Deutsche Bank holds lead among emerging markets underwriters year to date

• Emerging markets issuance totals $116.16 billion year to date

By Aaron Hochman-Zimmerman

New York, Sept. 28 - Deutsche Bank retained its grip on the emerging markets underwriting league tables year to date.

It brought to market 69 deals worth $16.9 billion, according to data compiled by Prospect News.

Citigroup remained in second place with 72 issues worth $15.1 billion.

In the month of September, Merrill Lynch overtook Morgan Stanley, August's winner, for the title of monthly lead underwriter. Merrill Lynch priced four deals totaling $1.7 billion. Morgan Stanley did not make the top 10.

Despite the credit crisis, the August figures were in line with past year's August figures at five deals worth $2.3 billion.

It was September which fell behind the average as the 15 deals which priced amounted to $9.4 billion, short of the $15.1 billion priced over 43 deals in September 2006, and the $15.1 billion over 28 deals in September 2005.

Up to this point $116 billion has priced this year, while only $84 billion had priced by the end of September in 2006. Last year ended with a total of $129 billion priced.

Year to date, all major currencies

2006 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	16.995	69	14.63%	1	10.302	43	12.31%
2	Citigroup	15.101	72	13.00%	3	9.176	48	10.96%
3	UBS	9.622	42	8.28%	6	6.501	33	7.77%
4	Credit Suisse	8.633	38	7.43%	4	7.302	32	8.73%
5	JPMorgan	8.584	41	7.39%	2	9.484	43	11.33%
6	Barclays	6.634	33	5.71%	8	5.038	30	6.02%
7	Merrill Lynch	6.602	32	5.68%	13	1.709	11	2.04%
8	ABN	6.573	27	5.66%	10	2.819	19	3.37%
9	Morgan Stanley	5.800	24	4.99%	5	6.858	28	8.19%
10	HSBC	5.282	28	4.55%	9	4.833	22	5.78%
	Total	116.162	270	83.685	232
	Average size:	0.430	0.361
Year to date, U.S. market, dollar-denominated deals
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	7.740	30	14.00%	1	7.050	33	16.52%
2	Deutsche Bank	7.122	27	12.88%	5	4.050	16	9.49%
3	Credit Suisse	5.792	25	10.48%	4	4.377	21	10.26%
4	Merrill Lynch	4.868	20	8.81%	10	1.180	6	2.76%
5	JPMorgan	4.818	19	8.71%	3	5.038	24	11.80%
6	UBS	4.247	14	7.68%	7	3.769	15	8.83%
7	Morgan Stanley	3.783	15	6.84%	2	5.175	20	12.13%
8	ABN	3.204	11	5.79%	12	0.863	6	2.02%
9	Goldman Sachs	2.964	8	5.36%	6	3.798	10	8.90%
10	Barclays	2.439	10	4.41%	9	1.728	8	4.05%
	Total	55.291	116	42.674	98
	Average size:	0.477	0.435
Third quarter, all major currencies
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	2.713	10	14.68%	8	1.486	12	6.15%
2	Merrill Lynch	2.246	9	12.15%	11	0.980	4	4.05%
3	Citigroup	2.113	7	11.43%	1	2.572	17	10.64%
4	UBS	1.677	7	9.07%	4	2.098	11	8.68%
5	ABN	1.525	4	8.25%	13	0.890	6	3.68%
6	Goldman Sachs	1.450	3	7.84%	3	2.156	8	8.92%
7	HSBC	1.195	5	6.47%	2	2.399	8	9.93%
8	Morgan Stanley	0.857	4	4.64%	10	1.100	8	4.55%
9	Standard Chartered	0.744	5	4.02%
10	Credit Suisse	0.507	5	2.74%	6	1.988	10	8.23%
	Total	18.484	44	24.166	72
	Average size:	0.420	0.336
Third quarter, U.S. market, dollar-denominated deals
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Merrill Lynch	2.039	7	15.68%	7	0.980	4	7.71%
2	Citigroup	1.928	5	14.82%	1	2.317	13	18.24%
3	Deutsche Bank	1.922	6	14.78%	12	0.252	2	1.98%
4	UBS	1.477	5	11.35%	5	1.182	5	9.30%
5	Goldman Sachs	1.450	3	11.15%	3	1.439	5	11.33%
6	ABN	1.375	2	10.57%	11	0.386	3	3.04%
7	Morgan Stanley	0.651	2	5.00%	6	1.013	7	7.97%
8	HSBC	0.620	1	4.77%	9	0.571	3	4.50%
9	Nomura	0.333	1	2.56%
10	Standard Chartered	0.249	1	1.92%
	Total	13.007	24	12.703	31
	Average size:	0.542	0.410
September, all major currencies
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Merrill Lynch	1.706	4	18.08%	13	0.620	2	4.10%
2	UBS	1.477	5	15.65%	3	1.167	7	7.72%
3	Goldman Sachs	1.450	3	15.37%	2	1.439	5	9.52%
4	Citigroup	1.418	4	15.03%	12	0.660	6	4.36%
5	ABN	0.750	1	7.95%	10	0.790	5	5.23%
6	Deutsche Bank	0.666	1	7.06%	9	0.968	7	6.41%
7	HSBC	0.620	1	6.58%	1	1.878	5	12.42%
8	Nomura	0.333	1	3.53%	17	0.149	1	0.98%
9	Standard Chartered	0.249	1	2.64%
10	JPMorgan	0.249	1	2.64%	7	0.985	10	6.51%
	Total	9.435	15	15.120	43
	Average size:	0.629	0.352
September, U.S. market, dollar-denominated deals
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
.	Merrill Lynch	1.706	4	18.25%	5	0.620	2	9.38%
2	UBS	1.477	5	15.80%	7	0.448	3	6.78%
3	Goldman Sachs	1.450	3	15.51%	1	1.439	5	21.75%
4	Citigroup	1.328	3	14.22%	6	0.500	4	7.56%
5	ABN	0.750	1	8.03%	8	0.386	3	5.84%
6	Deutsche Bank	0.666	1	7.13%
7	HSBC	0.620	1	6.64%	10	0.300	2	4.53%
8	Nomura	0.333	1	3.56%
9	Standard Chartered	0.249	1	2.67%
10	JPMorgan	0.249	1	2.67%	9	0.303	3	4.58%
	Total	9.345	14	6.615	17
	Average size:	0.667	0.389
Prospect News Emerging Markets Underwriter Rankings

Criteria

• The tables include all underwritten offerings sold in the international bond markets reported to Prospect News.

• Offerings are included in the time period in which they price (or settle if pricing date not available).

• Amounts are based on the total sales price (face amount multiplied by the offering price). The full amount is credited to the bookrunner (or lead manager if no bookrunners). For multiple bookrunners (or lead managers), the total value is divided equally among all the firms.

• Each tranche is counted as a separate deal.

• Units made up of a bond and a warrant are included; other units are excluded.

• Best efforts and non-underwritten deals are excluded.

• Non-dollar deals are converted to dollars at the rate shown in Federal Reserve's H.10 release on day of pricing.

• Emerging markets are all countries except: United States, Canada, United Kingdom, Germany, France, Italy, Japan, Australia, New Zealand, Netherlands, Ireland, Sweden, Norway, Denmark, Spain, Portugal, Switzerland, Luxembourg, Belgium, Iceland and Greece.

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