JPMorgan is top underwriter of high-yield bonds for 2012

• Junk market finishes 2012 with record $327.94 billion issuance

New York, Dec. 31 - The high-yield bond market saw $327.94 billion of new deals in 2012, a new record and 30% more than the previous high mark of $252.77 billion set in 2010.

JPMorgan was the top underwriter for the year, with an 11.8% market share, closely followed by Bank of America in second place with 11.4%. JPMorgan handled $38.58 billion of bonds while Bank of America was responsible for $37.33 billion.

The year's total was more than 50% above the previous year's activity of $211.11 billion.

Despite the holidays at the end of the month, the rapid pace of new deals continued into December, which saw $26.80 billion of bonds, only slightly below November's $28.28 billion.

Credit Suisse placed third among the underwriters, followed by Deutsche Bank in fourth and Citigroup in fifth.

The top three positions were unchanged from the previous month. Deutsche, Citi and Goldman Sachs have been contending for fourth, fifth and sixth positions.

JPMorgan has been the number one underwriter of junk bonds for every year since 2005. Citigroup was first in 2004 while Credit Suisse First Boston, as it was then known, dominated before that.

The headline figures exclude emerging markets deals. Including these offerings, U.S. volume was $365.74 billion, also a record. JPMorgan continued as number one on this basis as well.

For global issuance, excluding emerging markets, activity totaled $382.01billion for the year. Again, JPMorgan was on top.

In Europe, activity essentially matched 2011, coming in at $46.34 billion compared to $46.91 billion the year before.

Deutsche Bank took top place in the league tables.

The U.S. market figures cover dollar-denominated high-yield deals issued in the United States as registered offerings or under Rule 144A.

U.S. market, year to date

2011 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	38.582	297	11.77%	1	32.235	166	15.27%
2	Bank of America	37.331	300	11.38%	2	25.364	191	12.01%
3	Credit Suisse	29.956	215	9.13%	3	19.523	119	9.25%
4	Deutsche Bank	28.665	216	8.74%	4	18.285	107	8.66%
5	Citigroup	28.114	220	8.57%	5	17.456	109	8.27%
6	Goldman Sachs	27.225	187	8.30%	8	14.565	94	6.90%
7	Barclays	23.897	191	7.29%	7	14.932	109	7.07%
8	Wells Fargo	22.570	207	6.88%	9	10.580	92	5.01%
9	Morgan Stanley	21.228	167	6.47%	6	15.611	98	7.39%
10	RBC	12.380	115	3.78%	12	6.219	43	2.95%
	Total	327.938	688	211.114	453
	Average size:	0.477	0.466
U.S. market, including emerging markets, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	42.141	320	11.52%	1	36.979	192	14.57%
2	Bank of America	39.907	318	10.91%	2	28.041	209	11.05%
3	Citigroup	34.417	250	9.41%	3	22.476	136	8.86%
4	Credit Suisse	32.770	234	8.96%	5	21.891	134	8.63%
5	Deutsche Bank	31.869	236	8.71%	4	22.064	132	8.70%
6	Goldman Sachs	28.395	196	7.76%	7	17.133	110	6.75%
7	Barclays	25.465	199	6.96%	6	17.601	127	6.94%
8	Wells Fargo	22.570	207	6.17%	9	10.580	92	4.17%
9	Morgan Stanley	21.923	172	5.99%	8	16.641	107	6.56%
10	UBS	12.958	115	3.54%	11	7.939	57	3.13%
	Total	365.744	765	253.730	544
	Average size:	0.478	0.466
Global market, industrialized country issuers, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	41.684	328	10.89%	1	35.008	184	13.11%
2	Bank of America	38.860	318	10.16%	2	27.032	205	10.12%
3	Deutsche Bank	32.640	258	8.53%	4	23.514	144	8.81%
4	Credit Suisse	32.290	242	8.44%	3	24.674	150	9.24%
5	Citigroup	31.122	250	8.13%	5	20.786	130	7.78%
6	Goldman Sachs	30.205	215	7.89%	6	19.129	118	7.16%
7	Barclays	27.309	215	7.14%	8	17.453	123	6.54%
8	Morgan Stanley	23.515	195	6.15%	7	17.468	108	6.54%
9	Wells Fargo	22.606	208	5.91%	9	10.630	93	3.98%
10	RBC	13.635	127	3.56%	12	7.459	55	2.79%
	Total	382.614	816	267.025	588
	Average size:	0.469	0.454
European currencies, industrialized country issuers, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	3.769	40	8.13%	1	5.134	36	10.95%
2	Barclays	3.412	24	7.36%	6	2.520	14	5.37%
3	Citigroup	2.907	29	6.27%	4	3.235	20	6.90%
4	JPMorgan	2.796	28	6.03%	5	2.723	17	5.81%
5	Goldman Sachs	2.654	24	5.73%	3	4.513	23	9.62%
6	BNP	2.568	25	5.54%	9	2.184	21	4.66%
7	Credit Suisse	2.112	24	4.56%	2	4.745	27	10.12%
8	Morgan Stanley	1.956	25	4.22%	10	1.857	10	3.96%
9	RBS	1.942	18	4.19%	8	2.389	18	5.09%
10	HSBC	1.876	20	4.05%	17	0.913	8	1.95%
	Total	46.341	103	46.907	97
	Average size:	0.450	0.484
U.S. market, fourth quarter
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	10.132	85	10.82%	2	3.879	25	11.18%
2	JPMorgan	9.044	72	9.66%	1	8.880	26	25.60%
3	Citigroup	8.767	66	9.36%	3	2.712	17	7.82%
4	Deutsche Bank	8.507	61	9.09%	10	1.278	8	3.68%
5	Barclays	7.899	62	8.44%	5	2.054	13	5.92%
6	Goldman Sachs	7.855	65	8.39%	7	1.866	13	5.38%
7	Credit Suisse	7.469	62	7.98%	4	2.552	15	7.36%
8	Morgan Stanley	6.486	58	6.93%	9	1.602	7	4.62%
9	Wells Fargo	5.991	56	6.40%	6	1.952	16	5.63%
10	UBS	3.299	31	3.52%	11	1.122	7	3.23%
	Total	93.616	204	34.685	57
	Average size:	0.459	0.609
U.S. market, December
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	3.186	24	11.88%	5	0.369	3	9.64%
2	Deutsche Bank	3.005	18	11.21%	6	0.326	3	8.50%
3	JPMorgan	2.545	21	9.50%	1	0.623	4	16.28%
4	Credit Suisse	2.488	21	9.28%	9	0.172	1	4.50%
5	Citigroup	2.474	21	9.23%	2	0.552	3	14.42%
6	Barclays	1.806	16	6.74%	3	0.547	3	14.28%
7	Morgan Stanley	1.707	18	6.37%
8	Wells Fargo	1.491	12	5.56%	13	0.017	1	0.43%
9	RBC	1.485	14	5.54%	10	0.083	1	2.18%
10	Goldman Sachs	1.363	15	5.09%	7	0.284	3	7.41%
	Total	26.804	63	3.830	11
	Average size:	0.425	0.348
Global market, industrialized country issuers, fourth quarter	Global market, industrialized country issuers, fourth quarter	Global market, industrialized country issuers, fourth quarter	Global market, industrialized country issuers, fourth quarter	Global market, industrialized country issuers, fourth quarter	Global market, industrialized country issuers, fourth quarter	Global market, industrialized country issuers, fourth quarter	Global market, industrialized country issuers, fourth quarter	Global market, industrialized country issuers, fourth quarter
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	10.597	91	9.90%	2	4.005	27	10.43%
2	JPMorgan	9.885	81	9.24%	1	8.930	27	23.25%
3	Barclays	9.428	70	8.81%	5	2.054	13	5.35%
4	Deutsche Bank	9.251	70	8.64%	10	1.555	11	4.05%
5	Citigroup	9.241	73	8.63%	3	2.749	18	7.16%
6	Goldman Sachs	8.754	75	8.18%	7	1.917	14	4.99%
7	Credit Suisse	8.254	70	7.71%	4	2.689	16	7.00%
8	Morgan Stanley	6.974	65	6.52%	9	1.677	8	4.37%
9	Wells Fargo	6.027	57	5.63%	6	2.003	17	5.21%
10	RBC	3.786	39	3.54%	13	0.957	6	2.49%
	Total	107.035	241	38.414	71
	Average size:	0.444	0.541
Global market, industrialized country issuers, December
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	3.249	25	11.38%	5	0.369	3	7.83%
2	Deutsche Bank	3.068	19	10.75%	6	0.326	3	6.90%
3	Credit Suisse	2.628	22	9.21%	11	0.172	1	3.65%
4	Citigroup	2.612	22	9.15%	2	0.552	3	11.71%
5	JPMorgan	2.608	22	9.14%	1	0.623	4	13.21%
6	Barclays	2.009	18	7.04%	3	0.547	3	11.59%
7	Morgan Stanley	1.770	19	6.20%
8	RBC	1.726	16	6.05%	15	0.083	1	1.77%
9	Goldman Sachs	1.501	16	5.26%	7	0.284	3	6.02%
10	Wells Fargo	1.491	12	5.22%	18	0.017	1	0.35%
	Total	28.550	69	4.717	14
	Average size:	0.414	0.337

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.

• Emerging market deals are excluded unless noted otherwise.

• 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.

• 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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