• High-grade bond issuance in U.S. tops $960 billion in 2012
• Bank of America takes top spot in December
By Andrea Heisinger
New York, Dec. 31 - JPMorgan Chase & Co. closed out 2012 and the fourth quarter as the lead underwriter of investment-grade bonds while Bank of America Corp. took the top position for December, according to data compiled by Prospect News.
JPMorgan handled $144.66 billion of high-grade bonds in 638 deals in 2012 out of the $960.66 billion priced in 1,300 offerings. The bank also ranked in the top spot for 2011 with $123.94 in bonds underwritten in 472 sales out of the $804.83 billion total priced.
Rounding out the top five underwriting positions for the year were Bank of America, Citigroup, Barclays and Morgan Stanley.
The fourth quarter saw JPMorgan underwrite $38.1 billion of notes in 175 trades out of the $237.21 billion priced in 333 offerings. JPMorgan bested its total for the same period in 2011 when it was also in the No. 1 position, handling $25.30 billion of bonds in 105 sales out of the $169.21 billion done in 246 offerings.
The rest of the top five underwriters in Q4 were Bank of America, Citigroup, Morgan Stanley and Barclays.
Bank of America was in the lead spot among underwriters in December with $8.25 billion priced in 36 offerings out of the $42.61 billion in total underwritten in 71 offerings. Bank of America was in the No. 2 position during the same month of 2011, underwriting $4.67 billion in 21 trades out of the $31.48 billion sold in 49 sales.
Coming in behind the bank in December's underwriter rankings were JPMorgan, Citigroup, Goldman Sachs Group Inc. and Wells Fargo & Co.
U.S. market, all issuers, year to date
2011 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | JPMorgan | 144.657 | 638 | 15.06% | 1 | 123.944 | 472 | 15.40%
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| 2 | Bank of America | 106.849 | 533 | 11.12% | 2 | 95.739 | 428 | 11.90%
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| 3 | Citigroup | 105.523 | 493 | 10.98% | 3 | 79.157 | 382 | 9.84%
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| 4 | Barclays | 76.035 | 352 | 7.91% | 6 | 63.160 | 273 | 7.85%
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| 5 | Morgan Stanley | 71.037 | 318 | 7.39% | 4 | 71.769 | 283 | 8.92%
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| 6 | Goldman Sachs | 69.378 | 315 | 7.22% | 5 | 71.202 | 236 | 8.85%
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| 7 | Deutsche Bank | 55.195 | 249 | 5.75% | 7 | 44.576 | 209 | 5.54%
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| 8 | Wells Fargo | 49.083 | 280 | 5.11% | 10 | 32.887 | 198 | 4.09%
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| 9 | RBS | 41.692 | 233 | 4.34% | 9 | 33.228 | 179 | 4.13%
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| 10 | Credit Suisse | 33.196 | 163 | 3.46% | 11 | 30.263 | 133 | 3.76%
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| Total | 960.655 | 1300 | 804.825 | 1073 |
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| Average size: | 0.739 | 0.750 |
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| U.S. market, fourth quarter |
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| | | | | 2011 Comparables |
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| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | JPMorgan | 38.100 | 175 | 16.06% | 1 | 25.303 | 105 | 14.95%
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| 2 | Bank of America | 30.389 | 157 | 12.81% | 3 | 17.187 | 90 | 10.16%
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| 3 | Citigroup | 23.268 | 123 | 9.81% | 2 | 20.564 | 92 | 12.15%
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| 4 | Morgan Stanley | 21.475 | 91 | 9.05% | 5 | 13.660 | 63 | 8.07%
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| 5 | Barclays | 20.006 | 95 | 8.43% | 4 | 14.577 | 70 | 8.61%
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| 6 | Goldman Sachs | 18.840 | 92 | 7.94% | 6 | 9.329 | 43 | 5.51%
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| 7 | Wells Fargo | 12.112 | 83 | 5.11% | 8 | 7.973 | 36 | 4.71%
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| 8 | RBS | 9.791 | 59 | 4.13% | 14 | 4.216 | 28 | 2.49%
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| 9 | Deutsche Bank | 7.552 | 41 | 3.18% | 7 | 8.555 | 46 | 5.06%
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| 10 | UBS | 7.155 | 52 | 3.02% | 13 | 4.545 | 24 | 2.69%
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| Total | 237.208 | 333 | 169.207 | 246 |
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| Average size: | 0.712 | 0.688 |
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| U.S. market, December |
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| | | | | 2011 Comparables |
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| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | Bank of America | 8.249 | 36 | 19.36% | 2 | 4.669 | 21 | 14.83%
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| 2 | JPMorgan | 7.766 | 34 | 18.23% | 1 | 6.014 | 25 | 19.11%
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| 3 | Citigroup | 4.301 | 32 | 10.09% | 6 | 1.955 | 12 | 6.21%
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| 4 | Goldman Sachs | 3.613 | 20 | 8.48% | 4 | 2.342 | 10 | 7.44%
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| 5 | Wells Fargo | 3.192 | 21 | 7.49% | 3 | 3.999 | 10 | 12.70%
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| 6 | Barclays | 2.342 | 20 | 5.50% | 7 | 1.775 | 12 | 5.64%
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| 7 | Morgan Stanley | 1.945 | 16 | 4.56% | 5 | 2.196 | 9 | 6.98%
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| 8 | HSBC | 1.496 | 1 | 3.51% | 9 | 0.752 | 2 | 2.39%
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| 9 | BNP | 1.328 | 6 | 3.12% | 18 | 0.333 | 2 | 1.06%
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| 10 | RBS | 1.251 | 10 | 2.94% | 8 | 1.266 | 5 | 4.02%
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| Total | 42.607 | 71 | 31.475 | 49 |
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| Average size: | 0.600 | 0.642 |
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| Prospect News Investment Grade Underwriter Rankings
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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.
• Emerging markets offerings 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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