Citigroup top emerging markets underwriter year to date

* Emerging markets issuance totals $29.32 billion year to date

New York, Feb. 28 - Citigroup held its position as the top underwriter of emerging markets bonds for the year through the end of February, according to data compiled by Prospect News.

But its margin above number-two placed Deutsche Bank was just $140 million.

Citigroup was number one in January.

Citigroup was also first for emerging markets bonds offered in the U.S. market - but its lead over the number two was even narrower, in this case $50 million over Credit Suisse First Boston.

Total volume for the year so far is $29.32 billion, counting all major currencies, or $14.40 billion in the U.S. market.

Issuance was stronger outside the United States in February compared to January - for all currencies the total for the most recent month was $10.08 billion while the U.S. market saw just $2.81 billion.

Among the significant non-dollar deals were Pemex Project Funding Master Trust's €1 billion, Turkey's €1 billion and Lithuania's €600 million. All featured Deutsche Bank as joint bookrunner, helping that firm's strong performance for the month.

Year-to-date 2005, all major currencies

	Underwriter	Amount	No.	Share
1	Citigroup	4.786	10	16.33%
2	Deutsche Bank	4.642	11	15.83%
3	UBS	3.900	11	13.30%
4	JPMorgan	3.403	15	11.61%
5	CSFB	2.918	12	9.95%
6	Morgan Stanley	1.946	3	6.64%
7	BNP Paribas	1.803	4	6.15%
8	Dresdner KW	1.587	3	5.41%
9	HSBC	1.403	5	4.79%
10	Barclays	1.130	5	3.85%
	Total	29.315	55
	Average size:	0.533
February 2005, all major currencies
	Underwriter	Amount	No.	Share
1	UBS	2.470	7	24.51%
2	Deutsche Bank	1.740	4	17.27%
3	JPMorgan	1.410	6	14.00%
4	CSFB	1.109	3	11.01%
5	HSBC	0.915	3	9.09%
6	Barclays	0.843	3	8.37%
7	Citigroup	0.693	2	6.88%
8	Merrill Lynch	0.379	4	3.76%
9	Bank of China	0.166	1	1.65%
10	Dresdner KW	0.150	1	1.49%
	Total	10.077	22
	Average size:	0.458
Year-to-date 2005, U.S. market, dollar-denominated deals
	Underwriter	Amount	No.	Share
1	Citigroup	2.829	6	19.65%
2	CSFB	2.780	9	19.31%
3	JPMorgan	2.652	9	18.42%
4	Deutsche Bank	2.142	5	14.88%
5	Morgan Stanley	1.946	3	13.51%
6	UBS	1.503	4	10.43%
7	ING	0.274	2	1.91%
8	Bear Stearns	0.100	1	0.69%
9	Barclays	0.099	1	0.69%
10	Merrill Lynch	0.074	1	0.52%
	Total	14.400	26
	Average size:	0.554
February 2005, U.S. market, dollar-denominated deals
	Underwriter	Amount	No.	Share
1	CSFB	1.071	2	38.16%
2	JPMorgan	0.946	3	33.69%
3	Citigroup	0.494	1	17.61%
4	UBS	0.147	1	5.25%
5	Deutsche Bank	0.074	1	2.65%
6	Merrill Lynch	0.074	1	2.65%
	Total	2.806	6
	Average size:	0.468
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 shown in Federal Reserve's H.10 release on 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, Belgium, Iceland and Greece.

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