Citigroup is number one emerging markets underwriter for 2009

• Emerging markets issuance totals $187.11 billion for 2009

New York, Dec. 31 - Citigroup took the top spot among underwriters of emerging markets debt for 2009, according to data compiled by Prospect News.

But the bank's margin over second-placed JPMorgan was just $0.92 billion, or less than 0.5% of the year's total volume.

Deutsche Bank in third place and HSBC in fourth were not far behind.

Citi brought to market $22.36 billion of emerging markets bonds during the year compared to $21.45 billion for JPMorgan, $20.56 billion for Deutsche Bank and $20.03 billion for HSBC.

Deutsche Bank had place first in 2008 while Citi was second for that year. However, JPMorgan jumped dramatically during 2009, rising from seventh place in 2008.

Issuance for the year totaled $187.11 billion, almost 2.5 times the $75.72 billion total for 2008. It was 36% higher than the $137.56 billion in 2007 and 45% above the $129.04 billion in 2006.

Looking at dollar-denominated deals offered in the U.S. market, JPMorgan placed first, with HSBC second and Citi third.

Issuance for the year on this basis was $143.15 billion.

Year to date, all major currencies

2008 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	22.362	69	11.95%	2	8.567	30	11.31%
2	JPMorgan	21.447	66	11.46%	7	4.772	22	6.30%
3	Deutsche Bank	20.558	60	10.99%	1	9.214	29	12.17%
4	HSBC	20.027	63	10.70%	5	6.155	27	8.13%
5	Barclays	17.249	41	9.22%	4	6.269	17	8.28%
6	Credit Suisse	13.336	36	7.13%	3	7.330	22	9.68%
7	Goldman Sachs	12.316	35	6.58%	13	2.169	8	2.86%
8	Morgan Stanley	8.976	28	4.80%	8	4.502	14	5.94%
9	Bank of America	8.853	37	4.73%	11	2.551	12	3.37%
10	BNP Paribas	6.383	26	3.41%	10	3.165	10	4.18%
	Total	187.113	227	75.724	141
	Average size:	0.824	0.537
Year to date, U.S. market, dollar-denominated deals
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	18.946	53	13.24%	7	3.045	12	6.61%
2	HSBC	17.379	50	12.14%	4	4.202	18	9.12%
3	Citigroup	15.523	48	10.84%	2	6.158	23	13.37%
4	Barclays	15.070	34	10.53%	11	1.739	9	3.77%
5	Deutsche Bank	11.692	39	8.17%	5	4.153	19	9.02%
6	Credit Suisse	11.448	30	8.00%	1	6.242	17	13.55%
7	Goldman Sachs	11.276	30	7.88%	10	1.855	5	4.03%
8	Morgan Stanley	8.079	24	5.64%	3	4.412	13	9.58%
9	Bank of America	7.756	29	5.42%	12	1.561	6	3.39%
10	Santander	4.281	17	2.99%	18	0.371	2	0.80%
	Total	143.150	153	46.063	66
	Average size:	0.936	0.698
Fourth quarter, all major currencies
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	9.343	23	14.82%
2	Citigroup	8.380	24	13.29%
3	JPMorgan	7.014	26	11.13%
4	HSBC	5.931	21	9.41%
5	Credit Suisse	5.178	16	8.21%
6	Goldman Sachs	4.175	12	6.62%	1	0.998	1	44.91%
7	Bank of America	3.261	13	5.17%
8	Barclays	3.157	8	5.01%
9	Morgan Stanley	2.645	9	4.20%	2	0.998	1	44.91%
10	UBS	2.061	7	3.27%
	Total	63.042	81	2.222	3
	Average size:	0.778	0.741
Fourth quarter, U.S. market, dollar-denominated deals
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	6.014	19	13.76%
2	HSBC	4.552	16	10.42%
3	Deutsche Bank	4.003	16	9.16%
4	Credit Suisse	3.954	12	9.05%
5	Citigroup	3.892	13	8.91%
6	Goldman Sachs	3.511	10	8.04%	1	0.998	1	50.00%
7	Bank of America	3.089	12	7.07%
8	Barclays	3.007	7	6.88%
9	Morgan Stanley	2.348	8	5.37%	2	0.998	1	50.00%
10	Santander	1.793	7	4.10%
	Total	43.692	53	1.996	1
	Average size:	0.824	1.996
December, all major currencies
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	1.049	4	19.22%
2	Citigroup	0.853	5	15.62%
3	JPMorgan	0.726	4	13.31%
4	Bank of America	0.626	3	11.48%
5	Deutsche Bank	0.541	3	9.90%
6	Goldman Sachs	0.284	1	5.20%	1	0.998	1	49.58%
7	Morgan Stanley	0.284	1	5.20%	2	0.998	1	49.58%
8	BNP Paribas	0.219	1	4.02%
9	Bank of Beirut	0.167	2	3.05%
10	SG	0.167	2	3.05%
	Total	5.459	16	2.012	2
	Average size:	0.341	1.006
December, U.S. market, dollar-denominated deals
					2008 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	0.455	2	16.83%
2	JPMorgan	0.455	2	16.83%
3	Deutsche Bank	0.441	2	16.29%
4	Citigroup	0.417	1	15.41%
5	Goldman Sachs	0.284	1	10.50%	1	0.998	1	50.00%
6	Morgan Stanley	0.284	1	10.50%	2	0.998	1	50.00%
7	Credit Suisse	0.123	1	4.55%
8	HSBC	0.123	1	4.55%
9	Santander	0.123	1	4.53%
	Total	2.704	6	1.996	1
	Average size:	0.451	1.996
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, Austria, Belgium, Finland, Iceland and Greece.

© 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.