Citigroup top emerging markets underwriter for year to date

• Emerging markets issuance now totals $230.71 billion year to date

New York, Aug. 31 - Citigroup held its place as the number one underwriter of emerging markets debt for the year to date - but once more the margin separating the top three banks was slim, according to data compiled by Prospect News.

With August complete, Citi has led the year-to-date tables for five consecutive months. The bank took the lead in April from HSBC, which had been number one for the previous two months.

Compared to July, Citi has now increased its lead over HSBC to $887 million from $364 million, but still only 0.38% of market share.

Deutsche Bank remained in third place and trailed HSBC by just over a percentage point of market share, or $2.35 billion.

JPMorgan continued in fourth position.

Activity in August dropped dramatically from July. At $8.41 billion, it was just one fifth of the previous month's $41.12 billion.

August was also substantially slower than any other month this year and saw the lowest volume since December.

However it was still stronger than August 2011, and year-to-date volume of $230.71 billion is far ahead of - by a 28% margin - the comparable 2011 figure of $180.53 billion.

For dollar-denominated emerging markets bonds sold in the United States, the picture is similar. Citigroup ranked first, as it did in the previous six months, followed by JPMorgan, HSBC, Barclays and Deutsche Bank. All those positions were unchanged from May, June and July.

Year-to-date issuance in the U.S. market is $135.48 billion, ahead of the $118.86 billion at the same point in 2011. At $3.23 billion for the month, activity was below last year's level of $4.91 billion.

All major currencies, year to date

2011 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	27.071	123	11.73%	4	14.173	74	7.85%
2	HSBC	26.184	120	11.35%	3	15.025	87	8.32%
3	Deutsche Bank	23.738	92	10.29%	1	18.658	86	10.34%
4	JPMorgan	21.744	96	9.42%	2	18.102	76	10.03%
5	Barclays	14.118	55	6.12%	7	10.717	58	5.94%
6	Standard Chartered	10.774	62	4.67%	10	5.847	47	3.24%
7	Goldman Sachs	10.221	49	4.43%	6	10.754	53	5.96%
8	Morgan Stanley	10.151	44	4.40%	13	4.516	31	2.50%
9	Bank of America	8.984	54	3.89%	5	11.949	58	6.62%
10	BNP	8.793	42	3.81%	8	8.797	43	4.87%
	Total	230.711	339	180.527	319
	Average size:	0.681	0.566
U.S. market, dollar-denominated deals, year to date
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	20.258	81	14.95%	4	10.982	53	9.24%
2	JPMorgan	15.851	60	11.70%	1	16.379	62	13.78%
3	HSBC	13.616	55	10.05%	5	9.252	52	7.78%
4	Barclays	9.663	34	7.13%	7	7.428	36	6.25%
5	Deutsche Bank	9.363	44	6.91%	2	12.026	52	10.12%
6	Goldman Sachs	8.381	34	6.19%	6	7.502	35	6.31%
7	Morgan Stanley	7.081	25	5.23%	14	2.719	20	2.29%
8	Bank of America	6.628	35	4.89%	3	11.094	51	9.33%
9	Standard Chartered	4.288	19	3.16%	11	3.238	27	2.72%
10	BNP	3.998	21	2.95%	9	4.630	24	3.90%
	Total	135.482	174	118.860	187
	Average size:	0.779	0.636
All major currencies, August
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	VTB Capital	1.567	3	18.63%
2	Citigroup	0.892	10	10.60%	13	0.100	1	1.32%
3	JPMorgan	0.758	8	9.01%	2	1.420	3	18.79%
4	BNP	0.715	2	8.50%	3	1.075	1	14.22%
5	Goldman Sachs	0.611	4	7.27%	5	0.732	2	9.69%
6	Standard Chartered	0.508	5	6.04%	15	0.100	1	1.32%
7	HSBC	0.486	6	5.78%	7	0.297	3	3.94%
8	Bank of America	0.417	4	4.96%	1	1.500	3	19.84%
9	Deutsche Bank	0.380	5	4.51%	6	0.349	2	4.62%
10	Barclays	0.335	5	3.98%
	Total	8.414	18	7.559	14
	Average size:	0.467	0.540
U.S. market, dollar-denominated deals, August
					2011 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	VTB Capital	0.568	2	17.59%
2	Citigroup	0.371	4	11.48%	8	0.100	1	2.03%
3	Bank of America	0.316	2	9.81%	1	1.500	3	30.54%
4	JPMorgan	0.293	3	9.07%	2	1.400	2	28.51%
5	Goldman Sachs	0.257	2	7.96%	3	0.482	1	9.82%
6	HSBC	0.240	2	7.44%	5	0.297	3	6.06%
7	BBVA	0.167	1	5.17%
8	Standard Chartered	0.150	1	4.64%	11	0.100	1	2.03%
9	BOCI	0.090	1	2.80%
9	China Merchants	0.090	1	2.80%
9	Credit Suisse	0.090	1	2.80%	4	0.482	1	9.82%
9	DBS	0.090	1	2.80%
9	Deutsche Bank	0.090	1	2.80%	10	0.100	1	2.03%
9	ICBCI	0.090	1	2.80%
9	UBS	0.090	1	2.80%
	Total	3.227	6	4.912	8
	Average size:	0.538	0.614
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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