JPMorgan number one emerging markets debt underwriter as issuance sets monthly record

• New deal volume totals $164.20 billion for year to date

New York, April 30 - JPMorgan was the number one underwriter of debt for emerging markets issuers for the year through April as new deal activity soared to a record high, according to data compiled by Prospect News.

April saw $52.21 billion of new emerging markets bonds in 82 deals, 12% above the previous record of $46.45 billion set in January of this year.

Issuance for the first four months of 2013 totals $164.20 billion, 18% higher than the $139.41 billion at the same stage of 2012.

JPMorgan took the number-one position in the year-to-date rankings in March, dislodging Citigroup. However the two banks are separated by a tiny margin of just $140 million, or 0.08% of the total market.

Citigroup had been third for the first quarter but moved up to second place for the year through March.

Deutsche bank moved up to third from fourth while HSBC, which was number two in March, dropped to fourth.

However Deutsche is only $570 million behind Citi, or 0.38% of the market, and HSBC is not far behind, trailing by $1.8 billion or 1.69% of the market.

For deals offered in the U.S. market, Citigroup moved up to first, pushing JPMorgan into second. Deutsche and HSBC took the third and fourth positions.

Year-to-date issuance on this basis was $91.94 billion.

All major currencies, year to date

2012 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	17.577	94	10.70%	3	13.396	61	9.61%
2	Citigroup	17.433	99	10.62%	1	18.047	74	12.95%
3	Deutsche Bank	16.809	89	10.24%	4	11.319	55	8.12%
4	HSBC	14.042	93	8.55%	2	17.523	75	12.57%
5	Bank of America	8.898	64	5.42%	9	5.137	28	3.68%
6	Barclays	8.680	46	5.29%	5	9.063	31	6.50%
7	Standard Chartered	8.296	57	5.05%	8	6.030	34	4.33%
8	BNP	7.739	30	4.71%	6	6.717	32	4.82%
9	Goldman Sachs	7.326	36	4.46%	10	4.871	24	3.49%
10	UBS	5.543	51	3.38%	12	3.490	21	2.50%
	Total	164.202	280	139.407	204
	Average size:	0.586	0.683
All major currencies, April
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	6.175	33	11.83%	1	4.008	17	18.74%
2	Deutsche Bank	5.555	33	10.64%	13	0.559	4	2.61%
3	JPMorgan	4.773	28	9.14%	3	2.089	9	9.77%
4	BNP	3.340	12	6.40%	12	0.601	5	2.81%
5	Bank of America	2.781	19	5.33%	7	0.764	6	3.57%
6	HSBC	2.720	23	5.21%	2	2.657	14	12.42%
7	Standard Chartered	2.385	16	4.57%	5	1.464	5	6.85%
8	Barclays	2.219	14	4.25%	4	1.714	6	8.01%
9	UBS	1.881	13	3.60%	18	0.318	3	1.49%
10	Goldman Sachs	1.607	13	3.08%	21	0.274	2	1.28%
	Total	52.210	82	21.392	36
	Average size:	0.637	0.594
U.S. market, dollar-denominated deals, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	12.237	62	13.31%	1	14.057	52	15.95%
2	JPMorgan	12.026	59	13.08%	2	10.142	38	11.51%
3	Deutsche Bank	10.823	51	11.77%	5	6.278	30	7.12%
4	HSBC	5.969	32	6.49%	3	9.745	35	11.06%
5	Goldman Sachs	5.958	23	6.48%	9	3.842	15	4.36%
6	Bank of America	5.818	40	6.33%	7	4.081	19	4.63%
7	Barclays	5.482	29	5.96%	4	7.201	23	8.17%
8	BNP	4.674	14	5.08%	8	3.920	20	4.45%
9	Credit Suisse	2.917	13	3.17%	12	2.412	15	2.74%
10	Standard Chartered	2.683	15	2.92%	10	2.855	10	3.24%
	Total	91.938	137	88.139	110
	Average size:	0.671	0.801
U.S. market, dollar-denominated deals, April
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	4.875	24	16.34%	1	3.521	13	22.87%
2	Deutsche Bank	3.939	24	13.21%	12	0.267	2	1.73%
3	JPMorgan	3.530	20	11.84%	2	1.914	7	12.43%
4	BNP	1.863	4	6.25%	11	0.267	2	1.73%
5	Bank of America	1.529	12	5.13%	10	0.622	4	4.04%
6	Credit Suisse	1.515	5	5.08%	24	0.100	1	0.65%
7	Morgan Stanley	1.309	11	4.39%	17	0.132	1	0.86%
8	Standard Chartered	1.167	5	3.91%	5	1.256	3	8.16%
9	HSBC	1.086	11	3.64%	4	1.473	7	9.56%
10	Goldman Sachs	1.079	10	3.62%	14	0.199	1	1.29%
	Total	29.828	43	15.398	19
	Average size:	0.694	0.810
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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