• Emerging markets issuance totals record $38.35 billion for month
New York, Feb. 29 - HSBC was the top underwriter of emerging markets bonds for the first two months of 2012, according to data compiled by Prospect News.
The bank placed first in the international market - covering all major currencies - but Citigroup ranked at the top for dollar-denominated emerging markets bonds sold in the United States.
Citi was second for international offerings while HSBC was third in the United States.
JPMorgan, which had been number one in both categories for January, was third internationally and second for U.S. deals.
Deutsche Bank, which was first for all of 2011, was fifth internationally and four in the United States.
Issuance for the month was $38.35 billion, down from $42.46 billion in January, which was the biggest monthly total ever recorded by Prospect News, but still a vigorous pace of activity. Last year's busiest month was May with $33.99 billion.
In the U.S. market, issuance was $24.95 billion.
All major currencies, year to date
2011 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | HSBC | 10.201 | 45 | 12.68% | 4 | 3.609 | 15 | 7.68%
|
| 2 | Citigroup | 9.183 | 43 | 11.41% | 5 | 2.801 | 15 | 5.96%
|
| 3 | JPMorgan | 8.999 | 40 | 11.19% | 1 | 7.388 | 28 | 15.73%
|
| 4 | Barclays | 6.164 | 20 | 7.66% | 3 | 3.830 | 17 | 8.15%
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| 5 | Deutsche Bank | 6.150 | 32 | 7.64% | 2 | 6.161 | 30 | 13.11%
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| 6 | Morgan Stanley | 4.243 | 15 | 5.27% | 12 | 1.293 | 8 | 2.75%
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| 7 | BNP | 3.854 | 20 | 4.79% | 10 | 1.734 | 9 | 3.69%
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| 8 | Goldman Sachs | 3.714 | 17 | 4.62% | 7 | 2.559 | 10 | 5.45%
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| 9 | Standard Chartered | 3.457 | 23 | 4.30% | 14 | 1.043 | 9 | 2.22%
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| 10 | Itau BBA | 2.296 | 11 | 2.85% |
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| Total | 80.448 | 114 | 46.975 | 77 |
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| Average size: | 0.706 | 0.610 |
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| U.S. market, dollar-denominated deals, year to date |
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| | | | | 2011 Comparables |
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| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Citigroup | 7.919 | 34 | 12.94% | 3 | 2.657 | 13 | 7.31%
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| 2 | JPMorgan | 7.445 | 27 | 12.17% | 1 | 6.870 | 25 | 18.90%
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| 3 | HSBC | 6.460 | 25 | 10.56% | 6 | 2.538 | 8 | 6.98%
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| 4 | Deutsche Bank | 5.223 | 24 | 8.54% | 2 | 4.186 | 19 | 11.52%
|
| 5 | Barclays | 4.699 | 15 | 7.68% | 4 | 2.651 | 10 | 7.29%
|
| 6 | Morgan Stanley | 3.804 | 11 | 6.22% | 11 | 1.184 | 7 | 3.26%
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| 7 | BNP | 3.487 | 17 | 5.70% | 12 | 1.116 | 6 | 3.07%
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| 8 | Goldman Sachs | 3.260 | 12 | 5.33% | 7 | 2.064 | 8 | 5.68%
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| 9 | Itau BBA | 2.296 | 11 | 3.75% |
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| 10 | Santander | 2.186 | 10 | 3.57% | 8 | 1.883 | 9 | 5.18%
|
| Total | 61.193 | 76 | 36.345 | 56 |
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| Average size: | 0.805 | 0.649 |
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| All major currencies, February |
|
| | | | | 2011 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | HSBC | 5.006 | 25 | 13.05% | 4 | 1.567 | 6 | 11.23%
|
| 2 | Citigroup | 4.211 | 22 | 10.98% | 11 | 0.343 | 4 | 2.46%
|
| 3 | JPMorgan | 3.660 | 22 | 9.54% | 1 | 2.558 | 9 | 18.33%
|
| 4 | Barclays | 2.990 | 13 | 7.80% | 3 | 1.571 | 8 | 11.26%
|
| 5 | Deutsche Bank | 2.436 | 17 | 6.35% | 5 | 1.161 | 9 | 8.32%
|
| 6 | Morgan Stanley | 2.001 | 10 | 5.22% | 7 | 0.802 | 4 | 5.75%
|
| 7 | Standard Chartered | 1.750 | 14 | 4.56% | 14 | 0.249 | 3 | 1.78%
|
| 8 | Santander | 1.653 | 6 | 4.31% | 13 | 0.280 | 2 | 2.01%
|
| 9 | BNP | 1.564 | 11 | 4.08% | 12 | 0.324 | 2 | 2.32%
|
| 10 | BB Securities | 1.511 | 6 | 3.94% | 19 | 0.124 | 1 | 0.89%
|
| Total | 38.346 | 61 | 13.955 | 24 |
|
| Average size: | 0.629 | 0.581 |
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| U.S. market, dollar-denominated deals, February |
|
| | | | | 2011 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Citigroup | 3.646 | 18 | 14.62% | 13 | 0.199 | 2 | 1.72%
|
| 2 | JPMorgan | 2.512 | 12 | 10.07% | 1 | 2.190 | 7 | 18.94%
|
| 3 | HSBC | 1.943 | 10 | 7.79% | 3 | 1.318 | 3 | 11.40%
|
| 4 | Barclays | 1.840 | 9 | 7.37% | 4 | 0.945 | 3 | 8.18%
|
| 5 | Deutsche Bank | 1.678 | 10 | 6.73% | 6 | 0.858 | 5 | 7.42%
|
| 6 | Santander | 1.653 | 6 | 6.63% | 11 | 0.280 | 2 | 2.42%
|
| 7 | Morgan Stanley | 1.562 | 6 | 6.26% | 7 | 0.694 | 3 | 6.00%
|
| 8 | Itau BBA | 1.505 | 7 | 6.03% |
|
| 9 | BB Securities | 1.344 | 5 | 5.39% | 18 | 0.124 | 1 | 1.07%
|
| 10 | BNP | 1.198 | 8 | 4.80% | 10 | 0.324 | 2 | 2.80%
|
| Total | 24.945 | 35 | 11.561 | 17 |
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| Average size: | 0.713 | 0.680 |
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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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