* CSFB top high yield underwriter year to date
* High yield issuance $16.98 billion year to date
* CSFB top high yield underwriter for February
* High yield issuance $10.05 billion for February
New York, Jan. 31 - High-yield bond issuance topped $10 billion in February as the market had its busiest month in more than a year and a half, according to data compiled by Prospect News.
The last time monthly issuance was higher than February's $10.05 billion total was June 2001 when $11.09 billion of bonds were sold.
But demonstrating the role giant offerings played in boosting the total, the number of offerings came in at 23, unchanged from January when the dollar value of deals was $6.93 billion.
The average size was $436.76 million, up from $301.50 million the month before.
February saw four deals top the $1 billion mark, coming from Crown Cork & Seal Co., DirecTV Holdings LLC, OAO Gazprom and TRW Automotive. (Only the two dollar tranches totaling $1.8 billion from Crown Cork & Seal's offering and the two dollar tranches totaling $1.2 billion from TRW Automotive's offering are included in the figures; DirecTV's $1.4 billion and Gazprom's $1.75 billion came in single dollar-denominated pieces.)
Issuance so far this year is now $16.98 billion, 56% ahead of the $10.90 billion at the same point in 2002 and nearly as much as the $18.33 billion in the entire first quarter of last year.
Credit Suisse First Boston took the number one position in the underwriter rankings for both February and the year so far.
For the first two months of 2003, CSFB has brought $3.76 billion of high-yield bonds to market, comfortably ahead of second-placed Salomon Smith Barney with $2.76 billion. But the running was much closer for February with CSFB's $2.091 billion just $66 million clear of Salomon's $2.025 billion.
Year to date 2003
2002 Comparables
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | CS First Boston | 3,764.05 | 19 | 1 | 1,675.00 | 8
|
| 2. | Salomon | 2,756.53 | 13 | 4 | 1,254.35 | 10
|
| 3. | Deutsche Bank | 2,264.75 | 12 | 5 | 1,192.42 | 6
|
| 4. | Goldman Sachs | 1,510.05 | 6 | 7 | 996.85 | 2 |
|
| 5. | Banc of America | 1,499.26 | 8 | 2 | 1,340.11 | 9
|
| 6. | JP Morgan | 957.67 | 8 | 3 | 1,322.99 | 9
|
| 7. | Dresdner KW | 875.00 | 1 | 9 | 453.13 | 3
|
| 7. | Morgan Stanley | 875.00 | 1 | 10 | 352.17 | 3
|
| 9. | Lehman | 794.12 | 6 | 6 | 1,082.28 | 5
|
| 10. | UBS Warburg | 462.86 | 3 | 15 | 58.33 | 1
|
|
|
| Total | $16,981.11 | 46 | 10,896.87 | 41
|
|
|
| Average size | $369.15 | $265.78
|
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| February 2003
|
| | | | | 2002 Comparables
|
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | CS First Boston | 2,091.21 | 11 | 1 | 575.00 | 5
|
| 2. | Salomon | 2,025.08 | 8 | 9 | 219.17 | 3
|
| 3. | Deutsche Bank | 1,586.18 | 7 | 6 | 398.59 | 3
|
| 4. | Morgan Stanley | 875.00 | 1 | 7 | 352.17 | 3
|
| 5. | Dresdner KW | 875.00 | 1 | 13 | 53.13 | 1
|
| 6. | Lehman | 745.00 | 5 | 5 | 407.74 | 3
|
| 7. | JP Morgan | 571.67 | 5 | 4 | 489.17 | 4
|
| 8. | Banc of America | 525.00 | 3 | 8 | 328.13 | 4
|
| 9. | Goldman Sachs | 280.00 | 1 | 3 | 496.85 | 1 |
|
| 10. | Jefferies | 120.74 | 1 | - | - | -
|
|
|
| Total | $10,046.50 | 23 | 4,194.31 | 21
|
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| Average size | $436.76 | $199.73
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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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