Year-to-date issuance rises to $604.36 billion
New York, July 31 - JPMorgan continued its lengthy run at the top of the underwriter rankings for investment-grade corporate bonds, according to Prospect News data.
The bank has now topped the year-to-date tables for every month since February 2010.
For the year so far, JPMorgan has brought $76.39 billion of high-grade bonds to market, 12.6% of the total.
Bank of America placed second with $64.88 billion, or 10.7%, while Citigroup's $63.19 billion put it in third position with a 10.46% share.
Citigroup was first for the month of July.
Meanwhile, activity rebounded strongly from the slowdown in June.
Issuance for July totaled $77.90 billion, more than double June's $38.25 billion.
However, July was still the second slowest month of 2013. Previous months have seen totals of $81.51 billion to $118.13 billion.
Nonetheless, year-to-date volume of $604.36 billion is running 10.4% ahead of the $547.26 billion pace at the comparable point in 2012.
U.S. market, year to date
2012 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 76.385 | 341 | 12.64% | 1 | 78.850 | 352 | 14.41%
|
2 | Bank of America | 64.884 | 318 | 10.74% | 3 | 59.060 | 269 | 10.79%
|
3 | Citigroup | 63.194 | 301 | 10.46% | 2 | 65.653 | 277 | 12.00%
|
4 | Goldman Sachs | 59.336 | 218 | 9.82% | 5 | 40.833 | 168 | 7.46%
|
5 | Morgan Stanley | 56.585 | 231 | 9.36% | 7 | 35.965 | 160 | 6.57%
|
6 | Deutsche Bank | 45.911 | 179 | 7.60% | 6 | 37.597 | 156 | 6.87%
|
7 | Barclays | 39.020 | 203 | 6.46% | 4 | 44.633 | 186 | 8.16%
|
8 | Wells Fargo | 31.351 | 166 | 5.19% | 8 | 27.375 | 124 | 5.00%
|
9 | Credit Suisse | 22.631 | 109 | 3.74% | 11 | 19.212 | 90 | 3.51%
|
10 | HSBC | 20.857 | 96 | 3.45% | 10 | 22.520 | 77 | 4.12%
|
| Total | 604.357 | 796 | 547.258 | 704 |
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| Average size: | 0.759 | 0.777 |
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U.S. market, July |
|
| | | | | 2012 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Citigroup | 12.061 | 53 | 15.48% | 1 | 10.544 | 46 | 16.23%
|
2 | Bank of America | 9.101 | 36 | 11.68% | 4 | 6.558 | 34 | 10.09%
|
3 | Wells Fargo | 8.049 | 25 | 10.33% | 12 | 1.488 | 14 | 2.29%
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4 | Morgan Stanley | 7.344 | 28 | 9.43% | 3 | 7.294 | 30 | 11.23%
|
5 | Goldman Sachs | 6.179 | 20 | 7.93% | 7 | 3.093 | 24 | 4.76%
|
6 | Deutsche Bank | 5.057 | 28 | 6.49% | 5 | 4.342 | 18 | 6.68%
|
7 | Credit Suisse | 4.613 | 15 | 5.92% | 10 | 1.930 | 10 | 2.97%
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8 | JPMorgan | 4.275 | 26 | 5.49% | 2 | 9.729 | 49 | 14.98%
|
9 | Barclays | 4.129 | 18 | 5.30% | 6 | 3.704 | 14 | 5.70%
|
10 | BNP | 2.865 | 8 | 3.68% | 9 | 2.513 | 14 | 3.87%
|
| Total | 77.900 | 98 | 64.963 | 94 |
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| Average size: | 0.795 | 0.691 |
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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.
• Emerging markets offerings 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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