Citigroup regains top place among emerging markets debt underwriters

• New deal volume totals $214.46 billion for year to date

New York, May 31 - Citigroup took back the number one position among underwriters of emerging markets debt for the year to date, according to data compiled by Prospect News.

Citi pushed JPMorgan into second place. JPMorgan was first for the year through April but its reign at the top was just a single month. Citi was number one for the first quarter.

As was the case the month before, the banks are separated by a tiny margin, a mere $175 million, or 0.08% of market share.

Deutsche Bank continued in third place while HSBC was once more fourth. Although the two underwriters are not far behind the leaders, the margin widened in May. Deutsche is now $2.3 billion behind JPMorgan and HSBC lags by a further $1.7 billion.

Issuance remained at very strong levels during May, totaling $49.17 billion for the month. That was $4.1 billion below the record level of $53.30 billion in April but still the second highest monthly figure ever.

Year-to-date issuance now totals $214.46 billion, 35% ahead of the $159.21 billion at the same stage of 2012.

For emerging markets bonds offered in the U.S. market, Citigroup placed first with JPMorgan second.

Year-to-date issuance in the U.S. market is $127.40 billion, 29% ahead of the $99.11 billion for the comparable period of 2012.

All major currencies, year to date

2012 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	23.212	133	10.82%	1	21.109	85	13.26%
2	JPMorgan	23.037	121	10.74%	3	15.213	68	9.56%
3	Deutsche Bank	20.723	111	9.66%	4	14.314	67	8.99%
4	HSBC	18.982	120	8.85%	2	19.098	83	12.00%
5	Bank of America	12.491	80	5.82%	10	5.672	32	3.56%
6	Barclays	10.684	56	4.98%	5	11.204	40	7.04%
7	BNP	9.802	40	4.57%	6	6.862	34	4.31%
8	Goldman Sachs	9.371	49	4.37%	9	6.078	31	3.82%
9	Standard Chartered	8.820	60	4.11%	8	6.255	36	3.93%
10	UBS	7.132	63	3.33%	11	4.364	26	2.74%
	Total	214.462	355	159.205	235
	Average size:	0.604	0.677
All major currencies, May
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	5.778	34	11.75%	1	3.062	11	15.47%
2	JPMorgan	5.460	27	11.10%	4	1.817	7	9.18%
3	HSBC	4.891	26	9.95%	5	1.575	8	7.96%
4	Deutsche Bank	3.802	21	7.73%	2	2.995	12	15.13%
5	Bank of America	3.593	16	7.31%	9	0.535	4	2.70%
6	Morgan Stanley	2.612	16	5.31%	15	0.291	2	1.47%
7	BNP	2.063	10	4.20%	22	0.146	2	0.74%
8	Goldman Sachs	2.045	13	4.16%	7	1.207	7	6.10%
9	Barclays	2.004	10	4.08%	3	2.142	9	10.82%
10	UBS	1.589	12	3.23%	8	0.874	5	4.41%
	Total	49.170	72	19.798	31
	Average size:	0.683	0.639
U.S. market, dollar-denominated deals, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	17.694	93	13.89%	1	16.426	57	16.57%
2	JPMorgan	17.122	82	13.44%	2	11.136	43	11.24%
3	Deutsche Bank	13.639	66	10.71%	5	7.472	33	7.54%
4	HSBC	8.618	47	6.76%	3	10.619	39	10.71%
5	Bank of America	8.465	54	6.64%	8	4.381	20	4.42%
6	Barclays	7.364	37	5.78%	4	8.195	28	8.27%
7	Goldman Sachs	7.048	33	5.53%	6	4.716	19	4.76%
8	BNP	6.531	22	5.13%	9	3.920	20	3.96%
9	Morgan Stanley	4.356	30	3.42%	7	4.386	15	4.43%
10	Credit Suisse	3.922	21	3.08%	13	2.412	15	2.43%
	Total	127.399	183	99.109	121
	Average size:	0.696	0.819
U.S. market, dollar-denominated deals, May
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	5.307	30	15.40%	1	2.369	5	21.60%
2	JPMorgan	5.096	23	14.78%	4	0.994	5	9.06%
3	Deutsche Bank	2.704	14	7.85%	3	1.193	3	10.88%
4	HSBC	2.599	14	7.54%	8	0.874	4	7.97%
5	Bank of America	2.496	13	7.24%	11	0.300	1	2.73%
6	Morgan Stanley	1.991	11	5.78%	12	0.125	1	1.14%
7	Barclays	1.882	8	5.46%	5	0.994	5	9.06%
8	BNP	1.857	8	5.39%
9	Itau BBA	1.558	6	4.52%
9	BB Securities	1.558	6	4.52%
	Total	34.466	43	10.970	11
	Average size:	0.802	0.997
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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