Citigroup top emerging markets underwriter for first half of 2012

• Emerging markets issuance climbs to $179.64 billion year to date

New York, June 29 - Citigroup was the leading underwriter of emerging markets debt for the first half of 2012, according to data compiled by Prospect News.

The bank has now led the year-to-date tables for three months in a row, having taken the top spot in April when it displaced HSBC, which had been number one for the previous two months.

Citi notably increased its lead compared to the slim margin separating the two firms in May. For the first six months, Citi has brought to market $22.69 billion of emerging markets bonds, $1.5 billion more than HSBC at $21.13 billion. The gap between the two was $511 million for the year through May.

JPMorgan moved up to third place from fifth while Deutsche slipped a notch to fourth compared to May.

Year-to-date issuance now totals $179.64 billion, more than $20 billion ahead of the $156.67 billion at the same stage in 2011. June saw $19.55 billion of new EM debt, a somewhat slower pace than the $21.37 billion of June last year. But activity in the month just completed was almost identical to May's $19.48 billion.

For dollar-denominated emerging markets bonds sold in the United States, Citigroup was also first, as it was in the previous four months, followed by JPMorgan, with HSBC third. Barclays was fourth and Deutsche Bank fifth. All those positions were unchanged from May.

Year-to-date issuance in the U.S. market is $108.43 billion, a small lead over the $104.83 billion for the first half of 2011. Volume for June was $9.57 billion compared to $8.61 billion in June 2011.

All major currencies, year to date

2011 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	22.693	93	12.63%	4	11.283	63	7.20%
2	HSBC	21.128	96	11.76%	3	13.359	76	8.53%
3	JPMorgan	17.061	75	9.50%	2	16.280	70	10.39%
4	Deutsche Bank	16.938	72	9.43%	1	17.949	81	11.46%
5	Barclays	12.751	45	7.10%	6	9.198	52	5.87%
6	Standard Chartered	8.045	44	4.48%	10	5.291	43	3.38%
7	Morgan Stanley	7.714	35	4.29%	13	3.537	24	2.26%
8	BNP	7.268	37	4.05%	8	7.073	37	4.51%
9	Goldman Sachs	6.745	34	3.75%	7	8.471	42	5.41%
10	Bank of America	6.361	36	3.54%	5	9.204	51	5.87%
	Total	179.639	265	156.673	269
	Average size:	0.678	0.582
U.S. market, dollar-denominated deals, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	17.313	62	15.97%	3	9.336	49	8.91%
2	JPMorgan	12.384	47	11.42%	1	14.636	58	13.96%
3	HSBC	11.447	45	10.56%	5	8.126	45	7.75%
4	Barclays	8.925	30	8.23%	6	6.157	32	5.87%
5	Deutsche Bank	8.140	36	7.51%	2	11.926	51	11.38%
6	Goldman Sachs	5.259	21	4.85%	7	6.130	29	5.85%
7	Morgan Stanley	5.013	18	4.62%	15	2.457	18	2.34%
8	Bank of America	4.697	22	4.33%	4	8.349	44	7.96%
9	BNP	3.920	20	3.62%	8	4.206	21	4.01%
10	Standard Chartered	3.334	12	3.07%	10	2.973	25	2.84%
	Total	108.426	134	104.825	164
	Average size:	0.809	0.639
All major currencies, second quarter
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	8.653	36	13.99%	4	5.876	37	7.28%
2	HSBC	6.263	35	10.12%	1	7.982	46	9.88%
3	Deutsche Bank	6.178	21	9.99%	2	7.908	37	9.79%
4	JPMorgan	5.754	23	9.30%	3	6.682	32	8.27%
5	Barclays	5.402	20	8.73%	8	3.420	25	4.23%
6	Standard Chartered	3.479	15	5.62%	10	2.968	25	3.67%
7	Goldman Sachs	2.148	12	3.47%	6	4.141	23	5.13%
8	Bank of America	1.988	14	3.21%	5	4.510	26	5.58%
9	Morgan Stanley	1.803	11	2.91%	19	1.184	9	1.47%
10	UBS	1.536	12	2.48%	7	3.555	20	4.40%
	Total	61.874	98	80.763	140
	Average size:	0.631	0.577
U.S. market, dollar-denominated deals, second quarter
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	6.777	23	18.86%	3	4.509	28	8.74%
2	JPMorgan	4.156	16	11.57%	1	6.004	26	11.64%
3	Barclays	3.338	12	9.29%	9	2.190	18	4.25%
4	HSBC	3.174	17	8.83%	4	4.448	28	8.63%
5	Deutsche Bank	2.129	8	5.92%	2	4.881	25	9.47%
6	Standard Chartered	1.735	5	4.83%	11	2.049	18	3.97%
7	Goldman Sachs	1.617	7	4.50%	6	3.281	17	6.36%
8	Evrofinance	1.500	1	4.17%
9	Bank of America	1.238	7	3.45%	5	4.333	24	8.40%
10	UBS	1.203	8	3.35%	10	2.189	10	4.25%
	Total	35.935	44	51.565	85
	Average size:	0.817	0.607
All major currencies, June
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	HSBC	2.030	13	10.39%	1	2.039	10	9.54%
2	JPMorgan	1.848	7	9.46%	6	1.110	4	5.20%
3	Standard Chartered	1.790	8	9.16%	21	0.360	3	1.68%
4	Citigroup	1.584	8	8.10%	2	1.581	8	7.40%
5	Barclays	1.546	5	7.91%	10	0.817	6	3.82%
6	Deutsche Bank	1.167	5	5.97%	4	1.306	5	6.11%
7	Morgan Stanley	0.900	5	4.60%	18	0.374	2	1.75%
8	Bank of America	0.689	4	3.53%	9	0.836	4	3.91%
9	Goldman Sachs	0.667	3	3.41%	14	0.584	3	2.73%
10	Banco Santander	0.626	1	3.20%
	Total	19.545	32	21.368	30
	Average size:	0.611	0.712
U.S. market, dollar-denominated deals, June
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	1.248	4	13.05%	3	0.791	2	9.18%
2	Citigroup	0.887	5	9.27%	1	1.081	6	12.55%
3	HSBC	0.828	6	8.65%	11	0.367	3	4.26%
4	Barclays	0.730	2	7.63%	12	0.367	3	4.26%
5	Deutsche Bank	0.668	3	6.99%	6	0.449	2	5.21%
6	Morgan Stanley	0.628	3	6.56%	19	0.125	1	1.45%
7	Banco Santander	0.626	1	6.54%
8	Goldman Sachs	0.543	2	5.68%	14	0.344	1	3.99%
9	Standard Chartered	0.479	2	5.01%
10	Santander	0.436	4	4.55%
	Total	9.567	14	8.614	12
	Average size:	0.683	0.718
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 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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