JPMorgan top U.S. market high-yield underwriter for 2005

• U.S. market high-yield issuance totals $103.57 billion in 2005

• JPMorgan top global high-yield underwriter year for 2005

• Global high-yield issuance totals $107.79 billion in 2005

• Deutsche Bank top European high-yield underwriter for 2005

• European high-yield issuance totals $19.77 billion in 2005

New York, Dec. 30 - JPMorgan Securities was the number one underwriter of high-yield bonds for 2005, according to data compiled by Prospect News.

The firm was $1.78 billion clear of Banc of America Securities in the number two position.

But Citigroup, the top underwriter in 2004, was just $0.34 billion further behind in third place, while Credit Suisse First Boston, first in 2003 and previously the long-time leader in junk bonds, was only $0.13 billion lower.

Citigroup had topped the league tables for much of the year, but JPMorgan took over in August, then Banc of America in September, Citigroup back in October and then JPMorgan again in November.

Issuance for the year came in at $103.57 billion, 72.7% of the $142.38 billion recorded for 2004.

While the total was down from 2004 and also well below 2003's $138.48 billion, it was much higher than the $59.62 billion in 2002 and $76.45 billion in 2001.

December 2005 saw $12.02 billion of new deals, up from $9.96 billion in November and the best figure since June's $12.62 billion.

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.

Global volume, counting all currencies but only issuers from industrialized countries was $107.79 billion versus $153.57 billion for 2004.

JPMorgan is also the top underwriter for the global chart.

Deutsche Bank was first in Europe for all of 2005.

European issuance came in at $19.77 billion for the year, 93% of the comparable $21.27 billion figure for 2004.

2005, U.S. market, all issuers

2004 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	13.568	93	13.10%	3	16.556	121	11.63%
2	Banc of America	11.788	98	11.38%	4	15.639	121	10.98%
3	Citigroup	11.452	82	11.06%	1	21.612	131	15.18%
4	CSFB	11.324	75	10.93%	2	19.426	129	13.64%
5	Deutsche Bank	9.185	65	8.87%	5	13.873	99	9.74%
6	Merrill Lynch	8.169	51	7.89%	10	5.966	40	4.19%
7	Lehman	7.198	58	6.95%	8	8.552	69	6.01%
8	Goldman Sachs	6.545	44	6.32%	9	7.814	66	5.49%
9	UBS	5.754	45	5.56%	7	8.673	76	6.09%
10	Morgan Stanley	5.561	34	5.37%	6	10.627	55	7.46%
	Total	103.565	399	142.378	575
	Average size:	$0.26	$0.25
2005, U.S. market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	11.788	98	13.51%	4	15.554	120	11.86%
2	JPMorgan	11.655	85	13.35%	3	15.557	112	11.86%
3	Citigroup	9.491	68	10.87%	1	20.386	121	15.55%
4	CSFB	8.665	59	9.93%	2	17.734	121	13.52%
5	Deutsche Bank	8.391	58	9.61%	5	11.881	90	9.06%
6	Lehman	6.865	55	7.86%	7	8.105	66	6.18%
7	Goldman Sachs	6.264	42	7.18%	8	7.627	63	5.82%
8	Merrill Lynch	6.060	41	6.94%	10	5.272	38	4.02%
9	UBS	4.764	40	5.46%	9	7.087	63	5.40%
10	Wachovia	3.568	23	4.09%	13	1.890	24	1.44%
	Total	87.288	342	131.130	532
	Average size:	0.255	0.246
2005, global market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	13.922	99	12.92%	3	17.326	124	11.28%
2	Deutsche Bank	12.902	82	11.97%	4	16.553	124	10.78%
3	Banc of America	12.020	100	11.15%	5	16.018	127	10.43%
4	Citigroup	11.639	83	10.80%	1	22.824	136	14.86%
5	CSFB	11.214	71	10.40%	2	21.419	142	13.95%
6	Goldman Sachs	7.526	49	6.98%	7	9.842	79	6.41%
7	Lehman	7.445	61	6.91%	8	8.359	70	5.44%
8	Merrill Lynch	6.608	45	6.13%	10	6.449	45	4.20%
9	UBS	5.091	41	4.72%	9	7.249	64	4.72%
10	Morgan Stanley	3.964	28	3.68%	6	10.733	63	6.99%
	Total	107.788	401	153.573	614
	Average size:	0.269	0.250
2005, European currencies, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	4.511	24	22.81%	1	4.351	31	20.46%
2	CSFB	2.550	12	12.89%	2	3.685	21	17.33%
3	JPMorgan	2.267	14	11.47%	5	1.595	10	7.50%
4	Citigroup	2.086	14	10.55%	4	1.979	13	9.31%
5	Goldman Sachs	1.262	7	6.38%	3	2.216	16	10.42%
6	BNP Paribas	0.982	4	4.97%	10	0.781	7	3.67%
7	RBS	0.831	6	4.20%	8	1.049	4	4.93%
8	ING	0.742	4	3.75%	14	0.263	2	1.24%
9	Lehman	0.580	6	2.93%	15	0.254	4	1.20%
10	Merrill Lynch	0.548	4	2.77%	6	1.177	7	5.53%
	Total	19.773	55	21.266	74
	Average size:	0.360	0.287
Q4, U.S. market, all issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	3.984	27	15.87%	2	5.351	39	13.87%
2	CSFB	2.867	18	11.42%	3	3.950	29	10.24%
3	Lehman	2.492	19	9.93%	6	3.185	26	8.25%
4	Deutsche Bank	2.227	16	8.87%	5	3.455	30	8.95%
5	Goldman Sachs	1.862	12	7.42%	8	2.556	26	6.62%
6	Merrill Lynch	1.836	15	7.31%	10	1.546	12	4.01%
7	Banc of America	1.582	19	6.30%	7	3.078	27	7.98%
8	UBS	1.556	9	6.20%	9	1.819	23	4.71%
9	Citigroup	1.490	12	5.94%	1	5.802	31	15.03%
10	Morgan Stanley	1.443	10	5.75%	4	3.579	16	9.27%
	Total	25.104	94	38.591	160
	Average size:	0.267	0.241
Q4, U.S. market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	3.547	25	17.75%	2	5.015	35	14.59%
2	Lehman	2.159	16	10.80%	4	3.078	25	8.95%
3	CSFB	2.059	13	10.30%	3	3.421	26	9.95%
4	Deutsche Bank	1.905	14	9.53%	7	2.664	25	7.75%
5	Goldman Sachs	1.664	11	8.33%	8	2.369	23	6.89%
6	Banc of America	1.582	19	7.91%	6	2.993	26	8.71%
7	Merrill Lynch	1.423	12	7.12%	9	1.346	11	3.92%
8	UBS	1.188	8	5.94%	10	1.332	19	3.87%
9	Citigroup	1.157	9	5.79%	1	5.514	27	16.04%
10	Jefferies	0.648	7	3.24%	12	0.895	12	2.60%
	Total	19.987	77	34.372	144
	Average size:	0.260	0.239
Q4, global market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	3.792	28	15.40%	2	5.363	38	13.19%
2	Deutsche Bank	3.109	22	12.62%	4	3.973	35	9.77%
3	Lehman	2.213	17	8.98%	6	3.141	26	7.73%
4	CSFB	2.179	14	8.85%	3	4.276	32	10.52%
5	Goldman Sachs	1.718	12	6.98%	5	3.648	31	8.97%
6	Citigroup	1.701	13	6.91%	1	6.358	32	15.64%
7	Banc of America	1.582	19	6.42%	8	3.060	27	7.53%
8	Merrill Lynch	1.477	13	6.00%	9	1.848	14	4.55%
9	UBS	1.188	8	4.82%	10	1.493	20	3.67%
10	Jefferies	0.648	7	2.63%	12	0.895	12	2.20%
	Total	24.631	91	40.655	168
	Average size:	0.271	0.242
December, U.S. market, all issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.971	12	16.39%	3	1.714	16	11.69%
2	Goldman Sachs	1.204	7	10.01%	5	1.582	15	10.79%
3	UBS	1.171	7	9.74%	7	0.919	13	6.27%
4	Merrill Lynch	1.040	7	8.65%	12	0.338	4	2.30%
5	Deutsche Bank	1.019	6	8.48%	2	1.771	15	12.08%
6	Morgan Stanley	0.934	6	7.77%	8	0.811	3	5.53%
7	Lehman	0.934	6	7.77%	9	0.746	8	5.09%
8	CSFB	0.759	4	6.31%	4	1.689	11	11.52%
9	Jefferies	0.648	7	5.39%	13	0.268	4	1.83%
10	Banc of America	0.595	8	4.95%	6	1.526	13	10.40%
	Total	12.024	43	14.666	62
	Average size:	0.280	0.237
December, U.S. market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.534	10	15.95%	3	1.526	13	11.86%
2	UBS	1.171	7	12.18%	8	0.732	10	5.69%
3	Goldman Sachs	1.006	6	10.46%	6	1.395	12	10.84%
4	Lehman	0.934	6	9.72%	7	0.746	8	5.80%
5	Deutsche Bank	0.896	5	9.31%	5	1.522	14	11.83%
6	CSFB	0.759	4	7.89%	2	1.689	11	13.13%
7	Jefferies	0.648	7	6.74%	12	0.268	4	2.09%
8	Merrill Lynch	0.627	4	6.53%	11	0.338	4	2.62%
9	Banc of America	0.595	8	6.19%	4	1.526	13	11.86%
10	Citigroup	0.335	4	3.48%	1	1.865	9	14.49%
	Total	9.616	34	12.867	56
	Average size:	0.283	0.230
December, global market, industrialized country issuers
					2004 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.658	12	14.36%	5	1.626	14	10.23%
2	Deutsche Bank	1.329	9	11.51%	1	2.544	22	16.00%
3	UBS	1.171	7	10.14%	8	0.732	10	4.61%
4	Goldman Sachs	1.060	7	9.18%	2	2.029	16	12.77%
5	Lehman	0.988	7	8.56%	7	0.746	8	4.69%
6	CSFB	0.759	4	6.57%	4	1.885	13	11.86%
7	Citigroup	0.715	7	6.19%	3	1.932	10	12.15%
8	Merrill Lynch	0.681	5	5.90%	9	0.657	6	4.14%
9	Jefferies	0.648	7	5.61%	13	0.268	4	1.69%
10	Banc of America	0.595	8	5.15%	6	1.593	14	10.02%
	Total	11.551	40	15.893	69
	Average size:	0.289	0.230
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.

• 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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