Citigroup top U.S. market high-yield underwriter year to date

• U.S. market high-yield issuance totals $21.72 billion year to date

• Morgan Stanley top global high-yield underwriter year to date

• Global high-yield issuance totals $24.85 billion year to date

• Morgan Stanley top European high-yield underwriter year to date

• European high-yield issuance totals $5.32 billion year to date

New York, Feb. 28 - Citigroup remained the number one underwriter of high-yield bonds for the year so far, according to data compiled by Prospect News.

The firm also ranked first in January. It had been third for all of 2005.

Credit Suisse remained in second place while Morgan Stanley held at third, both unchanged from the month before.

Total volume for the month plunged to $5.69 billion, way down from the $16.03 billion total for January and the lowest level of issuance since October's $3.12 billion.

But thanks to January's burst if activity, the year-to-date tally of $21.72 billion is very close to the $21.57 billion at the same point in 2005 - although the count of deals is just 52 compared to 82 a year earlier.

For the global high-yield market, covering all major currencies but only issuers from industrialized countries, Morgan Stanley placed first and it also ranked number one for European deals, the same as in January.

Global issuance so far this year is $24.85 billion, slightly below the comparable $25.33 billion figure for 2005.

European activity is correspondingly lower at $5.32 billion year to date against 2005's $5.85 billion.

The U.S. market figures cover dollar-denominated high-yield deals issued in the United States as registered offerings or under Rule 144A and include all issuers, regardless of their home country.

Year to date, U.S. market, all issuers

2005 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	3.922	15	18.06%	3	2.712	17	12.57%
2	Credit Suisse	2.693	15	12.40%	1	3.277	20	15.19%
3	Morgan Stanley	2.413	7	11.11%	10	0.842	4	3.90%
4	Bear Stearns	1.939	8	8.93%	8	1.023	6	4.74%
5	JPMorgan	1.733	12	7.98%	6	1.717	13	7.96%
6	Banc of America	1.614	13	7.43%	2	2.873	23	13.32%
7	Deutsche Bank	1.611	8	7.41%	4	2.320	14	10.75%
8	UBS	1.255	6	5.78%	7	1.670	13	7.74%
9	Merrill Lynch	1.110	7	5.11%	9	0.926	7	4.29%
10	RBC	0.774	2	3.56%	13	0.155	1	0.72%
	Total	21.723	52	21.571	82
	Average size:	0.418	0.263
Year to date, U.S. market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	3.097	12	15.96%	2	2.587	16	13.36%
2	Credit Suisse	2.468	13	12.72%	4	2.142	14	11.06%
3	Morgan Stanley	2.188	5	11.28%	10	0.842	4	4.35%
4	Bear Stearns	1.939	8	9.99%	8	1.023	6	5.29%
5	JPMorgan	1.651	11	8.50%	7	1.366	11	7.06%
6	Banc of America	1.614	13	8.31%	1	2.873	23	14.84%
7	Deutsche Bank	1.611	8	8.30%	3	2.246	13	11.60%
8	UBS	1.173	5	6.04%	6	1.422	12	7.35%
9	Merrill Lynch	1.060	6	5.46%	9	0.852	6	4.40%
10	RBC	0.774	2	3.99%	13	0.155	1	0.80%
	Total	19.408	43	19.362	72
	Average size:	0.451	0.269
Year to date, global market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Morgan Stanley	3.499	8	14.08%	11	0.916	5	3.61%
2	Citigroup	3.397	13	13.67%	1	3.997	25	15.78%
3	Credit Suisse	3.070	15	12.36%	2	3.076	17	12.14%
4	Bear Stearns	1.939	8	7.81%	10	1.023	6	4.04%
5	JPMorgan	1.882	13	7.58%	7	1.731	14	6.83%
6	Deutsche Bank	1.786	10	7.19%	3	3.039	17	12.00%
7	Merrill Lynch	1.769	7	7.12%	9	1.049	7	4.14%
8	Banc of America	1.614	13	6.49%	4	3.006	24	11.86%
9	Barclays	1.259	3	5.07%
10	UBS	1.173	5	4.72%	6	1.749	13	6.90%
	Total	24.845	53	25.334	90
	Average size:	0.469	0.281
Year to date, European currencies, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Morgan Stanley	1.311	3	24.66%	12	0.074	1	1.26%
2	Barclays	1.009	2	18.97%
3	Merrill Lynch	0.709	1	13.34%	9	0.198	1	3.38%
4	Credit Suisse	0.602	2	11.32%	2	0.934	3	15.97%
5	Citigroup	0.299	1	5.63%	1	1.348	8	23.05%
6	UniCredit	0.299	1	5.63%
7	BNP Paribas	0.299	1	5.63%	4	0.657	3	11.24%
8	JPMorgan	0.232	2	4.36%	6	0.365	3	6.24%
9	Deutsche Bank	0.175	2	3.30%	3	0.793	4	13.57%
10	Calyon	0.109	1	2.05%
	Total	5.316	8	5.848	17
	Average size:	0.665	0.344
February, U.S. market, all issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	UBS	1.074	4	18.86%	6	0.777	9	8.44%
2	Merrill Lynch	0.706	4	12.40%	7	0.627	5	6.82%
3	Bear Stearns	0.625	3	10.98%	5	0.786	4	8.54%
4	Banc of America	0.599	6	10.52%	1	1.482	14	16.09%
5	Citigroup	0.491	4	8.62%	2	1.052	9	11.42%
6	Wachovia	0.340	3	5.98%	8	0.609	4	6.62%
7	Deutsche Bank	0.309	3	5.43%	3	0.991	6	10.76%
8	BNP Paribas	0.300	1	5.27%
9	Credit Suisse	0.238	3	4.19%	4	0.963	8	10.46%
10	Morgan Stanley	0.213	3	3.75%	12	0.250	2	2.72%
	Total	5.694	21	9.206	41
	Average size:	0.271	0.225
February, U.S. market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	UBS	1.074	4	21.15%	6	0.777	9	8.65%
2	Merrill Lynch	0.656	3	12.92%	8	0.553	4	6.16%
3	Bear Stearns	0.625	3	12.31%	5	0.786	4	8.75%
4	Banc of America	0.599	6	11.80%	1	1.482	14	16.49%
5	Citigroup	0.491	4	9.67%	2	1.052	9	11.71%
6	Wachovia	0.340	3	6.71%	7	0.609	4	6.78%
7	Deutsche Bank	0.309	3	6.09%	3	0.917	5	10.20%
8	BNP Paribas	0.300	1	5.91%
9	JPMorgan	0.166	1	3.27%	9	0.520	4	5.79%
10	Credit Suisse	0.163	2	3.22%	4	0.889	7	9.90%
	Total	5.077	17	8.984	40
	Average size:	0.299	0.225
February, global market, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	UBS	1.074	4	15.48%	7	0.777	9	6.53%
2	Citigroup	0.790	5	11.39%	2	1.621	13	13.61%
3	Merrill Lynch	0.656	3	9.46%	8	0.751	5	6.30%
4	Bear Stearns	0.625	3	9.01%	6	0.786	4	6.60%
5	BNP Paribas	0.599	2	8.64%	12	0.260	2	2.18%
6	Banc of America	0.599	6	8.64%	3	1.482	14	12.44%
7	Deutsche Bank	0.362	4	5.22%	4	0.917	5	7.70%
8	Wachovia	0.340	3	4.91%	10	0.609	4	5.12%
9	Barclays	0.299	1	4.32%
10	UniCredit	0.299	1	4.32%
	Total	6.937	23	11.909	49
	Average size:	0.302	0.243
February, European currencies, industrialized country issuers
					2005 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	UniCredit	0.299	1	17.21%
2	BNP Paribas	0.299	1	17.21%	7	0.198	1	7.06%
3	Barclays	0.299	1	17.21%
4	Citigroup	0.299	1	17.21%	2	0.507	3	18.09%
5	Calyon	0.109	1	6.26%
6	JPMorgan	0.109	1	6.26%	3	0.291	2	10.40%
7	RBS	0.109	1	6.26%
8	Jefferies	0.058	1	3.34%
9	ABN	0.052	1	3.02%
10	Banca IMI	0.052	1	3.02%
	Total	1.740	4	2.801	8
	Average size:	0.435	0.350
Prospect News High-Yield Underwriter Rankings

Criteria

• U.S. tables include all underwritten dollar-denominated offerings sold in the United States as public or Rule 144A deals reported to Prospect News.

• European tables cover deals denominated in currency of a European industrialized country

• Global tables cover deals denominated in currency of an industrialized country

• Amounts converted to dollars (if necessary) at rate shown in Federal Reserve's H.10 release on day of pricing

• Issues maturing in 397 days or less are excluded.

• Convertibles, trust preferreds, capital securities and preferred stock are excluded.

• Fixed-rate medium-term notes with a face value more than $100 million are included. All other MTNs are excluded.

• Deals rated investment grade by either Standard & Poor's or Moody's Investors Service are excluded, but deals not rated by both are included.

• Offerings are included in the time period in which they price.

• Amounts are based on the total sales price (face amount multiplied by the offering price). The full amount is credited to the bookrunner. For multiple leads, the total value is divided equally among joint bookrunners.

• Units made up of a bond and a warrant are included; other units are excluded.

• Sovereign issues are excluded.

• Each tranche is counted as a separate deal.

• Passthroughs, collateral trust and equipment trust certificates are included.

• Best efforts and non-underwritten deals are excluded as are remarketings.

• The headquarters location of the parent company is used for the country criteria (i.e. registrations in tax havens and offshore finance subsidiaries are ignored)

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.