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

• U.S. market high-yield issuance totals $31.56 billion year to date

• Citigroup top global high-yield underwriter year to date

• Global high-yield issuance totals $36.86 billion year to date

• Morgan Stanley top European high-yield underwriter year to date

• European high-yield issuance totals $7.75 billion year to date

New York, March 31 - Citigroup scored another month as top underwriter of high-yield bonds for the year so far, according to data compiled by Prospect News.

The firm held the same position in February and January. It had been third for all of 2005.

However Banc of America Securities moved up to second place from sixth, pushing down Credit Suisse and Morgan Stanley into third and fourth places respectively.

Helping Banc of America was its role on a large number of deals rather than a single big transaction. The bank was bookrunner or joint bookrunner on nine deals, a number matched only by J.P. Morgan Securities.

With that total, Banc of America placed first for March.

Total volume for the month was $10.01 billion - with more than a quarter of that, $2.70 billion, coming to market on a single day, March 29.

That level of activity was much stronger than February's $5.69 billion although still far below January's $15.86 billion.

Year-to-date volume now stands at $31.56 billion, very similar to the $31.27 billion at the same stage in 2005, although the number of deals is much lower at 83 versus 120.

For the global high-yield market, covering all major currencies but only issuers from industrialized countries, Citigroup took first place from the previous month's leader, Morgan Stanley, while Morgan Stanley remained number one for European deals, the same as in February and January.

Global issuance so far this year is $36.86 billion, almost identical to the comparable $36.70 billion figure for 2005.

European activity is running at a slower pace to 2005 with $7.75 billion year to date against last year's $8.77 billion. March saw only four deals for $2.37 billion come to market.

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.

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

2005 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	5.269	20	16.70%	2	4.199	27	13.43%
2	Banc of America	3.552	22	11.26%	4	3.905	31	12.49%
3	Credit Suisse	3.461	20	10.97%	3	4.047	25	12.94%
4	Morgan Stanley	3.457	12	10.95%	9	1.342	6	4.29%
5	JPMorgan	3.056	21	9.68%	1	4.653	25	14.88%
6	Merrill Lynch	2.364	15	7.49%	10	1.256	9	4.02%
7	Deutsche Bank	2.165	13	6.86%	5	2.892	19	9.25%
8	Bear Stearns	1.939	8	6.15%	11	1.173	8	3.75%
9	UBS	1.472	8	4.66%	7	1.957	16	6.26%
10	Goldman Sachs	1.345	6	4.26%	8	1.471	8	4.70%
	Total	31.557	83	31.266	120
	Average size:	0.380	0.261
Year to date, U.S. market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	4.444	17	15.36%	1	3.924	25	14.11%
2	Banc of America	3.552	22	12.27%	2	3.905	31	14.04%
3	Credit Suisse	3.236	18	11.18%	4	2.912	19	10.47%
4	Morgan Stanley	3.032	8	10.47%	12	0.942	5	3.39%
5	JPMorgan	2.873	19	9.93%	3	3.609	22	12.97%
6	Merrill Lynch	2.314	14	8.00%	9	1.182	8	4.25%
7	Deutsche Bank	2.165	13	7.48%	5	2.817	18	10.13%
8	Bear Stearns	1.939	8	6.70%	10	1.173	8	4.22%
9	UBS	1.389	7	4.80%	7	1.709	15	6.14%
10	Goldman Sachs	1.020	4	3.52%	8	1.471	8	5.29%
	Total	28.942	72	27.814	107
	Average size:	0.402	0.260
Year to date, global market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	5.346	20	14.50%	1	5.433	35	14.80%
2	Morgan Stanley	4.342	11	11.78%	10	1.177	7	3.21%
3	Credit Suisse	3.837	20	10.41%	2	4.467	26	12.17%
4	Banc of America	3.613	23	9.80%	3	4.137	33	11.27%
5	Deutsche Bank	3.179	17	8.62%	5	4.101	26	11.17%
6	JPMorgan	3.105	21	8.42%	4	4.135	26	11.27%
7	Merrill Lynch	3.023	15	8.20%	9	1.564	11	4.26%
8	Bear Stearns	1.939	8	5.26%	11	1.173	8	3.20%
9	Goldman Sachs	1.561	5	4.24%	6	2.679	14	7.30%
10	Barclays	1.555	4	4.22%
	Total	36.858	87	36.704	133
	Average size:	0.424	0.276
Year to date, European currencies, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Morgan Stanley	1.311	3	16.92%	10	0.235	2	2.69%
2	Barclays	1.305	3	16.85%
3	Deutsche Bank	1.013	4	13.08%	3	1.283	8	14.64%
4	Citigroup	0.902	3	11.65%	2	1.447	9	16.51%
5	Merrill Lynch	0.709	1	9.15%	7	0.382	3	4.36%
6	Credit Suisse	0.602	2	7.77%	1	1.555	7	17.74%
7	Goldman Sachs	0.541	1	6.99%	4	1.208	6	13.78%
8	BNP Paribas	0.299	1	3.86%	5	0.657	3	7.50%
9	UniCredit	0.299	1	3.86%
10	JPMorgan	0.232	2	2.99%	6	0.527	4	6.01%
	Total	7.747	14	8.765	25
	Average size:	0.553	0.351
March, U.S. market, all issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	1.996	9	19.95%	3	1.032	8	10.64%
2	Citigroup	1.405	5	14.04%	2	1.487	10	15.33%
3	JPMorgan	1.323	9	13.22%	1	2.936	12	30.28%
4	Merrill Lynch	1.254	8	12.53%	9	0.330	2	3.41%
5	Morgan Stanley	1.043	5	10.42%	7	0.500	2	5.16%
6	Credit Suisse	0.825	5	8.25%	4	0.770	5	7.94%
7	Goldman Sachs	0.748	2	7.47%	5	0.638	3	6.58%
8	Deutsche Bank	0.555	5	5.54%	6	0.572	5	5.90%
9	Lehman	0.472	4	4.71%	12	0.263	3	2.71%
10	UBS	0.216	2	2.16%	10	0.287	3	2.96%
	Total	10.008	31	9.696	38
	Average size:	0.323	0.255
March, U.S. market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	1.996	9	20.56%	3	1.032	8	12.21%
2	Citigroup	1.405	5	14.47%	2	1.337	9	15.81%
3	Merrill Lynch	1.254	8	12.92%	8	0.330	2	3.91%
4	JPMorgan	1.223	8	12.60%	1	2.242	11	26.53%
5	Morgan Stanley	0.843	3	8.69%	14	0.100	1	1.18%
6	Credit Suisse	0.825	5	8.50%	4	0.770	5	9.11%
7	Goldman Sachs	0.748	2	7.70%	5	0.638	3	7.55%
8	Deutsche Bank	0.555	5	5.71%	6	0.572	5	6.76%
9	Lehman	0.472	4	4.86%	11	0.263	3	3.11%
10	UBS	0.216	2	2.23%	9	0.287	3	3.39%
	Total	9.708	29	8.452	35
	Average size:	0.335	0.241
March, global market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Banc of America	2.058	10	16.89%	5	1.131	9	9.95%
2	Citigroup	2.008	7	16.48%	2	1.436	10	12.63%
3	Deutsche Bank	1.393	7	11.43%	6	1.062	9	9.34%
4	Goldman Sachs	1.289	3	10.58%	4	1.259	7	11.07%
5	Merrill Lynch	1.254	8	10.29%	7	0.515	4	4.53%
6	JPMorgan	1.223	8	10.04%	1	2.404	12	21.14%
7	Morgan Stanley	0.843	3	6.92%	12	0.262	2	2.30%
8	Credit Suisse	0.825	5	6.77%	3	1.391	9	12.23%
9	Lehman	0.472	4	3.87%	11	0.263	3	2.31%
10	Barclays	0.297	1	2.44%
	Total	12.184	34	11.370	43
	Average size:	0.358	0.264
March, European currencies, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	0.838	2	35.35%	3	0.490	4	16.79%
2	Citigroup	0.603	2	25.43%	10	0.099	1	3.39%
3	Goldman Sachs	0.541	1	22.83%	2	0.621	4	21.29%
4	Barclays	0.297	1	12.52%
5	Banc of America	0.062	1	2.59%	11	0.099	1	3.39%
6	Pareto	0.030	1	1.28%
	Total	2.371	4	2.917	8
	Average size:	0.593	0.365
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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