JPMorgan top high-grade bond underwriter for year to date, February

By Andrea Heisinger

New York, Feb. 29 - J.P. Morgan Securities LLC remained the top underwriter of high-grade bonds for both the year to date and for February, according to data compiled by Prospect News.

The banking giant had also been No. 1 in January with $16.07 billion in deals handled.

So far in 2012, JPMorgan has underwritten $31.91 billion of bonds in 115 deals, out of the total $217.41 billion in 250 offerings priced.

The bank also had the top spot for the same time period in 2011 with a comparable $33 billion in 103 deals out of the $198.87 billion sold.

Coming in behind JPMorgan in the rankings for the year to date were Citigroup Global Markets Inc., Bank of America Merrill Lynch, Goldman Sachs & Co. and Barclays Capital Inc.

JPMorgan was underwriter for $15.09 billion of bonds in 61 deals, out of the $117.29 billion priced in the month of February. The bank was also on top for the same month of 2011 with $12.32 billion of bonds in 33 deals underwritten.

Rounding out the top five for the month were Bank of America, Citigroup, Barclays Capital and Deutsche Bank Securities Inc.

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

2011 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	31.905	115	14.67%	1	33.002	103	16.59%
2	Citigroup	24.186	85	11.12%	6	15.309	67	7.70%
3	Bank of America	23.283	93	10.71%	2	23.125	89	11.63%
4	Goldman Sachs	19.676	51	9.05%	5	19.985	47	10.05%
5	Barclays	18.395	69	8.46%	3	20.699	61	10.41%
6	Deutsche Bank	13.523	43	6.22%	7	9.422	35	4.74%
7	Morgan Stanley	12.319	48	5.67%	4	20.417	53	10.27%
8	HSBC	9.478	32	4.36%	8	8.881	20	4.47%
9	RBS	9.423	50	4.33%	11	6.389	31	3.21%
10	Credit Suisse	7.749	25	3.56%	9	6.745	20	3.39%
	Total	217.413	250	198.871	218
	Average size:	0.870	0.912
Year to date, U.S. market, February
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	15.086	61	12.86%	1	12.317	33	20.55%
2	Bank of America	13.248	48	11.29%	7	4.800	30	8.01%
3	Citigroup	11.877	43	10.13%	3	5.558	21	9.27%
4	Barclays	10.559	37	9.00%	4	5.498	18	9.17%
5	Deutsche Bank	7.623	21	6.50%	6	4.834	18	8.07%
6	Goldman Sachs	6.755	21	5.76%	2	7.875	18	13.14%
7	Morgan Stanley	6.696	24	5.71%	5	4.964	14	8.28%
8	Credit Suisse	6.687	17	5.70%	10	1.715	5	2.86%
9	HSBC	5.956	19	5.08%	8	2.931	10	4.89%
10	Wells Fargo	5.532	19	4.72%	14	0.914	8	1.53%
	Total	117.293	134	59.941	71
	Average size:	0.875	0.844
Prospect News Investment Grade 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.

• Convertibles, trust preferreds and preferred stock 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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