JPMorgan once more top of high-grade underwriting league tables

Year-to-date issuance rises to $604.36 billion

New York, July 31 - JPMorgan continued its lengthy run at the top of the underwriter rankings for investment-grade corporate bonds, according to Prospect News data.

The bank has now topped the year-to-date tables for every month since February 2010.

For the year so far, JPMorgan has brought $76.39 billion of high-grade bonds to market, 12.6% of the total.

Bank of America placed second with $64.88 billion, or 10.7%, while Citigroup's $63.19 billion put it in third position with a 10.46% share.

Citigroup was first for the month of July.

Meanwhile, activity rebounded strongly from the slowdown in June.

Issuance for July totaled $77.90 billion, more than double June's $38.25 billion.

However, July was still the second slowest month of 2013. Previous months have seen totals of $81.51 billion to $118.13 billion.

Nonetheless, year-to-date volume of $604.36 billion is running 10.4% ahead of the $547.26 billion pace at the comparable point in 2012.

U.S. market, year to date

2012 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	76.385	341	12.64%	1	78.850	352	14.41%
2	Bank of America	64.884	318	10.74%	3	59.060	269	10.79%
3	Citigroup	63.194	301	10.46%	2	65.653	277	12.00%
4	Goldman Sachs	59.336	218	9.82%	5	40.833	168	7.46%
5	Morgan Stanley	56.585	231	9.36%	7	35.965	160	6.57%
6	Deutsche Bank	45.911	179	7.60%	6	37.597	156	6.87%
7	Barclays	39.020	203	6.46%	4	44.633	186	8.16%
8	Wells Fargo	31.351	166	5.19%	8	27.375	124	5.00%
9	Credit Suisse	22.631	109	3.74%	11	19.212	90	3.51%
10	HSBC	20.857	96	3.45%	10	22.520	77	4.12%
	Total	604.357	796	547.258	704
	Average size:	0.759	0.777
U.S. market, July
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	12.061	53	15.48%	1	10.544	46	16.23%
2	Bank of America	9.101	36	11.68%	4	6.558	34	10.09%
3	Wells Fargo	8.049	25	10.33%	12	1.488	14	2.29%
4	Morgan Stanley	7.344	28	9.43%	3	7.294	30	11.23%
5	Goldman Sachs	6.179	20	7.93%	7	3.093	24	4.76%
6	Deutsche Bank	5.057	28	6.49%	5	4.342	18	6.68%
7	Credit Suisse	4.613	15	5.92%	10	1.930	10	2.97%
8	JPMorgan	4.275	26	5.49%	2	9.729	49	14.98%
9	Barclays	4.129	18	5.30%	6	3.704	14	5.70%
10	BNP	2.865	8	3.68%	9	2.513	14	3.87%
	Total	77.900	98	64.963	94
	Average size:	0.795	0.691
Prospect News Investment Grade Underwriter Rankings

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.

• Convertibles, trust preferreds and preferred stock are excluded.

• Emerging markets offerings are excluded.

• Minimum $75 million deal size.

• Deals rated investment grade by either Standard & Poor's or Moody's Investors Service 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.

• Remarketings are excluded.

• 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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