JPMorgan top high-yield bond underwriter for first half of 2012

• Junk market issuance totals $155.40 billion year to date

New York, June 29 - JPMorgan was the top underwriter of high-yield bonds for first half of 2012, according to data compiled by Prospect News.

The bank has now placed first in the year-to-date tables for five straight months. Credit Suisse was number one in January, but JPMorgan has led the year-to-date rankings for every month since then.

Bank of America placed second for the year through June, unchanged from the previous two months. Credit Suisse was third, also unchanged from the previous two months.

New issue volume slumped markedly in June from the month before, falling to $11.39 billion, half the $23.28 billion recorded in May. April saw a similar amount of deals to May, with $23.43 billion coming to market.

Year-to-date issuance now stands at $155.40 billion. That figure is 19% below the 2011 level of $191.25 billion but nonetheless is close to matching the full-year totals of the busiest years before 2010. While 2010 hit a record with $291.95 billion of junk deals pricing, in all of 2009, the previous record-holder, there was $162.03 billion.

The figures for this year are similar if emerging markets are excluded. On this basis issuance totals $141.25 billion so far this year, behind the 2011 pace of $153.31 billion.

Globally, counting all currencies but excluding emerging markets, 2012 is also lagging 2011, with $163.84 billion versus $200.90 billion.

In Europe, Deutsche Bank once more led the rankings. Activity is running at about half the 2011 level. So far this year, there has been $19.85 billion of new deals in the European market compared to $40.58 billion for the first six months of 2011.

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

2011 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	18.711	142	12.04%	1	24.485	145	12.80%
2	Bank of America	17.548	135	11.29%	2	21.753	168	11.37%
3	Credit Suisse	14.618	107	9.41%	4	16.527	104	8.64%
4	Citigroup	14.232	104	9.16%	5	15.603	102	8.16%
5	Deutsche Bank	12.650	98	8.14%	3	19.402	117	10.15%
6	Barclays	11.143	89	7.17%	8	12.471	96	6.52%
7	Wells Fargo	10.309	88	6.63%	9	7.111	67	3.72%
8	Goldman Sachs	9.983	73	6.42%	6	14.366	90	7.51%
9	Morgan Stanley	9.726	71	6.26%	7	13.786	89	7.21%
10	UBS	5.712	54	3.68%	10	6.158	46	3.22%
	Total	155.397	331	191.247	430
	Average size:	0.469	0.445
Year to date, U.S. market, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	17.660	134	12.50%	1	20.134	122	13.13%
2	Bank of America	16.715	131	11.83%	2	19.309	152	12.59%
3	Credit Suisse	13.090	96	9.27%	4	14.242	90	9.29%
4	Citigroup	11.506	95	8.15%	6	12.432	80	8.11%
5	Deutsche Bank	11.384	90	8.06%	3	15.623	92	10.19%
6	Barclays	10.720	86	7.59%	8	10.671	81	6.96%
7	Wells Fargo	10.309	88	7.30%	9	7.111	67	4.64%
8	Goldman Sachs	9.736	71	6.89%	7	12.048	75	7.86%
9	Morgan Stanley	9.651	70	6.83%	5	12.755	80	8.32%
10	RBC	5.534	48	3.92%	11	4.657	33	3.04%
	Total	141.248	301	153.311	349
	Average size:	0.469	0.439
Year to date, global market, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	19.075	148	11.64%	1	22.497	136	11.20%
2	Bank of America	17.267	140	10.54%	2	20.817	163	10.36%
3	Credit Suisse	14.226	110	8.68%	4	19.074	119	9.49%
4	Deutsche Bank	13.776	112	8.41%	3	20.397	123	10.15%
5	Citigroup	12.604	107	7.69%	6	15.316	97	7.62%
6	Barclays	11.438	94	6.98%	8	13.099	94	6.52%
7	Morgan Stanley	10.919	86	6.66%	7	14.319	87	7.13%
8	Goldman Sachs	10.857	82	6.63%	5	16.526	97	8.23%
9	Wells Fargo	10.309	88	6.29%	9	7.111	67	3.54%
10	UBS	5.975	59	3.65%	10	6.141	46	3.06%
	Total	163.843	351	200.895	460
	Average size:	0.467	0.437
Year to date, European currencies, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	2.311	21	11.64%	1	4.679	30	11.53%
2	JPMorgan	1.234	12	6.22%	6	2.362	14	5.82%
3	Morgan Stanley	1.187	15	5.98%	10	1.564	7	3.85%
4	BNP	1.168	10	5.89%	8	1.941	17	4.78%
5	HSBC	1.130	10	5.69%	15	0.913	8	2.25%
6	Credit Suisse	1.037	13	5.22%	3	4.426	25	10.91%
7	Citigroup	0.998	11	5.03%	4	2.788	16	6.87%
8	Commerzbank	0.947	7	4.77%	18	0.671	7	1.65%
9	Goldman Sachs	0.940	9	4.74%	2	4.477	22	11.03%
10	RBS	0.919	7	4.63%	9	1.800	13	4.43%
	Total	19.850	41	40.583	83
	Average size:	0.484	0.489
Second quarter, U.S. market, all issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	6.246	52	10.75%	1	11.042	72	11.39%
2	Bank of America	5.839	52	10.05%	2	10.495	78	10.83%
3	Citigroup	5.183	35	8.92%	4	9.725	55	10.03%
4	Deutsche Bank	4.739	30	8.16%	3	10.401	54	10.73%
5	Morgan Stanley	4.177	28	7.19%	5	7.759	43	8.00%
6	Credit Suisse	3.803	32	6.55%	6	7.227	49	7.46%
7	Barclays	3.797	33	6.54%	8	4.948	41	5.10%
8	Goldman Sachs	3.742	26	6.44%	7	6.974	49	7.19%
9	Wells Fargo	3.076	35	5.29%	9	3.147	31	3.25%
10	UBS	2.911	25	5.01%	12	2.535	17	2.62%
	Total	58.094	133	96.934	212
	Average size:	0.437	0.457
Second quarter, U.S. market, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	5.779	49	11.40%	3	8.495	57	11.72%
2	Bank of America	5.172	49	10.20%	1	9.658	71	13.32%
3	Morgan Stanley	4.177	28	8.24%	5	7.246	39	10.00%
4	Deutsche Bank	4.139	27	8.16%	2	8.729	41	12.04%
5	Goldman Sachs	3.742	26	7.38%	7	5.117	37	7.06%
6	Credit Suisse	3.703	31	7.30%	6	5.426	40	7.48%
7	Barclays	3.673	32	7.24%	8	3.718	30	5.13%
8	Wells Fargo	3.076	35	6.07%	9	3.147	31	4.34%
9	Citigroup	3.026	30	5.97%	4	7.604	40	10.49%
10	RBC	2.841	23	5.60%	10	2.603	17	3.59%
	Total	50.699	122	72.495	165
	Average size:	0.416	0.439
Second quarter, global market, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	5.857	50	10.59%	3	9.620	64	10.14%
2	Bank of America	5.172	49	9.35%	2	10.239	75	10.79%
3	Deutsche Bank	4.755	32	8.60%	1	10.760	57	11.34%
4	Morgan Stanley	4.678	32	8.46%	6	8.318	42	8.77%
5	Credit Suisse	4.058	35	7.34%	7	7.964	54	8.40%
6	Goldman Sachs	3.909	27	7.07%	5	8.566	53	9.03%
7	Barclays	3.832	34	6.93%	8	4.928	36	5.20%
8	Citigroup	3.151	31	5.70%	4	9.431	50	9.94%
9	Wells Fargo	3.076	35	5.56%	9	3.147	31	3.32%
10	RBC	2.992	24	5.41%	10	3.000	20	3.16%
	Total	55.292	135	94.852	224
	Average size:	0.410	0.423
June, U.S. market, all issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.307	14	11.47%	7	1.065	6	6.53%
2	Bank of America	1.205	12	10.58%	1	2.328	16	14.28%
3	Barclays	1.174	9	10.30%	4	1.521	9	9.33%
4	PNC	1.000	1	8.78%	12	0.400	2	2.45%
5	Goldman Sachs	0.970	6	8.52%	3	1.739	13	10.67%
6	Wells Fargo	0.953	11	8.36%	16	0.330	4	2.02%
7	Citigroup	0.893	9	7.84%	5	1.351	14	8.29%
8	Morgan Stanley	0.599	6	5.26%	2	2.042	13	12.53%
9	Credit Suisse	0.472	5	4.14%	6	1.092	13	6.70%
10	UBS	0.422	4	3.71%	17	0.275	3	1.69%
	Total	11.393	29	16.298	39
	Average size:	0.393	0.418
June, U.S. market, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.307	14	12.11%	5	1.065	6	7.75%
2	Barclays	1.174	9	10.87%	4	1.154	6	8.40%
3	Bank of America	1.005	11	9.31%	1	2.240	15	16.30%
4	PNC	1.000	1	9.27%	12	0.400	2	2.91%
5	Goldman Sachs	0.970	6	8.99%	3	1.739	13	12.65%
6	Wells Fargo	0.953	11	8.83%	13	0.330	4	2.40%
7	Citigroup	0.893	9	8.28%	7	0.985	11	7.16%
8	Morgan Stanley	0.599	6	5.55%	2	2.042	13	14.85%
9	Credit Suisse	0.472	5	4.37%	6	1.004	12	7.31%
10	UBS	0.422	4	3.91%	14	0.275	3	2.00%
	Total	10.793	27	13.748	35
	Average size:	0.400	0.393
June, global market, industrialized country issuers
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.307	14	11.80%	5	1.357	7	7.98%
2	Barclays	1.299	10	11.73%	6	1.324	7	7.78%
3	Goldman Sachs	1.138	7	10.27%	3	2.087	15	12.28%
4	Citigroup	1.018	10	9.19%	7	1.037	12	6.10%
5	Bank of America	1.005	11	9.07%	1	2.347	16	13.80%
6	Wells Fargo	0.953	11	8.60%	15	0.330	4	1.94%
7	Morgan Stanley	0.767	7	6.92%	2	2.222	14	13.07%
8	Deutsche Bank	0.589	5	5.31%	8	0.911	8	5.36%
9	Credit Suisse	0.472	5	4.26%	4	1.459	14	8.58%
10	UBS	0.422	4	3.81%	10	0.607	5	3.57%
	Total	11.078	29	17.002	45
	Average size:	0.382	0.378

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.

• 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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