• High-grade issuance totals $99.12 billion in January
By Andrea Heisinger
New York, Jan. 29 - J.P. Morgan Securities Inc. was the top underwriter of investment-grade bonds for January in a relatively light month of issuance.
The banking giant handled $12.29 billion in 31 of the month's bond deals. Issuance in January totaled $99.12 billion in 89 sales.
Rounding out the top five underwriters for the month and year to date were Morgan Stanley & Co., Bank of America Merrill Lynch, Deutsche Bank Securities Inc. and Citigroup Global Markets Inc.
In 2009, JPMorgan was third in the underwriting rankings for January with $17.17 billion in sales. Citigroup held the top spot after handling $30.77 billion in offerings.
Issuance in January 2009 was markedly higher at $136.03 billion.
New deals so far in 2010 have been limited by lack of supply, holidays and earnings blackouts that left many companies and banks unable to issue for part of the month.
Year to date, U.S. market, all issuers
2009 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | JPMorgan | 12.294 | 31 | 12.40% | 3 | 17.168 | 44 | 12.62%
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| 2 | Morgan Stanley | 11.622 | 21 | 11.72% | 5 | 12.195 | 25 | 8.96%
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| 3 | Bank of America | 10.320 | 33 | 10.41% | 2 | 18.768 | 46 | 13.80%
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| 4 | Deutsche Bank | 9.397 | 21 | 9.48% | 9 | 4.635 | 18 | 3.41%
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| 5 | Citigroup | 9.055 | 28 | 9.14% | 1 | 30.767 | 45 | 22.62%
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| 6 | Credit Suisse | 8.146 | 13 | 8.22% | 10 | 4.131 | 13 | 3.04%
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| 7 | Goldman Sachs | 8.133 | 15 | 8.20% | 4 | 14.706 | 31 | 10.81%
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| 8 | Barclays | 7.605 | 17 | 7.67% | 7 | 8.023 | 30 | 5.90%
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| 9 | UBS | 7.063 | 12 | 7.13% | 13 | 1.933 | 12 | 1.42%
|
| 10 | HSBC | 4.240 | 12 | 4.28% | 6 | 10.077 | 17 | 7.41%
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| Total | 99.118 | 89 | 136.029 | 116 |
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| Average size: | 1.114 | 1.173 |
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| Prospect News Investment Grade Underwriter Rankings
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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.
• 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)
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