JPMorgan leads high-grade bond underwriters for year to date, February

By Andrea Heisinger

New York, Feb. 28 - JPMorgan Chase & Co. maintained its position in February and year to date as the lead underwriter of high-grade bonds, according to data compiled by Prospect News.

The bank handled $32.97 billion of bonds in 99 sales out of the total $209.24 billion priced in 239 offerings. JPMorgan was also in the No. 1 position in the same period of 2012 when it underwrote $27.1 billion of paper in 98 deals out of the $180.95 billion sold in 210 offerings.

Coming in behind JPMorgan in the rankings were BofA Merrill Lynch, Goldman Sachs Group Inc., Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC.

For February, JPMorgan also took the top position as underwriter of $12.08 billion of bonds in 42 trades. There was $91.21 billion total priced throughout the month in 110 offerings. JPMorgan was also in the No. 1 spot for the same month of 2012 when it handled $12.97 billion of bonds in 54 deals with $99.48 billion total priced in 117 sales.

Following JPMorgan in February's rankings were Morgan Stanley, BofA Merrill Lynch, Citigroup and Deutsche Bank.

U.S. market, year to date

2012 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	32.968	99	15.76%	1	27.099	98	14.98%
2	Bank of America	25.560	100	12.22%	2	20.823	82	11.51%
3	Goldman Sachs	23.024	71	11.00%	5	17.213	42	9.51%
4	Citigroup	18.959	73	9.06%	3	19.380	64	10.71%
5	Morgan Stanley	16.889	50	8.07%	7	9.508	38	5.25%
6	Barclays	13.885	62	6.64%	4	17.248	63	9.53%
7	Deutsche Bank	12.769	54	6.10%	6	12.078	32	6.68%
8	RBC	8.499	31	4.06%	14	2.895	20	1.60%
9	Wells Fargo	7.549	37	3.61%	10	6.881	30	3.80%
10	HSBC	7.531	29	3.60%	12	5.972	16	3.30%
	Total	209.243	239	180.947	210
	Average size:	0.875	0.862
U.S. market, February
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	12.084	42	13.25%	1	12.971	54	13.04%
2	Morgan Stanley	9.789	26	10.73%	9	5.134	18	5.16%
3	Bank of America	8.661	42	9.49%	2	12.309	44	12.37%
4	Citigroup	8.350	37	9.15%	4	9.151	31	9.20%
5	Deutsche Bank	7.716	29	8.46%	5	7.076	17	7.11%
6	Goldman Sachs	7.197	28	7.89%	6	6.755	21	6.79%
7	Barclays	6.050	25	6.63%	3	9.788	33	9.84%
8	BNP	5.366	18	5.88%	12	3.631	18	3.65%
9	HSBC	5.105	19	5.60%	10	4.949	13	4.97%
10	RBC	4.220	13	4.63%	14	2.019	13	2.03%
	Total	91.214	110	99.477	117
	Average size:	0.829	0.850
Prospect News Investment Grade 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.

• Convertibles, trust preferreds and preferred stock are excluded.

• Emerging markets offerings are excluded.

• Minimum $75 million deal size.

• Deals rated investment grade by either Standard & Poor's or Moody's Investors Service 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.

• Remarketings are excluded.

• 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.