Credit Suisse top U.S. liability management dealer, high yield leader in April

By Lisa Kerner

Charlotte, N.C., April 30 - Credit Suisse was the number one ranked U.S. dealer manager of tenders, consent solicitations and exchanges year to date through April, with 13 offers totaling $8.29 billion, or a 16.7% share, according to data compiled by Prospect News.

For the 2012 period, Credit Suisse ranked third, with 19 transactions totaling $6.28 billion, or an 11.7% share.

The total number of offers year to date was 88 totaling $49.54 billion. Through April 2012, there had been 102 U.S. transactions for $53.74 billion.

Citigroup ranked second, with 18 offers totaling $7.07 billion, or a 14.3% share. The company ranked fifth for the 2012 period, with 22 totaling $5.24 billion, or a 9.8% share.

BofA Merrill Lynch took the third spot with 19 offers totaling $6.86 billion, or a 13.9% share. The company was ranked first in the prior-year period.

Credit Suisse for high yield

Credit Suisse was the number one ranked U.S. dealer manager of high-yield offers for the year through April with nine totaling $6.86 billion, or a 19.9% share. The company held the number two spot last year, with 17 deals totaling $6.05 billion, or a 20.0% share.

Total activity year to date rose to 64 totaling $34.42 billion, from 70 totaling $30.27 billion in April 2012.

Citigroup ranked second with 15 offers totaling $5.87 billion year to date, or a 17.1% share. The company held the number three spot for the 2012 period, with 17 deals totaling $3.85 billion, or a 12.7% share.

BofA Merrill Lynch was third with 16 deals totaling $4.19 billion, or a 12.2% share. The company ranked first in the prior year.

BofA first in U.S. high grade

BofA Merrill Lynch was the number one ranked U.S. dealer manager of investment-grade offers year to date through April with four deals totaling $2.80 billion, or an 18.8% share.

The total number of offers year to date was 19 totaling $14.93 billion.

Barclays ranked second, with four deals totaling $2.64 billion, or a 17.7% share.

JPMorgan ranked third with eight offers totaling $2.25 billion, or a 15.1% share.

D.F. King tops in information

In April 2013, D.F. King ranked first for U.S. information agents, with 36 offers covering $21.52 billion, or a 43.4% share. The company held the number one spot for the prior-year period with 41 deals raising $26.74 billion, or a 49.8% share.

Global Bondholder Services ranked second, with 31 transactions for $16.84 billion, or a 34.0% share. The company ranked second for the same period last year, with 37 deals raising $18.85 billion, or a 35.1% share.

The third spot was held by i-Deal with four deals raising $2.63 billion, or a 5.3% share.

Top dealer managers

Citigroup ranked number one for the tables covering all issuers and all currencies year to date through April 2013, with 35 offers totaling $26.81 billion, or a 20.5% share, also according to data compiled by Prospect News.

The total number of transactions year to date was 172 deals totaling $130.84 billion.

BofA Merrill Lynch ranked second with 25 deals totaling $13.96 billion, or a 10.7% share.

Credit Suisse was third with 19 deals totaling $13.10 billion, or a 10.0% share.

Convertibles ranking

Deutsche Bank was the number one ranked dealer manager of convertibles, all issuers, all currencies through April 2013, with two deals totaling $550 million, or a 17.0% share.

The total number of offerings year to date was 17 totaling $3.23 billion.

Citigroup heads EM

Citigroup placed first among dealer managers for emerging markets in all currencies through April 2013, with five offers totaling $9.98 billion, or a 52.9% share.

The total year to date was 30 for $18.85 billion.

Deutsche Bank ranked second with eight totaling $1.68 billion, or an 8.9% share.

BofA Merrill Lynch was third with four deals totaling $1.30 million year to date, or a 6.9% share.

Credit Suisse tops in junk

Credit Suisse was the number one ranked dealer manager of high-yield deals, all issuers, all currencies for the month of April, with 11 totaling $10.67 billion, or a 22.6% share.

The total for the month was 94 totaling $47.14 billion.

Citigroup placed second, with 20 totaling $7.45 billion, or a 15.8% share.

BofA Merrill Lynch was third with 19 deals worth $4.61 billion, or a 9.8% share.

High grade won by JPMorgan

JPMorgan was the number one ranked dealer manager of investment-grade deals, all issuers, all currencies in April, with 11 deals totaling $10.72 billion, or a 16.6% share.

The total was 39 offers for $64.60 billion.

Citigroup ranked second, with 12 deals for $9.76 billion, or a 15.1% share.

GBS tops for information

Through April 2013, the number one ranked among information agents, all issuers, all currencies, was Global Bondholder Services with 38 transactions covering $25.90 billion, or a 19.8% share.

D.F. King ranked second, with 46 transactions for $25.40 billion, or a 19.4% share.

Dealer managers for U.S. issuers, dollar denominated, year to date

2012 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	8.289	13	16.73%	3	6.284	19	11.69%
2	Citigroup	7.066	18	14.26%	5	5.244	22	9.76%
3	Bank of America	6.861	19	13.85%	1	13.624	26	25.35%
4	Barclays	5.502	15	11.11%	6	2.968	11	5.52%
5	JPMorgan	3.572	18	7.21%	2	6.894	15	12.83%
6	Goldman Sachs	2.901	13	5.86%	4	5.306	12	9.87%
7	Wells Fargo	2.594	10	5.24%	11	0.871	5	1.62%
8	Morgan Stanley	2.552	8	5.15%	9	2.129	13	3.96%
9	Deutsche Bank	2.337	8	4.72%	7	2.176	10	4.05%
10	Jefferies	0.667	3	1.35%	13	0.785	2	1.46%
	Total	49.542	88	53.741	102
	Average size:	0.563	0.527
Convertibles, dealer managers for U.S. issuers, dollar denominated, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	0.250	1	28.58%
2	Goldman Sachs	0.093	1	10.63%
	Total	0.875	4	0.357	4
	Average size:	0.219	0.089
High yield, dealer managers for U.S. issuers, dollar denominated, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	6.856	9	19.92%	2	6.053	17	20.00%
2	Citigroup	5.871	15	17.05%	3	3.845	17	12.70%
3	Bank of America	4.187	16	12.16%	1	6.577	22	21.73%
4	Barclays	2.987	12	8.68%	6	1.818	9	6.00%
5	Wells Fargo	2.594	10	7.54%	10	0.602	4	1.99%
6	Morgan Stanley	1.889	5	5.49%	12	0.489	4	1.61%
7	Goldman Sachs	1.860	7	5.40%	5	2.274	8	7.51%
8	JPMorgan	1.445	11	4.20%	4	2.751	10	9.09%
9	Deutsche Bank	1.337	6	3.88%	7	1.473	7	4.87%
10	Jefferies	0.667	3	1.94%	8	0.785	2	2.59%
	Total	34.423	64	30.273	70
	Average size:	0.538	0.432
Investment grade, dealer managers for U.S. issuers, dollar denominated, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	2.799	4	18.75%	1	7.047	4	32.47%
2	Barclays	2.640	4	17.68%	6	1.025	1	4.72%
3	JPMorgan	2.251	8	15.08%	2	4.143	5	19.09%
4	Credit Suisse	1.433	4	9.59%	11	0.200	1	0.92%
5	Citigroup	1.195	3	8.00%	5	1.463	5	6.74%
6	Goldman Sachs	0.948	5	6.35%	3	2.677	3	12.33%
7	Deutsche Bank	0.750	1	5.02%	7	0.796	4	3.67%
8	Morgan Stanley	0.663	3	4.44%	9	0.310	2	1.43%
9	RBC	0.333	1	2.23%	12	0.075	1	0.35%
10	BNP	0.305	2	2.04%
	Total	14.931	19	21.707	18
	Average size:	0.786	1.206
Information agents for U.S. issuers, dollar denominated, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	DFK	21.519	36	43.44%	1	26.736	41	49.75%
2	GBS	16.835	31	33.98%	2	18.845	37	35.07%
3	i-Deal	2.625	4	5.30%	4	1.485	2	2.76%
4	Lucid	2.007	2	4.05%	7	0.500	1	0.93%
5	Georgeson	1.597	2	3.22%
6	MacKenzie	1.551	2	3.13%	5	0.995	2	1.85%
7	Bondholder Communications	1.080	2	2.18%	3	2.105	6	3.92%
8	Epiq Systems	0.978	1	1.97%
9	USB	0.330	1	0.67%
	Total	49.542	88	53.741	102
	Average size:	0.563	0.527
Dealer managers for all issuers, all currencies, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	26.808	35	20.49%	3	18.688	43	2.80%
2	Bank of America	13.958	25	10.67%	2	21.115	40	3.16%
3	Credit Suisse	13.090	19	10.00%	1	22.965	29	3.44%
4	JPMorgan	12.486	24	9.54%	4	15.030	30	2.25%
5	Barclays	10.170	24	7.77%	8	5.595	20	0.84%
6	RBS	8.677	5	6.63%	12	3.388	8	0.51%
7	Santander	6.498	4	4.97%	37	0.123	2	0.02%
8	UBS	6.011	3	4.59%	9	5.281	10	0.79%
9	Deutsche Bank	4.386	18	3.35%	5	8.434	24	1.26%
10	Goldman Sachs	3.581	15	2.74%	6	7.325	16	1.10%
	Total	130.842	172	668.117	198
	Average size:	0.761	3.374
Convertibles, dealer managers for all issuers, all currencies, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	0.550	2	17.03%	4	0.106	2	1.68%
2	Standard Chartered	0.300	1	9.29%
3	Barclays	0.297	1	9.20%	2	0.325	3	5.13%
4	Pareto	0.200	1	6.19%
5	Natixis	0.198	1	6.12%
6	Citigroup	0.198	1	6.12%	7	0.030	1	0.48%
7	Goldman Sachs	0.093	1	2.88%
	Total	3.230	17	6.338	16
	Average size:	0.190	0.396
Emerging markets, dealer managers for all issuers, all currencies, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	9.981	5	52.94%	1	5.425	7	33.73%
2	Deutsche Bank	1.684	8	8.93%
3	Bank of America	1.302	4	6.91%	3	2.027	3	12.60%
4	Credit Suisse	0.853	4	4.53%	7	0.525	2	3.26%
5	HSBC	0.692	4	3.67%	4	1.505	2	9.36%
6	Goldman Sachs	0.680	2	3.61%	5	1.341	2	8.34%
7	Banco BTG Pactual	0.453	2	2.40%
8	JPMorgan	0.442	3	2.34%	2	2.507	5	15.59%
9	Morgan Stanley	0.438	3	2.32%
10	Credit Agricole	0.290	2	1.54%	6	0.802	1	4.99%
	Total	18.853	30	16.083	19
	Average size:	0.628	0.846
High yield, dealer managers for all issuers, all currencies, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	10.669	11	22.63%	1	9.891	22	19.30%
2	Citigroup	7.445	20	15.79%	3	7.700	23	15.03%
3	Bank of America	4.613	19	9.79%	2	8.234	26	16.07%
4	Barclays	3.414	15	7.24%	7	2.328	12	4.54%
5	Wells Fargo	2.594	10	5.50%	11	0.602	4	1.18%
6	Deutsche Bank	2.076	10	4.40%	5	3.031	11	5.92%
7	Morgan Stanley	2.009	7	4.26%	9	0.720	5	1.40%
8	Goldman Sachs	1.860	7	3.95%	6	2.524	9	4.93%
9	JPMorgan	1.595	12	3.38%	4	5.976	16	11.66%
10	Jefferies	0.667	3	1.42%	8	0.785	2	1.53%
	Total	47.137	94	51.238	106
	Average size:	0.501	0.483
Investment grade, dealer managers for all issuers, all currencies, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	10.724	11	16.60%	4	8.924	14	10.03%
2	Citigroup	9.759	12	15.11%	3	9.838	17	11.05%
3	Bank of America	8.883	5	13.75%	2	12.721	13	14.29%
4	RBS	8.358	2	12.94%	10	3.348	7	3.76%
5	Santander	6.264	2	9.70%
6	UBS	5.881	2	9.10%	6	4.830	7	5.43%
7	Barclays	5.224	7	8.09%	12	2.941	5	3.30%
8	Credit Suisse	1.867	5	2.89%	1	13.044	6	14.65%
9	Banco Bilbao Vizcaya	1.734	2	2.68%
10	Morgan Stanley	0.959	3	1.49%	8	3.746	6	4.21%
	Total	64.596	39	89.020	55
	Average size:	1.656	1.619
Information agents for all issuers, all currencies, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	GBS	25.904	38	19.80%	5	21.412	44	3.20%
2	DFK	25.396	46	19.41%	3	42.857	51	6.41%
3	Lucid	24.855	10	19.00%	4	32.959	21	4.93%
4	i-Deal	2.823	4	2.16%	6	2.178	3	0.33%
5	Bondholder Communications	2.564	7	1.96%	1	262.127	9	39.23%
6	Georgeson	1.597	3	1.22%	10	0.111	1	0.02%
7	MacKenzie	1.551	2	1.19%	7	0.995	2	0.15%
8	Epiq Systems	0.978	1	0.75%
9	BNP	0.389	2	0.30%	9	0.510	1	0.08%
10	USB	0.330	1	0.25%
	Total	130.842	172	668.117	198
	Average size:	0.761	3.374
Prospect News Liability Management Rankings

Criteria

• The tables include all dollar-denominated offers by U.S. issuers (top section) or all offers and all currencies (bottom section) reported to Prospect News.

• Transactions are included in the time period in which they were announced.

• The full amount is credited to the lead dealer manager or information agent. For multiple firms, the total is divided equally among all leads.

• Amounts are based on the maximum size of the offer.

• Excludes offers that were terminated but includes tender offers that did not reach the required threshold.

• Simultaneous offers for the same securities are counted as a single offer.

• Stand-alone consent solicitations (no tender offer) are included only if the offer is successful.

• Includes all debt and preferred securities.

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