• Emerging markets issuance now $315.53 billion year to date
New York, Oct. 31 - HSBC took the number one position among underwriters of emerging market bonds for the year so far, taking the lead spot from Citigroup, according to data compiled by Prospect News.
However the top four banks remain separated by narrow margins.
Citigroup had been leading for the year through September while HSBC had been second. HSBC is now ahead by $570 million, or 0.18% of the market. JPMorgan is $2.7 billion behind, or 0.86% of the market. Deutsche Bank is fourth, lagging by a further $1.1 billion, or 0.34%.
Meanwhile October saw a strong $39.22 billion of issuance, down from $44.74 billion in September, which was a monthly record for emerging markets.
Year-to-date volume of $315.53 billion is more than 50% above the $204.26 billion at the comparable stage of last year.
For deals offered in the U.S. market, Citigroup remains first, followed by JPMorgan, then HSBC and Deutsche Bank.
Year-to-date issuance on this basis is $190.91 billion, well ahead of 2011's $134.29 billion.
All major currencies, year to date
2011 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | HSBC | 36.199 | 172 | 11.47% | 3 | 17.165 | 95 | 8.40%
|
| 2 | Citigroup | 35.623 | 173 | 11.29% | 4 | 15.380 | 79 | 7.53%
|
| 3 | JPMorgan | 32.902 | 150 | 10.43% | 2 | 19.392 | 82 | 9.49%
|
| 4 | Deutsche Bank | 31.832 | 128 | 10.09% | 1 | 21.379 | 93 | 10.47%
|
| 5 | Barclays | 17.635 | 72 | 5.59% | 7 | 11.795 | 65 | 5.77%
|
| 6 | Goldman Sachs | 15.103 | 68 | 4.79% | 6 | 11.841 | 60 | 5.80%
|
| 7 | Bank of America | 14.262 | 87 | 4.52% | 5 | 13.149 | 63 | 6.44%
|
| 8 | Morgan Stanley | 13.406 | 60 | 4.25% | 14 | 4.804 | 33 | 2.35%
|
| 9 | Standard Chartered | 12.902 | 78 | 4.09% | 11 | 6.610 | 52 | 3.24%
|
| 10 | BNP | 10.961 | 54 | 3.47% | 8 | 8.987 | 45 | 4.40%
|
| Total | 315.527 | 479 | 204.255 | 353 |
|
| Average size: | 0.659 | 0.579 |
|
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|
| U.S. market, dollar-denominated deals, year to date |
|
| | | | | 2011 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Citigroup | 26.122 | 111 | 13.68% | 4 | 12.023 | 57 | 8.95%
|
| 2 | JPMorgan | 24.606 | 97 | 12.89% | 1 | 17.668 | 68 | 13.16%
|
| 3 | HSBC | 19.037 | 79 | 9.97% | 5 | 10.778 | 57 | 8.03%
|
| 4 | Deutsche Bank | 15.503 | 68 | 8.12% | 2 | 13.424 | 55 | 10.00%
|
| 5 | Barclays | 12.314 | 46 | 6.45% | 7 | 8.373 | 41 | 6.24%
|
| 6 | Goldman Sachs | 12.041 | 48 | 6.31% | 6 | 8.466 | 41 | 6.30%
|
| 7 | Bank of America | 10.602 | 56 | 5.55% | 3 | 12.294 | 56 | 9.15%
|
| 8 | Morgan Stanley | 9.768 | 37 | 5.12% | 13 | 3.007 | 22 | 2.24%
|
| 9 | BNP | 5.381 | 26 | 2.82% | 10 | 4.630 | 24 | 3.45%
|
| 10 | Standard Chartered | 5.215 | 25 | 2.73% | 12 | 3.248 | 28 | 2.42%
|
| Total | 190.911 | 251 | 134.290 | 203 |
|
| Average size: | 0.761 | 0.662 |
|
|
|
| All major currencies, October |
|
| | | | | 2011 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | JPMorgan | 5.029 | 24 | 12.82% | 11 | 0.632 | 4 | 3.03%
|
| 2 | HSBC | 4.939 | 25 | 12.59% | 4 | 1.874 | 6 | 8.99%
|
| 3 | Citigroup | 4.072 | 26 | 10.38% | 5 | 1.207 | 5 | 5.79%
|
| 4 | Deutsche Bank | 3.276 | 17 | 8.35% | 2 | 2.230 | 6 | 10.70%
|
| 5 | Bank of America | 2.790 | 19 | 7.11% | 9 | 0.859 | 3 | 4.12%
|
| 6 | Barclays | 2.195 | 11 | 5.60% | 6 | 0.946 | 5 | 4.54%
|
| 7 | SG | 1.530 | 6 | 3.90% | 14 | 0.622 | 3 | 2.99%
|
| 8 | Goldman Sachs | 1.459 | 9 | 3.72% | 7 | 0.922 | 6 | 4.42%
|
| 9 | Standard Chartered | 1.399 | 11 | 3.57% | 10 | 0.763 | 5 | 3.66%
|
| 10 | ING | 1.368 | 7 | 3.49% | 26 | 0.124 | 1 | 0.60%
|
| Total | 39.222 | 63 | 20.842 | 27 |
|
| Average size: | 0.623 | 0.772 |
|
|
|
| U.S. market, dollar-denominated deals, October |
|
| | | | | 2011 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | JPMorgan | 4.135 | 17 | 16.23% | 10 | 0.632 | 4 | 4.83%
|
| 2 | Citigroup | 3.131 | 17 | 12.29% | 4 | 1.041 | 4 | 7.94%
|
| 3 | HSBC | 2.800 | 12 | 10.99% | 1 | 1.361 | 4 | 10.38%
|
| 4 | Deutsche Bank | 2.399 | 10 | 9.42% | 6 | 0.907 | 2 | 6.92%
|
| 5 | Bank of America | 2.074 | 12 | 8.14% | 8 | 0.859 | 3 | 6.56%
|
| 6 | Barclays | 1.700 | 8 | 6.67% | 5 | 0.946 | 5 | 7.22%
|
| 7 | BNP | 1.158 | 3 | 4.55% |
|
| 8 | Goldman Sachs | 1.011 | 5 | 3.97% | 9 | 0.798 | 5 | 6.09%
|
| 9 | Sberbank | 0.833 | 2 | 3.27% |
|
| 10 | VTB Capital | 0.829 | 4 | 3.25% |
|
| Total | 25.475 | 34 | 13.102 | 13 |
|
| Average size: | 0.749 | 1.008 |
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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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