JPMorgan takes number one spot among underwriters of emerging markets debt for year to date

• Issuance totals $110.39 billion for 2013 so far

New York, March 28 - JPMorgan took first place among underwriters of emerging markets debt for the year to date, knocking off Citigroup, which had been number one in January and for the year through February, according to data compiled by Prospect News.

HSBC moved up to second position in the league table from third the month before.

Citigroup fell to third place while Deutsche Bank continued in fourth.

However the leading four banks continue to be close in terms of business levels. Just 1.41% of the market separates the first and fourth positions.

JPMorgan handled $12.80 billion of deals in the first quarter, for an 11.6% share. HSBC's total was $11.32 billion, or 10.26% of the market. Citigroup recorded $11.26 billion, or 10.2% and Deutsche had $11.25 billion, or 10.19%.

Issuance for March was $35.65 billion, up solidly from $28.29 billion in February but down from $46.45 billion in January.

Year-to-date volume through the end of the first quarter is $110.39 billion, down 6.5% from the $118.02 billion for the comparable period of 2012.

For deals offered in the U.S. market, JPMorgan was first, followed by Citi in second, both unchanged from January and February.

Year-to-date issuance on this basis was $60.36 billion.

All major currencies, year to date

2012 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	12.804	66	11.60%	3	11.307	52	9.58%
2	HSBC	11.322	70	10.26%	1	14.866	61	12.60%
3	Citigroup	11.258	66	10.20%	2	14.039	57	11.90%
4	Deutsche Bank	11.254	56	10.19%	4	10.760	51	9.12%
5	Barclays	6.461	32	5.85%	5	7.349	25	6.23%
6	Bank of America	6.117	45	5.54%	10	4.373	22	3.71%
7	Standard Chartered	5.911	41	5.35%	9	4.566	29	3.87%
8	BNP	4.399	18	3.98%	6	6.116	27	5.18%
9	Goldman Sachs	4.220	21	3.82%	8	4.596	22	3.89%
10	UBS	3.661	38	3.32%	12	3.172	18	2.69%
	Total	110.391	195	118.015	168
	Average size:	0.566	0.702
All major currencies, March
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	5.102	22	14.31%	1	4.610	19	13.17%
2	HSBC	5.038	27	14.13%	3	3.971	14	11.35%
3	JPMorgan	4.871	25	13.66%	4	2.307	12	6.59%
4	Citigroup	2.833	19	7.95%	2	4.163	12	11.89%
5	Bank of America	2.222	14	6.23%	8	1.540	8	4.40%
6	Standard Chartered	1.974	14	5.54%	12	1.108	6	3.17%
7	BNP	1.260	7	3.53%	5	2.126	6	6.07%
8	Morgan Stanley	1.013	9	2.84%	7	1.668	9	4.77%
9	UBS	0.730	9	2.05%	13	1.020	7	2.91%
10	Credit Agricole	0.694	3	1.95%	33	0.150	1	0.43%
	Total	35.653	64	34.998	50
	Average size:	0.557	0.700
U.S. market, dollar-denominated deals, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	8.496	39	14.07%	3	8.228	31	11.31%
2	Citigroup	7.362	38	12.20%	1	10.536	39	14.48%
3	Deutsche Bank	6.884	27	11.40%	4	6.011	28	8.26%
4	HSBC	4.883	21	8.09%	2	8.272	28	11.37%
5	Barclays	4.650	22	7.70%	5	5.587	18	7.68%
6	Bank of America	4.041	27	6.69%	9	3.459	15	4.76%
7	Goldman Sachs	3.379	11	5.60%	8	3.643	14	5.01%
8	BNP	2.811	10	4.66%	7	3.654	18	5.02%
9	Standard Chartered	1.516	10	2.51%	14	1.599	7	2.20%
10	Credit Suisse	1.402	8	2.32%	11	2.312	14	3.18%
	Total	60.363	91	72.741	91
	Average size:	0.663	0.799
U.S. market, dollar-denominated deals, March
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	3.243	12	21.21%	5	0.788	4	8.24%
2	JPMorgan	2.126	13	13.90%	6	0.783	4	8.19%
3	HSBC	2.104	7	13.76%	2	1.152	2	12.04%
4	Citigroup	1.367	11	8.94%	1	1.957	4	20.46%
5	Bank of America	1.019	6	6.66%	3	1.000	4	10.45%
6	Morgan Stanley	0.707	5	4.62%	10	0.324	2	3.39%
7	Barclays	0.557	5	3.64%	4	0.888	3	9.28%
8	Goldman Sachs	0.371	1	2.43%	9	0.383	2	4.00%
9	UBS	0.363	4	2.37%	17	0.075	1	0.78%
10	Santander	0.310	2	2.03%
	Total	15.293	26	9.566	14
	Average size:	0.588	0.683
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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