Deutsche Bank top emerging markets debt underwriter for year to date

• New deal volume totals $378.04 billion

By Christine Van Dusen

Atlanta, Nov. 27 - Deutsche Bank stayed on top as the most prolific underwriter for emerging markets debt for the year through November, based on dollar volume, according to data compiled by Prospect News.

The bank has led $39.82 billion and 195 deals so far this year, representing a 10.53% share of the year-to-date total of $378.04 billion. Citigroup once again ranked second, with $39.19 billion from 218 deals, or 10.37%.

A year ago, HSBC topped the year-to-date list, with a total of $41.48 billion and 199 deals. Citigroup followed, with $39.23 billion from 195 major-currency deals. That year, new deal volume totaled $359.28 billion.

For November 2013, JPMorgan took first place, with $4.96 billion from 19 deals, or a 14.42% share. Deutsche Bank was next up, with $4.74 billion from 20 deals, a 13.79% share. The total for the month was $34.36 billion.

In November of 2012, JPMorgan also topped the list, with $5.28 billion from 27 deals, a 12.22% share. HSBC was next on the list with $4.43 billion from 23 deals, or a 10.26% share of the total $43.18 billion from 64 deals in the month.

Citigroup managed to maintain a top ranking for dollar-denominated deals in the year to date, with $27.56 billion from 140 transactions, or 12.45% of the total. JPMorgan held on to the silver medal, with $25.25 billion from 120 deals, or 11.41% of total deal volume.

For the month of November, Citigroup led the way in dollar-denominated deals, with $2.44 billion from 11 transactions, representing 15.97% of total deal volume. JPMorgan placed second with $2.44 billion from 11 deals, or 15.97% of the month's total volume.

In November of 2012, JPMorgan was first on the list for dollar deals in the United States, with $4.06 billion from 19 deals, a 15.64% share. Deutsche Bank followed with $3.17 billion from 15 deals, or 12.22% of the total.

All major currencies, year to date

2012 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	39.816	195	10.53%	4	32.313	148	8.99%
2	Citigroup	39.187	218	10.37%	2	39.229	195	10.92%
3	JPMorgan	38.583	201	10.21%	3	38.244	178	10.64%
4	HSBC	34.857	209	9.22%	1	41.476	199	11.54%
5	Bank of America	21.193	131	5.61%	7	17.048	104	4.74%
6	Barclays	20.359	104	5.39%	5	18.767	77	5.22%
7	Goldman Sachs	17.506	96	4.63%	6	18.206	85	5.07%
8	BNP	15.074	72	3.99%	10	12.183	62	3.39%
9	Standard Chartered	12.753	92	3.37%	9	14.616	90	4.07%
10	Morgan Stanley	12.673	79	3.35%	8	15.601	71	4.34%
	Total	378.040	641	359.277	550
	Average size:	0.590	0.653
All major currencies, November
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	4.956	19	14.42%	1	5.278	27	12.22%
2	Deutsche Bank	4.737	20	13.79%	3	3.620	19	8.38%
3	Citigroup	3.477	22	10.12%	4	2.958	20	6.85%
4	HSBC	2.643	18	7.69%	2	4.430	23	10.26%
5	Credit Suisse	1.833	10	5.33%	25	0.449	3	1.04%
6	Barclays	1.830	9	5.33%	24	0.450	2	1.04%
7	Bank of America	1.488	14	4.33%	6	2.723	16	6.31%
8	Goldman Sachs	1.423	10	4.14%	5	2.903	15	6.72%
9	BNP	1.334	7	3.88%	10	1.222	8	2.83%
10	Mitsubishi	0.893	6	2.60%	17	0.743	4	1.72%
	Total	34.356	72	43.184	64
	Average size:	0.477	0.675
U.S. market, dollar-denominated deals, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	27.559	140	12.45%	2	28.335	124	13.03%
2	JPMorgan	25.248	120	11.41%	1	28.668	116	13.19%
3	Deutsche Bank	25.130	105	11.36%	4	18.675	83	8.59%
4	HSBC	17.890	86	8.08%	3	21.568	93	9.92%
5	Bank of America	15.263	85	6.90%	6	13.176	70	6.06%
6	Barclays	13.297	63	6.01%	7	12.764	48	5.87%
7	Goldman Sachs	12.414	54	5.61%	5	14.145	56	6.51%
8	Morgan Stanley	9.964	48	4.50%	8	10.968	41	5.05%
9	BNP	8.714	34	3.94%	9	5.801	28	2.67%
10	Credit Suisse	5.174	33	2.34%	12	4.462	30	2.05%
	Total	221.311	310	217.378	288
	Average size:	0.714	0.755
U.S. market, dollar-denominated deals, November
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	2.650	12	17.32%	6	2.047	12	7.88%
2	JPMorgan	2.444	11	15.97%	1	4.062	19	15.64%
3	Deutsche Bank	2.296	9	15.01%	2	3.172	15	12.22%
4	HSBC	1.203	9	7.86%	4	2.364	13	9.10%
5	BNP	1.024	3	6.69%	17	0.420	2	1.62%
6	Goldman Sachs	0.855	5	5.59%	5	2.104	8	8.10%
7	Mitsubishi	0.804	5	5.26%	11	0.544	3	2.09%
8	Bank of America	0.756	5	4.94%	3	2.574	14	9.91%
9	Credit Agricole	0.679	4	4.44%	27	0.118	1	0.45%
10	Barclays	0.630	3	4.12%	14	0.450	2	1.73%
	Total	15.300	21	25.967	36
	Average size:	0.729	0.721
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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