JPMorgan top underwriter of high-yield bonds for 2013

• Junk issuance narrowly misses setting record, totals $324.3 billion

New York, Dec. 31 - JPMorgan added another year to its lengthy domination of the league tables for underwriters of high-yield bonds, according to data compiled by Prospect News.

The bank has now led the rankings for nine straight years since taking the top spot in 2005.

Meanwhile the junk market narrowly missed setting a new record for annual issuance. The total for 2013 is $324.30 billion, just $2.76 billion, or 0.8%, short of the $327.06 billion brought to market in 2012.

As in 2012, BofA Merrill Lynch placed second among junk underwriters.

However Goldman Sachs moved up sharply, finishing 2013 in the number three spot, improved from sixth the year before.

Citigroup added one notch to end the year in fourth place, up from fifth in 2012. Deutsche Bank made the opposite move, slipping to fifth from fourth.

Credit Suisse, third in 2012, fell to sixth in the year just completed.

The remaining members of the top 10, Barclays, Wells Fargo, Morgan Stanley and RBC, were all unchanged from 2012.

If emerging markets issues are included, junk issuance in the U.S. market did set a new annual record, reaching $376.09 billion, up from $365.46 billion the year before.

JPMorgan was also number one for the tables calculated on this basis, followed by BofA Merrill Lynch and Citigroup, all unchanged from 2012.

Global high-yield issuance, including all major currencies but excluding emerging markets, also set a record in 2013 thanks to a surge in Europe. Volume for the year was $416.20 billion, up from $381.73 billion the year before.

As in 2012, JPMorgan and BofA Merrill Lynch took first and second places, respectively. Goldman Sachs rose to third from sixth.

Europe saw junk activity jump to $82.21 billion for the year, up 77% from $46.34 billion in 2012.

JPMorgan won top position in Europe, ousting Deutsche Bank, which led in 2012.

The U.S. market figures cover dollar-denominated high-yield deals issued in the United States as registered offerings or under Rule 144A. Both U.S. and global figures exclude emerging markets offerings.

U.S. market, year to date

2012 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	37.059	275	11.43%	1	38.427	296	11.75%
2	Bank of America	34.522	291	10.65%	2	37.176	299	11.37%
3	Goldman Sachs	28.391	183	8.75%	6	27.169	187	8.31%
4	Citigroup	26.638	217	8.21%	5	28.059	220	8.58%
5	Deutsche Bank	25.162	198	7.76%	4	28.609	216	8.75%
6	Credit Suisse	24.567	189	7.58%	3	29.901	215	9.14%
7	Barclays	22.600	168	6.97%	7	23.742	190	7.26%
8	Wells Fargo	22.030	194	6.79%	8	22.470	206	6.87%
9	Morgan Stanley	21.962	156	6.77%	9	21.172	167	6.47%
10	RBC	13.060	123	4.03%	10	12.325	115	3.77%
	Total	324.298	696	327.055	691
	Average size:	0.466	0.473
U.S. market, including emerging markets, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	42.050	307	11.18%	1	41.986	319	11.49%
2	Bank of America	37.399	311	9.94%	2	39.752	317	10.88%
3	Citigroup	31.882	255	8.48%	3	34.362	250	9.40%
4	Goldman Sachs	31.281	195	8.32%	6	28.934	197	7.92%
5	Deutsche Bank	29.975	234	7.97%	5	31.814	236	8.71%
6	Credit Suisse	27.613	210	7.34%	4	32.714	234	8.95%
7	Barclays	25.282	184	6.72%	7	25.310	198	6.93%
8	Morgan Stanley	23.591	168	6.27%	9	21.867	172	5.98%
9	Wells Fargo	22.030	194	5.86%	8	22.470	206	6.15%
10	RBC	13.060	123	3.47%	11	12.325	115	3.37%
	Total	376.092	809	365.455	769
	Average size:	0.465	0.475
Global market, industrialized country issuers, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	44.479	344	10.69%	1	41.529	327	10.88%
2	Bank of America	38.659	323	9.29%	2	38.825	318	10.17%
3	Goldman Sachs	33.172	231	7.97%	6	30.435	216	7.97%
4	Deutsche Bank	31.948	256	7.68%	3	32.584	258	8.54%
5	Citigroup	30.849	252	7.41%	5	31.186	251	8.17%
6	Credit Suisse	29.600	235	7.11%	4	32.235	242	8.44%
7	Barclays	26.342	205	6.33%	7	27.274	215	7.14%
8	Morgan Stanley	24.730	179	5.94%	8	23.460	195	6.15%
9	Wells Fargo	22.262	197	5.35%	9	22.506	207	5.90%
10	RBC	14.098	137	3.39%	10	13.580	127	3.56%
	Total	416.199	927	381.732	819
	Average size:	0.449	0.466
European currencies, industrialized country issuers, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	6.982	63	8.49%	5	2.796	28	6.03%
2	Deutsche Bank	6.787	57	8.26%	1	3.769	40	8.13%
3	BNP	5.101	49	6.20%	6	2.688	26	5.80%
4	Goldman Sachs	4.333	43	5.27%	4	2.938	25	6.34%
5	Credit Suisse	4.260	38	5.18%	7	2.112	24	4.56%
6	HSBC	3.895	38	4.74%	8	1.996	21	4.31%
7	UniCredit	3.885	38	4.73%	11	1.626	15	3.51%
8	Barclays	3.703	36	4.50%	2	3.532	25	7.62%
9	Citigroup	3.596	29	4.37%	3	3.027	30	6.53%
10	Bank of America	3.181	29	3.87%	12	1.442	17	3.11%
	Total	82.208	195	46.341	103
	Average size:	0.422	0.450
U.S. market, fourth quarter
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	7.926	62	10.77%	2	8.989	72	9.65%
2	Bank of America	7.385	63	10.03%	1	10.077	85	10.82%
3	Citigroup	6.523	54	8.86%	3	8.711	66	9.35%
4	Goldman Sachs	6.338	47	8.61%	6	7.800	65	8.37%
5	Credit Suisse	6.071	38	8.25%	7	7.414	62	7.96%
6	Morgan Stanley	6.013	43	8.17%	8	6.430	58	6.90%
7	Barclays	5.224	30	7.10%	5	7.843	62	8.42%
8	Deutsche Bank	5.020	43	6.82%	4	8.452	61	9.08%
9	Wells Fargo	3.544	35	4.82%	9	5.991	56	6.43%
10	RBC	3.118	31	4.24%	11	3.097	33	3.33%
	Total	73.595	153	93.131	208
	Average size:	0.481	0.448
Global market, industrialized country issuers, fourth quarter
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	10.012	78	10.48%	2	9.830	81	9.23%
2	Bank of America	8.492	67	8.89%	1	10.661	92	10.01%
3	Morgan Stanley	6.957	51	7.28%	8	6.918	65	6.49%
4	Goldman Sachs	6.928	55	7.25%	6	8.983	76	8.43%
5	Credit Suisse	6.903	47	7.22%	7	8.198	70	7.69%
6	Citigroup	6.817	57	7.13%	4	9.305	74	8.73%
7	Barclays	6.427	42	6.72%	3	9.492	71	8.91%
8	Deutsche Bank	6.235	58	6.52%	5	9.195	70	8.63%
9	Wells Fargo	3.679	37	3.85%	9	6.027	57	5.66%
10	RBC	3.321	34	3.47%	10	3.730	39	3.50%
	Total	95.573	214	106.550	245
	Average size:	0.447	0.435
U.S. market, December
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	2.741	19	12.65%	3	2.545	21	9.50%
2	Credit Suisse	2.194	11	10.13%	4	2.488	21	9.28%
3	Morgan Stanley	2.150	12	9.93%	7	1.707	18	6.37%
4	Bank of America	2.012	15	9.29%	1	3.186	24	11.88%
5	Citigroup	1.621	15	7.48%	5	2.474	21	9.23%
6	Goldman Sachs	1.478	11	6.82%	10	1.363	15	5.09%
7	Jefferies	1.420	5	6.55%	12	1.008	6	3.76%
8	Deutsche Bank	1.259	12	5.81%	2	3.005	18	11.21%
9	Barclays	1.175	9	5.43%	6	1.806	16	6.74%
10	RBC	0.920	7	4.25%	9	1.485	14	5.54%
	Total	21.662	44	26.804	63
	Average size:	0.492	0.425
Global market, industrialized country issuers, December
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	2.924	22	10.92%	5	2.608	22	9.14%
2	Bank of America	2.814	17	10.51%	1	3.249	25	11.38%
3	Credit Suisse	2.427	14	9.06%	3	2.628	22	9.21%
4	Morgan Stanley	2.231	13	8.33%	8	1.770	19	6.20%
5	Citigroup	1.672	16	6.25%	4	2.612	22	9.15%
6	Deutsche Bank	1.664	18	6.21%	2	3.068	19	10.75%
7	Goldman Sachs	1.650	14	6.16%	7	1.786	17	6.26%
8	Barclays	1.521	14	5.68%	6	2.009	18	7.04%
9	Jefferies	1.420	5	5.30%	12	1.008	6	3.53%
10	RBC	1.019	9	3.80%	9	1.726	16	6.05%
	Total	26.778	62	28.550	69
	Average size:	0.432	0.414

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.

• Emerging market deals are excluded unless noted otherwise.

• 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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