Citigroup knocks off Deutsche to become the 2007 underwriting leader

• Emerging markets issuance totals $135.54 billion for 2007

By Aaron Hochman-Zimmerman

New York, Dec. 31 - Citigroup surpassed Deutsche Bank in the fourth quarter to capture the lead in 2007's race to become the year's largest emerging markets underwriter in terms of cash value, according to data compiled by Prospect News.

Deutsche Bank led most of the year, but ended the year with 78 deals worth $19.1 billion. Citigroup ended the year with 84 deals worth $19.3 billion.

In the fourth quarter, Citigroup brought 12 deals worth $4.2 billion, including the $1 billion 10-year 8.2% sovereign bonds from Gabon on Dec. 5. Credit Suisse took second place with 10 deals worth $2.6 billion.

During the month of December, JP Morgan led with two deals worth $580 million. Citigroup finished second with one deal worth $500 million.

Despite the turbulence of 2007, emerging markets outpaced its 2006 new issue production.

In 2006, $128.6 billion was priced over 348 deals. In 2007, $135.5 billion was priced over only 306 deals.

Year to date, all major currencies

2006 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	19.264	84	14.21%	2	13.508	75	10.50%
2	Deutsche Bank	19.073	78	14.07%	1	15.364	65	11.95%
3	UBS	11.643	50	8.59%	5	11.255	53	8.75%
4	Credit Suisse	11.189	48	8.26%	4	12.488	53	9.71%
5	JPMorgan	10.347	45	7.63%	3	12.550	54	9.76%
6	ABN	7.888	30	5.82%	10	5.623	33	4.37%
7	Merrill Lynch	7.696	36	5.68%	11	4.040	20	3.14%
8	Barclays	6.734	34	4.97%	8	8.167	43	6.35%
9	HSBC	6.491	35	4.79%	9	6.799	34	5.29%
10	Morgan Stanley	6.274	26	4.63%	7	8.800	40	6.84%
	Total	135.542	306	128.602	348
	Average size:	0.443	0.370
Year to date, U.S. market, dollar-denominated deals
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	10.257	39	14.73%	1	9.193	44	13.25%
2	Deutsche Bank	9.200	36	13.21%	3	7.728	28	11.14%
3	Credit Suisse	8.241	34	11.84%	2	7.744	33	11.16%
4	JPMorgan	6.566	23	9.43%	4	7.437	31	10.72%
5	Merrill Lynch	5.962	24	8.56%	10	2.591	10	3.73%
6	UBS	5.411	18	7.77%	5	6.463	23	9.32%
7	ABN	4.519	14	6.49%	11	2.259	11	3.26%
8	Morgan Stanley	4.258	17	6.11%	6	6.418	27	9.25%
9	Goldman Sachs	2.612	8	3.75%	7	6.278	12	9.05%
10	Barclays	2.456	10	3.53%	8	4.038	14	5.82%
	Total	69.629	139	69.373	149
	Average size:	0.501	0.466
Fourth quarter, all major currencies
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	4.163	12	19.58%	4	4.332	27	9.65%
2	Credit Suisse	2.557	10	12.02%	1	5.186	21	11.55%
3	UBS	2.270	9	10.68%	3	4.754	20	10.58%
4	JPMorgan	2.080	6	9.78%	7	3.066	11	6.83%
5	Deutsche Bank	2.078	9	9.77%	2	5.061	22	11.27%
6	ABN	1.315	3	6.18%	8	2.804	14	6.24%
7	HSBC	1.209	7	5.68%	10	1.966	12	4.38%
8	Merrill Lynch	1.094	4	5.14%	9	2.331	9	5.19%
9	TD	1.000	2	4.70%
10	SG	0.852	1	4.01%
	Total	21.265	40	44.917	116
	Average size:	0.532	0.387
Fourth quarter, U.S. market, dollar-denominated deals
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	2.517	9	15.71%	7	2.142	11	8.02%
2	Credit Suisse	2.448	9	15.28%	2	3.367	12	12.61%
3	Deutsche Bank	2.078	9	12.97%	1	3.678	12	13.77%
4	JPMorgan	1.997	5	12.47%	5	2.399	7	8.99%
5	UBS	1.413	5	8.82%	3	2.694	8	10.09%
6	ABN	1.315	3	8.21%	9	1.396	5	5.23%
7	Merrill Lynch	1.094	4	6.83%	8	1.411	4	5.29%
8	TD	1.000	2	6.24%
9	HSBC	0.497	2	3.10%	13	0.880	4	3.30%
10	Morgan Stanley	0.475	2	2.96%	10	1.243	7	4.65%
	Total	16.020	26	26.699	51
	Average size:	0.616	0.524
December, all major currencies
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	0.583	2	45.58%	4	0.792	3	11.02%
2	Citigroup	0.500	1	39.07%	1	1.156	5	16.09%
3	Barclays	0.083	1	6.51%	3	0.874	4	12.17%
3	HSBC	0.083	1	6.51%	8	0.454	3	6.32%
5	BCP	0.030	1	2.33%
	Total	1.280	3	7.186	23
	Average size:	0.427	0.312
December, U.S. market, dollar-denominated deals
					2006 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	0.500	1	50.00%	2	0.889	3	17.14%
1	JPMorgan	0.500	1	50.00%	4	0.625	2	12.05%
	Total	1.000	1	5.186	15
	Average size:	1.000	0.346
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 shown in Federal Reserve's H.10 release on 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, Belgium, Iceland and Greece.

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