JPMorgan number one U.S. high-yield bond underwriter for year to date

• Junk market issuance totals $139.48 billion for year to date

New York, July 30 - JPMorgan added another month to its long run at the top of the league table of U.S. junk market underwriters, according to data compiled by Prospect News.

New deal activity rebounded strongly in July, making 2010 the fifth biggest year ever in the high-yield market - with five months still to go.

JPMorgan has been the top underwriter in the U.S. market for each month of 2010 and for all of 2009.

Other positions in the league table were mostly unchanged, with Bank of America holding at second and Credit Suisse at third. Citigroup and Goldman Sachs switched places, as Citi rose to fourth, reversing a similar move in the opposite direction the month before. Morgan Stanley, Deutsche Bank, Barclays, UBS and Wells Fargo once more rounded out the top 10.

JPMorgan was also first on a global basis, but Deutsche Bank again took the top spot for European high yield.

Citigroup was number one for the month of July.

In total July saw $20.43 billion of new high-yield bonds, well over double the $8.43 billion in June and returning activity to the levels seen at the start of the year.

The year-to-date total is now $139.48 billion, approaching double the $74.34 billion at the same stage in 2009.

This year has now passed the full-year total of $138.46 billion for 2003 to become the fifth busiest year. The record-holder, 2009, saw $161.82 billion.

The U.S. market 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.

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

2009 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	19.554	124	14.02%	2	11.917	82	16.03%
2	Bank of America	18.512	141	13.27%	1	13.789	91	18.55%
3	Credit Suisse	15.053	75	10.79%	7	4.847	36	6.52%
4	Citigroup	11.207	75	8.03%	3	7.841	47	10.55%
5	Goldman Sachs	10.445	64	7.49%	5	6.408	36	8.62%
6	Morgan Stanley	9.466	59	6.79%	6	6.105	28	8.21%
7	Deutsche Bank	9.040	72	6.48%	4	6.517	47	8.77%
8	Barclays	7.028	64	5.04%	10	1.966	19	2.64%
9	UBS	6.687	55	4.79%	11	1.222	11	1.64%
10	Wells Fargo	5.524	50	3.96%	15	0.820	8	1.10%
	Total	139.482	324	74.344	165
	Average size:	0.431	0.451
Year to date, U.S. market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	17.245	111	14.79%	2	11.707	79	16.25%
2	Bank of America	16.160	124	13.86%	1	13.510	89	18.75%
3	Credit Suisse	13.025	60	11.17%	7	4.604	33	6.39%
4	Citigroup	9.650	63	8.28%	3	7.630	44	10.59%
5	Goldman Sachs	9.589	59	8.22%	4	6.408	36	8.90%
6	Morgan Stanley	8.604	51	7.38%	6	5.774	27	8.02%
7	Deutsche Bank	7.521	60	6.45%	5	6.187	46	8.59%
8	Barclays	6.641	60	5.70%	9	1.966	19	2.73%
9	UBS	5.995	48	5.14%	11	1.222	11	1.70%
10	Wells Fargo	5.524	50	4.74%	14	0.820	8	1.14%
	Total	116.613	267	72.042	158
	Average size:	0.437	0.456
Year to date, global market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	19.036	124	13.13%	2	12.015	82	14.97%
2	Bank of America	17.500	133	12.07%	1	13.510	89	16.83%
3	Credit Suisse	14.300	69	9.86%	7	4.912	36	6.12%
4	Deutsche Bank	11.117	81	7.67%	4	7.406	52	9.23%
5	Citigroup	11.087	75	7.65%	3	8.196	46	10.21%
6	Goldman Sachs	10.735	65	7.40%	5	6.976	39	8.69%
7	Barclays	9.328	78	6.43%	10	2.405	20	3.00%
8	Morgan Stanley	9.274	57	6.40%	6	5.821	28	7.25%
9	UBS	6.158	50	4.25%	12	1.222	11	1.52%
10	RBS	5.598	43	3.86%	9	2.411	19	3.00%
	Total	144.990	323	80.254	173
	Average size:	0.449	0.464
Year to date, European currencies, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	3.596	21	13.43%	1	1.219	6	16.70%
2	Barclays	2.686	18	10.03%	8	0.439	1	6.01%
3	BNP Paribas	2.133	12	7.96%	9	0.348	4	4.77%
4	RBS	1.966	14	7.34%	6	0.475	3	6.50%
5	JPMorgan	1.647	12	6.15%	11	0.308	3	4.22%
6	Citigroup	1.437	12	5.36%	5	0.566	2	7.75%
7	Bank of America	1.340	9	5.00%
8	Credit Suisse	1.275	9	4.76%	10	0.308	3	4.22%
9	HSBC	1.275	8	4.76%	14	0.275	2	3.77%
10	Goldman Sachs	1.146	6	4.28%	4	0.567	3	7.77%
	Total	26.788	47	7.300	12
	Average size:	0.570	0.608
July, U.S. market, all issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	2.181	13	10.67%	5	1.056	7	7.68%
2	Bank of America	1.895	13	9.28%	2	1.799	15	13.08%
3	Credit Suisse	1.863	7	9.12%	7	0.880	6	6.40%
4	JPMorgan	1.850	9	9.05%	1	1.827	17	13.28%
5	Morgan Stanley	1.816	9	8.89%	9	0.685	3	4.98%
6	Deutsche Bank	1.574	10	7.70%	4	1.408	10	10.23%
7	Goldman Sachs	1.412	7	6.91%	3	1.490	8	10.83%
8	None/Unknown	1.320	1	6.46%
9	Wells Fargo	1.039	8	5.08%	8	0.820	8	5.96%
10	Santander	0.898	7	4.39%
	Total	20.433	39	13.758	33
	Average size:	0.524	0.417
July, U.S. market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	1.613	5	11.11%	8	0.790	5	5.95%
2	Morgan Stanley	1.556	7	10.72%	9	0.685	3	5.15%
3	Citigroup	1.513	8	10.43%	5	0.999	6	7.52%
4	Goldman Sachs	1.412	7	9.73%	3	1.490	8	11.21%
5	None/Unknown	1.320	1	9.09%
6	Bank of America	1.281	8	8.82%	2	1.709	14	12.86%
7	JPMorgan	1.256	7	8.65%	1	1.770	16	13.31%
8	Deutsche Bank	1.227	7	8.45%	4	1.408	10	10.59%
9	Wells Fargo	1.039	8	7.16%	7	0.820	8	6.17%
10	UBS	0.602	4	4.15%	15	0.217	3	1.63%
	Total	14.514	26	13.293	31
	Average size:	0.558	0.429
July, global market, industrialized country issuers
					2009 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	2.272	13	11.51%	2	1.935	12	11.05%
2	Citigroup	1.877	12	9.51%	5	1.155	7	6.60%
3	Morgan Stanley	1.871	9	9.48%	11	0.685	3	3.91%
4	Credit Suisse	1.673	6	8.48%	7	0.946	6	5.40%
5	Goldman Sachs	1.595	8	8.08%	1	2.017	10	11.52%
6	JPMorgan	1.582	9	8.02%	3	1.925	17	11.00%
7	Bank of America	1.387	9	7.03%	4	1.709	14	9.77%
8	None/Unknown	1.320	1	6.69%
9	Wells Fargo	1.039	8	5.26%	9	0.820	8	4.69%
10	Barclays	0.687	6	3.48%	12	0.674	4	3.85%
	Total	19.743	39	17.502	34
	Average size:	0.506	0.515
Prospect News High-Yield 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.

• 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.

• Best efforts and non-underwritten deals are excluded as are remarketings.

• 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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