CSFB top U.S. market high-yield underwriter year to date

* U.S. market high-yield issuance totals $39.26 billion year to date

* Citigroup top global high-yield underwriter year to date

* Global high-yield issuance totals $44.41 billion year to date

* Deutsche Bank top European high-yield underwriter year to date

* European high-yield issuance totals $10.18 billion year to date

New York, May 31 - Credit Suisse First Boston held on to first place among underwriters of high-yield bonds for the year to date, according to data compiled by Prospect News.

The firm had been first at the end of January and February, but JPMorgan pulled ahead for the first quarter. But CSFB took back the top position in April.

Also staying in top position was Banc of America Securities as number one underwriter for issuers from industrialized countries selling in the U.S. market.

On a global basis - counting all currencies and issuers from industrialized countries - Citigroup came in first, as it did for the year through March and the year through April.

In Europe, there was also no change, with Deutsche Bank still on top.

New deal volume continued to be substantially lower than the 2004 pace.

For the year so far, U.S. market volume totals $39.26 billion, just 61% of the $64.87 billion at the same stage a year ago.

Global activity shows a similar pattern, at $44.41 billion so far this year, 61.9% of the comparable $71.76 billion for the same period of 2004.

Europe is also lagging, though by a smaller amount, at $10.18 billion versus $11.49 billion a year earlier.

May saw $2.54 billion of junk bonds sold in the U.S. market, down from $6.96 billion in May 2004.

The U.S. market figures cover dollar-denominated high-yield deals issued in the United States as registered offerings or under Rule 144A and include all issuers, regardless of their home country. The global figures cover all major currencies but exclude emerging markets issuers. For Europe, the totals are calculated on the same basis as the global numbers but for European currencies only.

Year-to-date, U.S. market, all issuers

2004 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	CSFB	5.246	33	13.36%	1	11.107	73	17.12%
2	JPMorgan	5.106	32	13.01%	3	6.874	47	10.60%
3	Citigroup	4.577	31	11.66%	2	9.022	57	13.91%
4	Banc of America	4.512	37	11.49%	5	6.186	50	9.54%
5	Deutsche Bank	3.218	22	8.20%	4	6.603	44	10.18%
6	UBS	2.824	22	7.19%	6	4.823	34	7.43%
7	Lehman	2.689	23	6.85%	8	3.696	29	5.70%
8	Morgan Stanley	2.263	11	5.76%	7	4.459	26	6.87%
9	Goldman Sachs	2.170	15	5.53%	9	3.142	23	4.84%
10	Wachovia	1.660	11	4.23%	14	0.729	10	1.12%
	Total	39.259	160	64.873	267
	Average size:	0.245	0.243
Year-to-date, U.S. market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	4.512	37	13.23%	4	6.186	50	10.26%
2	JPMorgan	4.062	29	11.91%	3	6.774	46	11.24%
3	Citigroup	3.990	26	11.70%	2	8.663	55	14.37%
4	CSFB	3.802	25	11.15%	1	10.140	69	16.83%
5	Deutsche Bank	3.144	21	9.22%	5	5.402	40	8.96%
6	Lehman	2.689	23	7.88%	8	3.356	27	5.57%
7	UBS	2.576	21	7.55%	7	4.059	28	6.74%
8	Goldman Sachs	2.170	15	6.36%	9	3.142	23	5.21%
9	Wachovia	1.660	11	4.87%	14	0.729	10	1.21%
10	Merrill Lynch	1.562	12	4.58%	10	2.282	20	3.79%
	Total	34.106	140	60.263	251
	Average size:	0.244	0.240
Year-to-date, global market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	5.499	36	12.38%	2	9.193	58	12.81%
2	CSFB	5.357	32	12.06%	1	11.888	79	16.57%
3	Deutsche Bank	4.949	32	11.14%	4	7.934	57	11.06%
4	JPMorgan	4.916	36	11.07%	3	8.102	54	11.29%
5	Banc of America	4.744	39	10.68%	5	6.425	54	8.95%
6	Goldman Sachs	3.378	21	7.61%	8	4.001	30	5.58%
7	Lehman	3.155	27	7.10%	9	3.547	30	4.94%
8	UBS	2.902	22	6.53%	7	4.059	28	5.66%
9	Merrill Lynch	1.747	14	3.93%	10	2.956	24	4.12%
10	Wachovia	1.660	11	3.74%	16	0.729	10	1.02%
	Total	44.411	171	71.756	289
	Average size:	0.260	0.248
Year-to-date, European currencies, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	1.805	11	17.73%	1	2.532	17	22.03%
2	CSFB	1.555	7	15.27%	2	1.748	10	15.21%
3	Citigroup	1.447	9	14.21%	9	0.530	3	4.62%
4	Goldman Sachs	1.208	6	11.87%	4	0.860	7	7.48%
5	JPMorgan	0.854	7	8.39%	3	1.328	8	11.55%
6	BNP Paribas	0.802	3	7.88%	8	0.545	4	4.75%
7	Lehman	0.466	4	4.58%	15	0.191	3	1.66%
8	ING	0.351	3	3.45%
9	UBS	0.327	1	3.21%
10	Morgan Stanley	0.235	2	2.31%	6	0.684	7	5.95%
	Total	10.180	31	11.493	38
	Average size:	0.328	0.302
May, U.S. market, all issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Morgan Stanley	0.461	4	18.18%	7	0.406	4	5.83%
2	UBS	0.364	2	14.35%	9	0.287	3	4.13%
3	Merrill Lynch	0.272	3	10.71%	10	0.252	3	3.62%
4	JPMorgan	0.224	3	8.85%	3	0.833	8	11.97%
5	Banc of America	0.214	3	8.43%	11	0.232	3	3.33%
6	Deutsche Bank	0.207	2	8.18%	2	1.142	6	16.41%
7	Wachovia	0.207	2	8.18%	14	0.049	1	0.70%
8	CSFB	0.173	2	6.82%	1	1.497	12	21.51%
9	Citigroup	0.141	2	5.57%	4	0.587	6	8.43%
10	Lehman	0.110	1	4.34%	8	0.307	3	4.41%
	Total	2.536	15	6.959	37
	Average size:	0.169	0.188
May, U.S. market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	UBS	0.364	2	16.60%	9	0.287	3	4.13%
2	Merrill Lynch	0.272	3	12.39%	10	0.252	3	3.62%
3	Morgan Stanley	0.266	3	12.14%	7	0.406	4	5.83%
4	JPMorgan	0.224	3	10.24%	3	0.833	8	11.97%
5	Banc of America	0.214	3	9.75%	11	0.232	3	3.33%
6	Deutsche Bank	0.207	2	9.47%	2	1.142	6	16.41%
7	Wachovia	0.207	2	9.47%	14	0.049	1	0.70%
8	CSFB	0.173	2	7.89%	1	1.497	12	21.51%
9	Lehman	0.110	1	5.02%	8	0.307	3	4.41%
10	Bear Stearns	0.087	1	3.99%	5	0.548	3	7.88%
	Total	2.192	13	6.959	37
	Average size:	0.169	0.188
May, global market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	0.393	4	15.53%	3	1.472	12	15.16%
2	UBS	0.364	2	14.39%	12	0.287	3	2.96%
3	Merrill Lynch	0.272	3	10.74%	11	0.312	4	3.22%
4	Morgan Stanley	0.266	3	10.53%	5	0.731	8	7.53%
5	Banc of America	0.214	3	8.45%	10	0.315	5	3.25%
6	Deutsche Bank	0.207	2	8.21%	1	1.824	13	18.79%
7	Wachovia	0.207	2	8.21%	14	0.049	1	0.50%
8	CSFB	0.173	2	6.84%	2	1.808	15	18.63%
9	Barclays	0.168	1	6.65%
10	Lehman	0.110	1	4.35%	8	0.381	4	3.93%
	Total	2.528	14	9.708	50
	Average size:	0.181	0.194
Prospect News High-Yield 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.

* 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.

* Fixed-rate medium-term notes with a face value more than $100 million are included. All other MTNs 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.

* 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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