* High yield issuance $6.93 billion for January
New York, Jan. 31 - High-yield bond issuance returned to its highest level in more than six months during January as $6.93 billion came to market, according to data compiled by Prospect News.
The figure, $230 million or 3.3% above the January 2002 total of $6.70 billion, was the biggest volume of new deals since June 2002 when $7.31 billion priced. It was also somewhat better than the previous month's total of $6.44 billion in December 2002.
Top underwriter for the month was Credit Suisse First Boston, the number one bookrunner for 2002. The firm brought $1.67 billion of deals to market.
Significantly helping CSFB was its role as sole bookrunner on Premcor Refining Group Inc.'s $525 million two-part deal, the month's largest to use a single bookrunner.
January 2003
2002 Comparables
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | CS First Boston | 1,672.84 | 8 | 1 | 1,100.00 | 3
|
| 2. | Goldman Sachs | 1,230.05 | 5 | 7 | 500.00 | 1 |
|
| 3. | Banc of America | 974.26 | 5 | 3 | 1,011.98 | 5
|
| 4. | Salomon | 731.45 | 5 | 2 | 1,035.18 | 7
|
| 5. | Deutsche Bank | 678.58 | 5 | 5 | 793.83 | 3
|
| 6. | UBS Warburg | 413.36 | 2 | 11 | 58.33 | 1 |
|
| 7. | CIBC | 407.29 | 3 | - | - | - |
|
| 8. | JP Morgan | 386.00 | 3 | 4 | 833.82 | 5
|
| 9. | Scotia | 225.00 | 1 | - | - | -
|
| 10. | Merrill Lynch | 166.67 | 1 | - | - | -
|
|
|
| Total | $6,934.61 | 23 | $6,702.56 | 20
|
|
|
| Average size | $301.50 | $335.13
|
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| Prospect News High Yield Underwriter Rankings
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Criteria
* The tables include all dollar-denominated offerings sold in the U.S. as public or Rule 144A deals reported to Prospect News.
* 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 above $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.
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