HSBC top emerging markets underwriter for year to date

• Emerging markets issuance reaches $112.36 billion year to date

New York, March 30 - HSBC ranked first among underwriters of emerging markets bonds for the first quarter of 2012 as year-to-date issuance passed the $100 billion mark, according to data compiled by Prospect News.

But the bank, which also ranked number one for the year through February, was only slightly ahead in the international market - covering all major currencies - of second-placed Citigroup.

A margin of just $0.25 billion separated HSBC at $13.58 billion from Citi with $13.35 billion.

Deutsche Bank rose to third position from fifth the month before, pushing JPMorgan into fourth place from its previous third place finish. Less than $20 million separated the two underwriters. Barclays rounded out the top five. Deutsche had been first for all of 2011.

For dollar-denominated emerging markets bonds sold in the United States, Citigroup was first, as it was the month before, followed by JPMorgan, with HSBC third. Deutsche and Barclays were in the fourth and fifth positions, respectively.

Issuance for the month was $31.43 billion in the international markets, down from $38.83 billion in February and $42.10 billion in January but still a solid level of business. By comparison, the busiest month last year was May with $33.99 billion.

However almost a quarter of March's total came from a single deal, Russia's $7 billion sale of eurobonds. Because underwriting credit was split five ways between BNP Paribas, Citigroup, Deutsche Bank, Troika Dialog and VTB Capital, the offering did not have a dramatic effect on the year-to-date league tables, although it did help VTB Capital to fourth place for the month of March.

Year-to-date volume for the first three months of 2012 was $112.36 billion, 48% ahead of the $75.91 billion at the same stage in 2011.

In the U.S. market, issuance was $69.51 billion for the first quarter, 31% ahead of the $53.26 billion for the first quarter of 2011.

All major currencies, year to date

2011 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	HSBC	13.580	57	12.09%	5	5.376	30	7.08%
2	Citigroup	13.345	55	11.88%	4	5.407	26	7.12%
3	Deutsche Bank	10.553	50	9.39%	1	10.042	44	13.23%
4	JPMorgan	10.532	50	9.37%	2	9.598	38	12.64%
5	Barclays	7.349	25	6.54%	3	5.778	27	7.61%
6	Morgan Stanley	5.761	23	5.13%	11	2.353	15	3.10%
7	BNP	5.674	26	5.05%	6	4.877	23	6.42%
8	Goldman Sachs	4.596	22	4.09%	8	4.329	19	5.70%
9	Standard Chartered	4.566	29	4.06%	12	2.323	18	3.06%
10	Bank of America	3.680	20	3.27%	7	4.695	25	6.18%
	Total	112.361	161	75.910	129
	Average size:	0.698	0.588
U.S. market, dollar-denominated deals, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	9.875	38	14.21%	3	4.827	21	9.06%
2	JPMorgan	8.228	31	11.84%	1	8.632	32	16.21%
3	HSBC	7.445	26	10.71%	6	3.678	17	6.91%
4	Deutsche Bank	5.845	27	8.41%	2	7.045	26	13.23%
5	Barclays	5.421	17	7.80%	5	3.967	14	7.45%
6	Morgan Stanley	4.128	13	5.94%	12	1.621	11	3.04%
7	Goldman Sachs	3.643	14	5.24%	8	2.849	12	5.35%
8	BNP	3.487	17	5.02%	7	3.040	13	5.71%
9	Itau BBA	2.713	12	3.90%
10	Bank of America	2.632	13	3.79%	4	4.016	20	7.54%
	Total	69.512	88	53.260	79
	Average size:	0.790	0.674
All major currencies, March
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	4.403	18	14.01%	1	3.814	13	13.68%
2	Citigroup	4.163	12	13.25%	3	2.606	11	9.35%
3	HSBC	3.379	12	10.75%	8	1.700	14	6.10%
4	VTB Capital	1.728	5	5.50%	21	0.189	1	0.68%
5	BNP	1.684	5	5.36%	2	2.908	12	10.43%
6	Bank of America	1.540	8	4.90%	5	1.932	11	6.93%
7	JPMorgan	1.532	10	4.88%	4	2.211	10	7.93%
8	Morgan Stanley	1.518	8	4.83%	12	1.060	7	3.80%
9	Troika Dialog	1.393	3	4.43%
10	Credit Suisse	1.349	8	4.29%	16	0.585	4	2.10%
	Total	31.425	45	27.869	47
	Average size:	0.698	0.593
U.S. market, dollar-denominated deals, March
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	1.957	4	23.52%	2	2.170	8	12.83%
2	HSBC	0.986	1	11.85%	7	1.140	9	6.74%
3	Bank of America	0.833	3	10.02%	5	1.399	8	8.27%
4	JPMorgan	0.783	4	9.42%	4	1.762	7	10.41%
5	Barclays	0.722	2	8.68%	6	1.316	4	7.78%
6	Deutsche Bank	0.622	3	7.48%	1	2.859	7	16.90%
7	Credit Suisse	0.549	3	6.60%	16	0.149	1	0.88%
8	Itau BBA	0.417	1	5.01%
9	Goldman Sachs	0.383	2	4.60%	8	0.784	4	4.64%
10	Morgan Stanley	0.324	2	3.90%	12	0.437	4	2.58%
	Total	8.318	12	16.915	23
	Average size:	0.693	0.735
Prospect News Emerging Markets Underwriter Rankings

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 on the 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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