Citigroup leads among emerging markets debt underwriters year to date

• New deal volume totals $248.76 billion for year so far

New York, Aug. 30 - Citigroup stretched its run at the top of the emerging markets debt league tables to four months, according to data compiled by Prospect News.

The bank placed number one for the year through August, as it had for the rankings in May, June and July.

Issuance fell back in August from July's levels but was in line with the 2012 figure.

The month saw a total of $8.76 billion of new deals, only 40% of the $21.98 billion seen in July. But the figure was marginally higher than the $8.41 billion for August 2012.

Year-to-date issuance now totals $248.76 billion, 9.0% ahead of the $228.26 billion pace for the first eight months of 2012.

In the league tables, JPMorgan placed second behind Citi, as it did in July, with 10.6% of the market versus Citi's 11.3%.

Deutsche Bank was again third with 9.6% while HSBC was fourth with 9.1% and Barclays fifth at 5.8%. All three were unchanged from July.

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

Year-to-date issuance in the U.S. market is $149.31 billion, 9.1% ahead of the $136.83 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	28.073	154	11.28%	1	27.071	123	11.86%
2	JPMorgan	26.346	137	10.59%	3	21.744	96	9.53%
3	Deutsche Bank	23.942	124	9.62%	4	20.118	92	8.81%
4	HSBC	22.650	136	9.10%	2	26.184	120	11.47%
5	Barclays	14.329	72	5.76%	5	14.118	55	6.19%
6	Bank of America	13.662	87	5.49%	9	8.984	54	3.94%
7	Goldman Sachs	11.026	58	4.43%	7	10.221	49	4.48%
8	BNP	10.866	45	4.37%	10	8.793	42	3.85%
9	Standard Chartered	9.390	63	3.77%	6	10.851	63	4.75%
10	Morgan Stanley	8.062	63	3.24%	8	10.151	44	4.45%
	Total	248.763	420	228.259	342
	Average size:	0.592	0.667
All major currencies, August
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	HSBC	2.676	9	30.55%	7	0.486	6	5.78%
2	Deutsche Bank	1.348	3	15.39%	9	0.380	5	4.51%
3	Citigroup	0.797	5	9.10%	2	0.892	10	10.60%
4	Bank of America	0.793	5	9.06%	8	0.417	4	4.96%
5	JPMorgan	0.669	5	7.64%	3	0.758	8	9.01%
6	BNP	0.250	1	2.85%	4	0.715	2	8.50%
6	Barclays	0.250	1	2.85%	10	0.335	5	3.98%
6	Credit Agricole	0.250	1	2.85%
6	Goldman Sachs	0.250	2	2.85%	5	0.611	4	7.27%
6	Mitsubishi	0.250	1	2.85%
	Total	8.759	16	8.414	18
	Average size:	0.547	0.467
U.S. market, dollar-denominated deals, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	20.764	108	13.91%	1	20.343	82	14.87%
2	JPMorgan	19.351	92	12.96%	2	15.937	61	11.65%
3	Deutsche Bank	15.891	72	10.64%	5	9.548	46	6.98%
4	HSBC	11.443	56	7.66%	3	13.715	56	10.02%
5	Barclays	10.584	51	7.09%	4	9.748	35	7.12%
6	Bank of America	9.258	59	6.20%	8	6.727	36	4.92%
7	Goldman Sachs	8.113	36	5.43%	6	8.466	35	6.19%
8	BNP	7.063	24	4.73%	10	3.998	21	2.92%
9	Morgan Stanley	5.846	37	3.92%	7	7.181	26	5.25%
10	Credit Suisse	4.249	24	2.85%	12	3.005	21	2.20%
	Total	149.311	218	136.827	177
	Average size:	0.685	0.773
U.S. market, dollar-denominated deals, August
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	HSBC	2.676	9	35.38%	6	0.240	2	6.27%
2	Deutsche Bank	1.348	3	17.82%	7	0.176	2	4.60%
3	Bank of America	0.793	5	10.49%	5	0.316	2	8.27%
4	JPMorgan	0.600	4	7.93%	3	0.378	4	9.88%
5	Citigroup	0.448	4	5.93%	2	0.456	5	11.92%
6	Barclays	0.250	1	3.31%	10	0.164	2	4.28%
6	BNP	0.250	1	3.31%	18	0.078	1	2.04%
6	Credit Agricole	0.250	1	3.31%
6	Mitsubishi	0.250	1	3.30%
10	Credit Suisse	0.200	2	2.64%	8	0.176	2	4.60%
	Total	7.562	12	3.825	7
	Average size:	0.630	0.546
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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