* High yield issuance $33.82 billion year to date
* Citigroup top high yield underwriter for April
* High yield issuance $9.01 billion for April
New York, April 30 - High-yield bond issuance turned in another strong performance in April with a total of $9.01 billion of deals coming to market, according to data compiled by Prospect News.
Year-to-date issuance now stands at $33.82 billion, far ahead of the $26.73 billion at the same point last year and already - with just a third of the year completed - at 57% of the total for all of 2002.
Credit Suisse First Boston maintained its long-standing position at the top of the underwriting tables for the year so far.
But for April Citigroup edged out CSFB with a total of $1.39 billion compared to CSFB's $1.27 billion.
Prospect News' data covers dollar-denominated deals offered to U.S. investors.
Although issuance is now running 27% ahead of 2002's pace in dollar terms, the number of deals is actually almost identical at 115 for the first four months of 2003 compared to 113 in the first four months of 2002. The increased size of deals is reflected in the average size of $294 for 2003 to date compared to $237 for the same period of 2002.
April's volume of $9.01 billion comes on the heels of three strong months - $7.82 billion in March, $10.05 billion in February and $6.93 billion in January.
Year to date 2003
2002 Comparables
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | CS First Boston | 5,883.00 | 36 | 1 | 4,342.20 | 29
|
| 2. | Citigroup | 4,938.27 | 27 | 3 | 3,064.77 | 22
|
| 3. | Deutsche Bank | 4,351.94 | 27 | 2 | 3,217.02 | 18
|
| 4. | Banc of America | 3,227.30 | 21 | 4 | 2,793.77 | 22
|
| 5. | Lehman | 2,756.57 | 15 | 7 | 2,131.04 | 10
|
| 6. | JP Morgan | 2,647.85 | 21 | 5 | 2,603.43 | 19
|
| 7. | Goldman Sachs | 2,616.04 | 13 | 8 | 1,796.85 | 5 |
|
| 8. | Morgan Stanley | 1,583.77 | 5 | 9 | 1,403.13 | 10
|
| 9. | UBS Warburg | 1,576.97 | 11 | 6 | 2,162.91 | 12
|
| 10. | Bear Stearns | 1,061.18 | 5 | 12 | 435.91 | 3
|
| 11. | Dresdner KW | 875.00 | 1 | 11 | 519.80 | 4
|
| 12. | CIBC | 657.96 | 5 | 13 | 343.88 | 4
|
| 13. | Jefferies | 339.28 | 3 | 17 | 167.63 | 4
|
| 14. | Wachovia | 292.72 | 3 | 14 | 301.42 | 4
|
| 15. | Merrill Lynch | 271.22 | 2 | 10 | 887.78 | 6
|
|
|
| Total | $33,816.07 | 115 | $26,727.04 | 113
|
|
|
| Average size | $294.05 | $236.52
|
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| April 2003
|
| | | | | 2002 Comparables
|
| Underwriter | Amount | No. | Rank | Amount | No.
|
| 1. | Citigroup | 1,389.25 | 8 | 5 | 913.33 | 6
|
| 2. | CS First Boston | 1,265.21 | 10 | 1 | 1,298.69 | 11
|
| 3. | Deutsche Bank | 1,137.86 | 8 | 6 | 887.10 | 5
|
| 4. | Lehman | 992.73 | 5 | 4 | 950.00 | 4
|
| 5. | Banc of America | 899.00 | 7 | 7 | 723.43 | 6
|
| 6. | JP Morgan | 867.25 | 8 | 3 | 1,030.44 | 8
|
| 7. | Goldman Sachs | 583.98 | 3 | 8 | 300.00 | 1 |
|
| 9. | Bear Stearns | 530.14 | 2 | 11 | 200.00 | 1
|
| 9. | UBS Warburg | 299.71 | 2 | 2 | 1,157.50 | 7
|
| 10. | Morgan Stanley | 250.38 | 2 | 9 | 243.67 | 3
|
|
|
| Total | $9,010.02 | 35 | $8,396.53 | 39
|
|
|
| Average size | $257.43 | $215.30
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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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