• Emerging markets issuance totals $233.43 billion for 2011
New York, Dec. 30 - Deutsche Bank took the number one position among underwriters of emerging markets bonds for 2011, according to data compiled by Prospect News.
But Deutsche was just $200 million ahead of JPMorgan and only just over $300 million clear of third-placed Citigroup.
It was Deutsche's second consecutive year at the top. Citigroup placed first for 2009 although Deutsche was number one in 2008 and 2006. Citi took the leading position in 2007 and 2005.
Total issuance for the year was $233.43 billion, 83.7% of the $278.76 billion recorded for the record-setting year of 2010. However 2011 is the second busiest year for the market, well ahead of 2009's $189.81 billion. Most of 2011's volume was in the first half of the year, although October and especially November saw vigorous activity. December was slow with $8.19 billion of new deals.
Among the banks, JPMorgan's second place was a gain of one position from 2010 while Citi rose two notches from fifth position the year before. HSBC slipped to fourth from second in 2010 while bank of America rose to fifth from seventh.
Year to date, all major currencies
2010 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Deutsche Bank | 22.557 | 98 | 9.66% | 1 | 29.134 | 123 | 10.45%
|
| 2 | JPMorgan | 22.353 | 95 | 9.58% | 3 | 24.871 | 111 | 8.92%
|
| 3 | Citigroup | 22.220 | 101 | 9.52% | 5 | 19.957 | 96 | 7.16%
|
| 4 | HSBC | 20.479 | 113 | 8.77% | 2 | 28.073 | 121 | 10.07%
|
| 5 | Bank of America | 15.006 | 73 | 6.43% | 7 | 13.587 | 72 | 4.87%
|
| 6 | Barclays | 14.400 | 73 | 6.17% | 4 | 20.381 | 76 | 7.31%
|
| 7 | Goldman Sachs | 13.201 | 66 | 5.66% | 8 | 12.511 | 41 | 4.49%
|
| 8 | BNP | 9.609 | 44 | 4.12% | 12 | 8.663 | 41 | 3.11%
|
| 9 | Standard Chartered | 8.877 | 63 | 3.80% | 13 | 7.922 | 50 | 2.84%
|
| 10 | RBS | 7.743 | 54 | 3.32% | 9 | 12.412 | 67 | 4.45%
|
| Total | 233.432 | 387 | 278.755 | 440 |
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| Average size: | 0.603 | 0.634 |
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| Year to date, U.S. market, dollar-denominated deals |
|
| | | | | 2010 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | JPMorgan | 20.405 | 79 | 13.08% | 2 | 18.366 | 78 | 10.20%
|
| 2 | Citigroup | 16.111 | 74 | 10.33% | 3 | 15.711 | 66 | 8.73%
|
| 3 | Deutsche Bank | 14.134 | 59 | 9.06% | 1 | 18.890 | 83 | 10.50%
|
| 4 | Bank of America | 13.834 | 64 | 8.87% | 7 | 12.507 | 66 | 6.95%
|
| 5 | HSBC | 13.045 | 68 | 8.36% | 4 | 13.941 | 58 | 7.75%
|
| 6 | Barclays | 10.884 | 51 | 6.98% | 5 | 13.437 | 52 | 7.47%
|
| 7 | Goldman Sachs | 9.863 | 48 | 6.32% | 8 | 10.675 | 32 | 5.93%
|
| 8 | RBS | 5.537 | 36 | 3.55% | 9 | 8.785 | 42 | 4.88%
|
| 9 | BNP | 5.530 | 27 | 3.54% | 16 | 2.565 | 14 | 1.43%
|
| 10 | Credit Suisse | 5.227 | 27 | 3.35% | 6 | 12.948 | 51 | 7.19%
|
| Total | 155.999 | 233 | 179.989 | 267 |
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| Average size: | 0.670 | 0.674 |
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| Fourth quarter, all major currencies |
|
| | | | | 2010 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Citigroup | 8.085 | 28 | 15.34% | 4 | 4.081 | 25 | 6.06%
|
| 2 | HSBC | 5.256 | 25 | 9.97% | 1 | 8.235 | 36 | 12.22%
|
| 3 | Barclays | 3.803 | 17 | 7.22% | 10 | 2.722 | 17 | 4.04%
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| 4 | JPMorgan | 3.594 | 17 | 6.82% | 3 | 4.527 | 28 | 6.72%
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| 5 | Deutsche Bank | 3.538 | 13 | 6.72% | 2 | 6.253 | 36 | 9.28%
|
| 6 | Standard Chartered | 3.097 | 17 | 5.88% | 7 | 3.252 | 21 | 4.83%
|
| 7 | Bank of America | 2.716 | 13 | 5.16% | 11 | 2.405 | 14 | 3.57%
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| 8 | Goldman Sachs | 2.319 | 13 | 4.40% | 6 | 3.652 | 9 | 5.42%
|
| 9 | Credit Suisse | 2.281 | 6 | 4.33% | 9 | 2.772 | 14 | 4.12%
|
| 10 | Mitsubishi | 1.946 | 9 | 3.69% | 19 | 1.069 | 5 | 1.59%
|
| Total | 52.689 | 73 | 67.367 | 119 |
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| Average size: | 0.722 | 0.566 |
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| Fourth quarter, U.S. market, dollar-denominated deals |
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| | | | | 2010 Comparables |
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| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | JPMorgan | 36.138 | 144 | 15.26% | 1 | 39.291 | 203 | 14.92%
|
| 2 | Citigroup | 28.239 | 129 | 11.92% | 6 | 19.149 | 135 | 7.27%
|
| 3 | Bank of America | 23.299 | 125 | 9.84% | 2 | 33.838 | 209 | 12.85%
|
| 4 | Barclays | 20.087 | 98 | 8.48% | 3 | 23.856 | 122 | 9.06%
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| 5 | Morgan Stanley | 16.723 | 78 | 7.06% | 7 | 17.757 | 103 | 6.74%
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| 6 | Goldman Sachs | 13.391 | 68 | 5.65% | 4 | 21.568 | 104 | 8.19%
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| 7 | Deutsche Bank | 11.450 | 60 | 4.83% | 5 | 20.466 | 131 | 7.77%
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| 8 | HSBC | 11.253 | 43 | 4.75% | 12 | 7.706 | 33 | 2.93%
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| 9 | Wells Fargo | 9.925 | 52 | 4.19% | 11 | 8.741 | 76 | 3.32%
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| 10 | Credit Suisse | 9.537 | 45 | 4.03% | 8 | 14.364 | 94 | 5.45%
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| Total | 236.876 | 344 | 263.409 | 486 |
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| Average size: | 0.689 | 0.542 |
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| December, all major currencies |
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| | | | | 2010 Comparables |
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| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | HSBC | 1.297 | 8 | 15.83% | 3 | 0.413 | 2 | 8.98%
|
| 2 | Bank of America | 0.801 | 5 | 9.78% |
|
| 3 | Deutsche Bank | 0.740 | 4 | 9.03% | 4 | 0.398 | 3 | 8.65%
|
| 4 | Credit Agricole | 0.590 | 3 | 7.20% |
|
| 4 | BB Securities | 0.590 | 3 | 7.20% | 8 | 0.248 | 1 | 5.39%
|
| 4 | Banco Bradesco | 0.590 | 3 | 7.20% |
|
| 4 | Banco Santander | 0.590 | 3 | 7.20% | 2 | 0.421 | 2 | 9.16%
|
| 8 | Mitsubishi | 0.496 | 3 | 6.05% |
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| 9 | JPMorgan | 0.420 | 3 | 5.13% | 5 | 0.398 | 3 | 8.65%
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| 10 | RBS | 0.373 | 2 | 4.55% | 9 | 0.231 | 2 | 5.02%
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| 10 | Standard Chartered | 0.373 | 2 | 4.55% | 11 | 0.165 | 1 | 3.60%
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| Total | 8.193 | 13 | 4.599 | 12 |
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| Average size: | 0.630 | 0.383 |
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| December, U.S. market, dollar-denominated deals |
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| | | | | 2010 Comparables |
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| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | HSBC | 0.707 | 5 | 16.74% |
|
| 2 | Bank of America | 0.609 | 4 | 14.44% |
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| 3 | Mitsubishi | 0.496 | 3 | 11.75% |
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| 4 | JPMorgan | 0.420 | 3 | 9.96% | 3 | 0.398 | 3 | 15.66%
|
| 5 | RBS | 0.373 | 2 | 8.84% | 9 | 0.065 | 1 | 2.58%
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| 5 | Standard Chartered | 0.373 | 2 | 8.84% |
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| 7 | Citigroup | 0.335 | 2 | 7.93% | 4 | 0.201 | 2 | 7.91%
|
| 8 | Goldman Sachs | 0.150 | 1 | 3.54% |
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| 8 | Deutsche Bank | 0.150 | 1 | 3.54% | 2 | 0.398 | 3 | 15.66%
|
| 8 | Credit Suisse | 0.150 | 1 | 3.54% | 1 | 0.727 | 3 | 28.62%
|
| Total | 4.221 | 7 | 2.541 | 7 |
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| Average size: | 0.603 | 0.363 |
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| Prospect News Emerging Markets Underwriter Rankings
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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 on the 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, Austria, Belgium, Finland, Iceland and Greece.
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