Deutsche Bank remains top underwriter of emerging markets bonds

• Emerging markets issuance totals $180.74 billion year to date

New York, Sept. 30 - Deutsche Bank took the number one spot among underwriters of emerging markets bonds for a seventh straight month - but the positions were unchanged from the month before as issuance slumped to its lowest level since the financial crisis erupted in 2008, according to data compiled by Prospect News.

Deutsche took first place in March and has ranked first for the year to date during every month since then. JPMorgan was number one for the year through February but Deutsche was first in January and was also the top underwriter for all of 2010.

JPMorgan finished second in the latest tables, as it had the previous month.

Issuance for September totaled $2.49 billion, around a third of the $7.23 billion recorded in August, which was up until that point the least active month of the year. September's figure is the smallest since the $2.01 billion seen in December 2008. That was something of a recovery from the low point of $210 million in November 2008.

Year to date, the total is now $180.74 billion. Thanks to September's anemic activity, issuance for the year so far has now fallen behind the comparable figure for 2010, which was $211.39 billion for the first three quarters of that year.

The picture was the same for dollar-denominated deals offered in the United States. JPMorgan remained in first place with Deutsche second.

Year-to-date issuance on this basis totals $121.19 billion, also falling behind the 2010 level, which was $140.79 billion.

Year to date, all major currencies

2010 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	19.018	85	10.52%	1	22.881	87	10.82%
2	JPMorgan	18.760	78	10.38%	2	20.344	83	9.62%
3	HSBC	15.224	88	8.42%	3	19.838	85	9.38%
4	Citigroup	14.135	73	7.82%	5	15.876	71	7.51%
5	Bank of America	12.290	60	6.80%	7	11.182	58	5.29%
6	Goldman Sachs	10.882	53	6.02%	9	8.859	32	4.19%
7	Barclays	10.597	56	5.86%	4	17.659	59	8.35%
8	BNP	8.231	38	4.55%	12	6.892	30	3.26%
9	RBS	7.021	50	3.88%	10	8.425	43	3.99%
10	Standard Chartered	5.482	43	3.03%	13	4.670	29	2.21%
	Total	180.744	314	211.387	321
	Average size:	0.576	0.659
Year to date, U.S. market, dollar-denominated deals
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	17.036	64	14.06%	1	15.755	62	11.19%
2	Deutsche Bank	12.517	53	10.33%	2	14.021	56	9.96%
3	Bank of America	11.435	53	9.44%	7	10.352	53	7.35%
4	Citigroup	10.982	53	9.06%	3	12.302	47	8.74%
5	HSBC	9.418	53	7.77%	6	10.968	44	7.79%
6	Goldman Sachs	7.668	36	6.33%	8	7.218	25	5.13%
7	Barclays	7.428	36	6.13%	4	11.464	40	8.14%
8	RBS	4.815	32	3.97%	10	5.904	26	4.19%
9	BNP	4.630	24	3.82%	16	2.220	11	1.58%
10	Credit Suisse	3.887	23	3.21%	5	11.082	42	7.87%
	Total	121.188	190	140.791	203
	Average size:	0.638	0.694
Third quarter, all major currencies
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	3.085	9	11.93%	6	5.598	29	6.31%
2	Citigroup	2.852	10	11.03%	7	4.959	31	5.59%
3	JPMorgan	2.479	8	9.59%	1	11.164	41	12.58%
4	Goldman Sachs	2.411	11	9.32%	14	1.822	6	2.05%
5	HSBC	1.932	13	7.47%	3	9.099	42	10.25%
6	BNP	1.724	6	6.66%	10	2.947	16	3.32%
7	Barclays	1.519	6	5.87%	4	7.635	26	8.60%
8	Deutsche Bank	1.200	6	4.64%	2	10.162	39	11.45%
9	Morgan Stanley	1.116	7	4.32%	12	2.671	16	3.01%
10	RBS	1.038	8	4.01%	8	3.530	22	3.98%
	Total	25.863	53	88.755	150
	Average size:	0.488	0.592
Third quarter, U.S. market, dollar-denominated deals
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	36.287	110	16.76%	1	55.528	240	14.61%
2	Bank of America	24.887	113	11.49%	2	39.886	229	10.49%
3	Citigroup	22.570	113	10.42%	4	35.471	172	9.33%
4	Goldman Sachs	21.075	74	9.73%	5	28.833	121	7.58%
5	Deutsche Bank	15.592	66	7.20%	6	27.681	134	7.28%
6	Barclays	14.885	89	6.87%	7	25.903	122	6.81%
7	Morgan Stanley	14.545	78	6.72%	3	36.750	153	9.67%
8	HSBC	10.163	35	4.69%	9	19.719	64	5.19%
9	Wells Fargo	9.151	66	4.23%	12	10.435	82	2.75%
10	Credit Suisse	9.143	50	4.22%	8	21.850	104	5.75%
	Total	216.527	312	380.160	596
	Average size:	0.694	0.638
September, all major currencies
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	0.657	2	26.42%	1	6.550	23	15.73%
2	Deutsche Bank	0.491	1	19.75%	2	4.580	18	11.00%
3	Bank of America	0.341	2	13.70%	6	2.635	12	6.33%
4	HSBC	0.266	2	10.69%	4	4.152	19	9.97%
5	Morgan Stanley	0.175	1	7.04%	8	1.362	7	3.27%
6	Goldman Sachs	0.166	1	6.66%	33	0.116	1	0.28%
6	Daiwa	0.166	1	6.66%
6	Credit Suisse	0.166	1	6.66%	5	2.802	12	6.73%
	Total	2.487	5	41.636	67
	Average size:	0.497	0.621
September, U.S. market, dollar-denominated deals
					2010 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	0.657	2	28.23%	1	5.022	19	18.84%
2	Deutsche Bank	0.491	1	21.11%	2	2.867	13	10.76%
3	Bank of America	0.341	2	14.64%	4	2.303	11	8.64%
4	Morgan Stanley	0.175	1	7.52%	9	1.181	5	4.43%
5	Goldman Sachs	0.166	1	7.12%	26	0.116	1	0.44%
5	HSBC	0.166	1	7.12%	3	2.518	12	9.45%
5	Daiwa	0.166	1	7.12%
5	Credit Suisse	0.166	1	7.12%	5	2.110	9	7.92%
	Total	2.327	3	26.655	44
	Average size:	0.776	0.606
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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