Citigroup ranks first among emerging markets debt underwriters year to date

• New deal volume totals $213.24 billion year to date

By Christine Van Dusen

Atlanta, May 30 - Citigroup was the most active underwriter for emerging markets debt for the year through May, based on dollar volume, according to data compiled by Prospect News.

The bank has led $23.979 billion in 131 deals so far this year, representing an 11.24% share of the year-to-date total of $213.24 billion. HSBC ranked second, with $21.21 billion from 127 deals, or 9.95%.

A year ago, Citigroup also topped the year-to-date list, with a total of $23.35 billion and 133 deals. JPMorgan followed, with $23.07 billion from 121 major-currency deals. That year through May, new deal volume totaled $215.06 billion.

For the month of May 2014, Deutsche Bank took first place, with $3.59 billion from 17 deals, or an 11.98% share. HSBC was next up, with $3.29 billion from 24 deals, a 10.97% share. The total for the month was $29.96 billion.

In May of 2013, Citigroup led the list, with $5.46 billion from 27 deals, a 10.99% share. JPMorgan was next on the list with $5.46 billion from 27 deals, or a 10.99% share of the total $49.67 billion from 73 deals in the month.

Citigroup managed to grab the top ranking for dollar-denominated deals in the year to date, with $15.73 billion from 79 transactions, or 12.98% of the total. JPMorgan took the silver medal, with $12.52 billion from 60 deals, or 10.33% of total deal volume.

For the month of May, Citigroup led the way in dollar-denominated deals, with $2.47 billion from 9 transactions, representing 15.38% of total deal volume. Citigroup placed second with $1.69 billion from 12 deals, or 10.51% of the month's total volume.

In May of 2013, Citigroup Bank was first on the list for dollar deals in the U.S., with $5.31 billion from 30 deals, a 15.18% share. JPMorgan followed with $5.10 billion from 23 deals, or 14.57% of the total.

All major currencies, year to date

2013 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	23.969	131	11.24%	1	23.245	133	10.81%
2	HSBC	21.214	127	9.95%	4	18.982	120	8.83%
3	JPMorgan	19.475	102	9.13%	2	23.070	121	10.73%
4	Deutsche Bank	17.831	85	8.36%	3	20.850	112	9.70%
5	Bank of America	12.463	71	5.84%	5	12.491	80	5.81%
6	Barclays	12.135	51	5.69%	6	10.684	56	4.97%
7	Goldman Sachs	11.417	46	5.35%	8	9.371	49	4.36%
8	Morgan Stanley	8.542	50	4.01%	11	6.552	55	3.05%
9	Credit Suisse	7.908	38	3.71%	12	5.258	32	2.44%
10	BNP	7.552	40	3.54%	7	9.802	40	4.56%
	Total	213.237	322	215.062	356
	Average size:	0.662	0.604
U.S. market, dollar-denominated deals, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	15.734	79	12.98%	1	17.727	93	13.94%
2	JPMorgan	12.520	60	10.33%	2	17.022	81	13.38%
3	Deutsche Bank	11.946	49	9.85%	3	13.634	66	10.72%
4	HSBC	10.917	53	9.01%	4	8.485	46	6.67%
5	Bank of America	9.515	46	7.85%	5	8.465	54	6.65%
6	Goldman Sachs	8.361	31	6.90%	7	7.048	33	5.54%
7	Barclays	6.727	31	5.55%	6	7.364	37	5.79%
8	Credit Suisse	6.194	24	5.11%	10	4.049	22	3.18%
9	Morgan Stanley	5.857	36	4.83%	9	4.456	31	3.50%
10	BNP	3.507	16	2.89%	8	6.531	22	5.13%
	Total	121.229	149	127.203	183
	Average size:	0.814	0.695
All major currencies, May
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	3.589	17	11.98%	4	3.802	21	7.66%
2	HSBC	3.285	24	10.97%	3	4.891	26	9.85%
3	Citigroup	3.097	21	10.34%	1	5.778	34	11.63%
4	JPMorgan	2.835	16	9.46%	2	5.460	27	10.99%
5	Goldman Sachs	1.511	7	5.04%	8	2.045	13	4.12%
6	Credit Suisse	1.360	9	4.54%	14	0.844	6	1.70%
7	Morgan Stanley	1.123	7	3.75%	6	2.712	17	5.46%
8	Barclays	0.990	4	3.30%	9	2.004	10	4.03%
9	Bank of America	0.913	7	3.05%	5	3.593	16	7.23%
10	Standard Chartered	0.876	7	2.92%	17	0.524	3	1.06%
	Total	29.958	51	49.670	73
	Average size:	0.587	0.680
U.S. market, dollar-denominated deals, May
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Deutsche Bank	2.471	9	15.38%	3	2.704	14	7.73%
2	Citigroup	1.689	12	10.51%	1	5.307	30	15.18%
3	JPMorgan	1.600	10	9.96%	2	5.096	23	14.57%
4	HSBC	1.474	11	9.18%	4	2.599	14	7.43%
5	Goldman Sachs	1.349	4	8.39%	11	1.091	10	3.12%
6	Credit Suisse	0.937	5	5.83%	14	0.844	6	2.41%
7	Standard Chartered	0.696	5	4.33%	27	0.100	1	0.29%
8	Bank of America	0.660	4	4.11%	5	2.496	13	7.14%
9	Morgan Stanley	0.623	6	3.88%	6	2.091	12	5.98%
10	ANZ	0.446	1	2.77%
	Total	16.065	23	34.966	44
	Average size:	0.698	0.795
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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