | 14 | 12.43%
|
| 6 | Goldman Sachs | 3.563 | 14 | 6.89% | 3 | 4.419 | 11 | 10.89%
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| 7 | Morgan Stanley | 3.402 | 17 | 6.57% | 10 | 1.326 | 3 | 3.27%
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| 8 | JPMorgan | 2.810 | 17 | 5.43% | 2 | 5.006 | 10 | 12.34%
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| 9 | Bank of America | 2.127 | 14 | 4.11% | 12 | 0.745 | 1 | 1.84%
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| 10 | RBS | 2.089 | 10 | 4.04% | 11 | 0.985 | 4 | 2.43%
|
| Total | 51.747 | 78 | 40.570 | 50 |
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| Average size: | 0.663 | 0.811 |
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| Second quarter 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 | Citigroup | 4.339 | 17 | 11.46% | 4 | 3.509 | 13 | 10.36%
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| 2 | Credit Suisse | 3.820 | 13 | 10.09% | 5 | 3.460 | 6 | 10.21%
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| 3 | Barclays | 3.615 | 14 | 9.54% | 3 | 4.220 | 11 | 12.46%
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| 4 | Goldman Sachs | 3.251 | 12 | 8.58% | 2 | 4.419 | 11 | 13.05%
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| 5 | Morgan Stanley | 2.930 | 13 | 7.74% | 10 | 1.326 | 3 | 3.92%
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| 6 | Deutsche Bank | 2.315 | 12 | 6.11% | 7 | 2.681 | 8 | 7.92%
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| 7 | Bank of America | 2.166 | 15 | 5.72% | 12 | 0.745 | 1 | 2.20%
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| 8 | HSBC | 1.958 | 9 | 5.17% | 6 | 2.805 | 8 | 8.28%
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| 9 | JPMorgan | 1.785 | 11 | 4.71% | 1 | 4.956 | 9 | 14.63%
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| 10 | UBS | 1.572 | 8 | 4.15% |
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| Total | 37.876 | 53 | 33.867 | 31 |
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| Average size: | 0.715 | 1.092 |
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| June, all major currencies |
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| | | | | 2009 Comparables |
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| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Deutsche Bank | 1.702 | 7 | 14.67% | 6 | 0.614 | 3 | 7.53%
|
| 2 | HSBC | 1.420 | 5 | 12.24% | 3 | 1.147 | 5 | 14.05%
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| 3 | Barclays | 1.236 | 6 | 10.65% | 1 | 1.520 | 5 | 18.62%
|
| 4 | Citigroup | 1.051 | 6 | 9.06% | 2 | 1.279 | 6 | 15.67%
|
| 5 | Credit Suisse | 0.975 | 6 | 8.40% | 8 | 0.282 | 2 | 3.45%
|
| 6 | BNP Paribas | 0.968 | 3 | 8.34% | 4 | 0.743 | 5 | 9.11%
|
| 7 | Bank of America | 0.764 | 3 | 6.58% |
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| 8 | RBS | 0.735 | 3 | 6.33% | 7 | 0.407 | 2 | 4.99%
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| 9 | Morgan Stanley | 0.582 | 4 | 5.01% |
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| 10 | JPMorgan | 0.519 | 2 | 4.47% | 9 | 0.282 | 3 | 3.45%
|
| Total | 11.604 | 16 | 8.161 | 12 |
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| Average size: | 0.725 | 0.680 |
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| June, 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 | Citigroup | 1.051 | 6 | 16.06% | 2 | 0.751 | 3 | 13.83%
|
| 2 | Barclays | 0.987 | 5 | 15.08% | 1 | 1.470 | 4 | 27.08%
|
| 3 | Credit Suisse | 0.925 | 5 | 14.12% | 13 | 0.053 | 1 | 0.98%
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| 4 | Bank of America | 0.764 | 3 | 11.67% |
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| 5 | Deutsche Bank | 0.645 | 3 | 9.85% | 6 | 0.364 | 2 | 6.71%
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| 6 | Morgan Stanley | 0.582 | 4 | 8.88% |
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| 7 | Goldman Sachs | 0.500 | 3 | 7.63% | 3 | 0.696 | 2 | 12.82%
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| 8 | HSBC | 0.266 | 1 | 4.06% | 4 | 0.597 | 2 | 11.01%
|
| 9 | RBS | 0.250 | 1 | 3.82% | 9 | 0.179 | 1 | 3.29%
|
| 10 | Woori | 0.248 | 1 | 3.79% |
|
| Total | 6.547 | 9 | 5.429 | 8 |
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| Average size: | 0.727 | 0.679 |
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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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