Credit Suisse top U.S. liability management dealer, high-yield leader in January

By Lisa Kerner

Charlotte, N.C., Jan. 31 - Credit Suisse was the No. 1 ranked U.S. dealer manager of tenders, consent solicitations and exchanges for January with six offers totaling $3.25 billion, or a 27.3% share, according to data compiled by Prospect News.

For the 2013 period, Credit Suisse ranked third with three transactions totaling $1.21 billion, or a 12.3% share.

The total number of offers year to date was 19 totaling $11.91 billion. Through January 2013, there had been 20 U.S. transactions for $9.83 billion.

Citigroup ranked second with four offers totaling $2.02 billion, or a 16.9% share. The company ranked first for the 2013 period with five offers totaling $2.52 billion, or a 25.6% share.

Morgan Stanley took the third spot with two offers totaling $1.72 billion, or a 14.4% share. The company was ranked tenth in the prior-year period.

Credit Suisse top in U.S. high yield

Credit Suisse was the No. 1 ranked U.S. dealer manager of high-yield offers for January with five totaling $2.08 billion, or a 33% share. The company held the No. 6 spot last year with one deal totaling $350 million, or a 5.4% share.

Total activity year to date was 15 offers totaling $6.31 billion, compared with 15 offers totaling $6.46 billion in January 2013.

Bank of America ranked second with four offers totaling $1.36 billion, or a 21.6% share. The company held the No. 2 spot for the 2013 period with three deals totaling $1.2 billion, or an 18.5% share.

Barclays was third with three deals totaling $879 million, or a 13.9% share. The company ranked fourth in the prior year.

Morgan Stanley first in U.S. high grade

Morgan Stanley was the No. 1 ranked U.S. dealer manager of investment-grade offers for January with two deals totaling $1.72 billion, or a 30.7% share.

The total number of offers year to date was three totaling $5.6 billion.

Citigroup ranked second with two deals totaling $1.33 billion, or a 23.8% share.

Credit Suisse ranked third with one offer totaling $1.17 billion, or a 20.8% share.

GBS tops in information

In January, Global Bondholder Services ranked first for U.S. information agents with six offers covering $6.16 billion, or a 51.7% share. The company held the No. 2 spot for the prior-year period with seven deals totaling $3.68 billion, or a 37.5% share.

D.F. King ranked second with 10 transactions for $5.75 billion, or a 48.3% share. The company ranked first for the same period last year with eight deals totaling $4.75 billion, or a 48.3% share.

Top dealer managers

Credit Suisse ranked No. 1 for the tables covering all issuers and all currencies for January with 11 offers totaling $9.76 billion, or a 23% share.

The total number of transactions year to date was 39 deals totaling $42.42 billion.

HSBC ranked second with six deals totaling $8.55 billion, or a 20.2% share.

Deutsche Bank was third with four offers totaling $3.59 billion, or an 8.5% share.

Citigroup and Goldman Sachs were tied for the No. 1 spot for dealer manager of convertibles, all issuers, all currencies in January, each with one deal totaling $250 million, or a 50% share.

The total number of convertibles offers year to date was two totaling $500 million.

HSBC heads emerging markets

HSBC placed first among dealer managers for emerging markets in all currencies in January with four offers totaling $8.3 billion, or a 36.3% share.

The total year to date was nine deals for $22.86 billion.

Credit Suisse ranked second with one offer totaling $4.86 billion, or a 21.3% share.

Deutsche Bank was third with two deals totaling $3.44 billion year to date, or a 15% share.

Credit Suisse tops junk

Credit Suisse was the No. 1 ranked dealer manager of high-yield deals, all issuers, all currencies for the month of January, with nine offers totaling $3.74 billion, or a 30.2% share.

The total for the month was 24 deals totaling $12.36 billion.

Bank of America placed second with five offers totaling $1.45 billion, or an 11.7% share.

Jefferies was third with two deals worth $1.17 billion, or a 9.5% share.

Morgan Stanley wins high grade

Morgan Stanley was the No. 1 ranked dealer manager of investment-grade deals, all issuers, all currencies in January, with two deals totaling $1.72 billion, or a 25.6% share.

The total was four offers for $6.7 billion.

Citigroup ranked second with two deals for $1.33 billion, or a 19.9% share.

Bondholder Communications Group No. 1 for information

In January, the No. 1 ranked information agent, all issuers, all currencies, was Bondholder Communications Group with four transactions covering $19.34 billion, or a 45.6% share.

D.F. King ranked second with 14 transactions for $9.84 billion, or a 23.2% share.

Dealer managers for U.S. issuers, dollar denominated, year to date

2013 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	3.249	6	27.27%	3	1.208	3	12.29%
2	Citigroup	2.020	4	16.95%	1	2.518	5	25.62%
3	Morgan Stanley	1.717	2	14.41%	10	0.201	1	2.05%
4	Bank of America	1.360	4	11.42%	2	1.571	4	15.98%
5	JPMorgan	1.050	2	8.81%	8	0.543	3	5.52%
6	Barclays	1.046	4	8.78%	4	1.111	4	11.31%
7	Goldman Sachs	0.333	2	2.80%	11	0.108	1	1.09%
8	Evercore	0.179	1	1.51%
9	HSBC	0.167	1	1.40%
9	RBS	0.167	1	1.40%
9	UBS	0.167	1	1.40%
9	USB	0.167	1	1.40%
9	Wells Fargo	0.167	1	1.40%	5	0.829	2	8.43%
	Total	11.913	19	9.828	20
	Average size:	0.627	0.491
Convertibles, dealer managers for U.S. issuers, dollar denominated, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	None/Unknown	0.000	1
	Total	0.000	1	0.000	0
High yield, dealer managers for U.S. issuers, dollar denominated, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	2.082	5	32.99%	6	0.350	1	5.42%
2	Bank of America	1.360	4	21.55%	2	1.196	3	18.51%
3	Barclays	0.879	3	13.93%	4	0.628	2	9.73%
4	Citigroup	0.686	2	10.87%	1	2.518	5	38.98%
5	JPMorgan	0.500	1	7.92%	7	0.324	2	5.01%
6	Evercore	0.179	1	2.84%
7	Goldman Sachs	0.167	1	2.64%
8	Wells Fargo	0.167	1	2.64%	3	0.829	2	12.82%
9	USB	0.167	1	2.64%
10	Deutsche Bank	0.062	1	0.99%
11	BMO	0.062	1	0.99%
	Total	6.313	15	6.461	15
	Average size:	0.421	0.431
Investment grade, dealer managers for U.S. issuers, dollar denominated, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Morgan Stanley	1.717	2	30.65%
2	Citigroup	1.333	2	23.81%
3	Credit Suisse	1.167	1	20.83%	1	0.858	2	25.47%
4	JPMorgan	0.550	1	9.82%	6	0.219	1	6.50%
5	Barclays	0.167	1	2.98%	4	0.483	2	14.33%
5	Goldman Sachs	0.167	1	2.98%	7	0.108	1	3.20%
5	HSBC	0.167	1	2.98%
5	RBS	0.167	1	2.98%
5	UBS	0.167	1	2.98%
	Total	5.600	3	3.367	5
	Average size:	1.867	0.673
Information agents for U.S. issuers, dollar denominated, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	GBS	6.163	6	51.74%	2	3.681	7	37.46%
2	DFK	5.749	10	48.26%	1	4.750	8	48.33%
3	None/Unknown	0.000	3	0.00%	6	0.000	1	0.00%
	Total	11.913	19	9.828	20
	Average size:	0.627	0.491
Dealer managers for all issuers, all currencies, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	9.763	11	23.02%	5	1.636	5	5.11%
2	HSBC	8.549	6	20.15%	9	0.428	2	1.34%
3	Deutsche Bank	3.586	4	8.45%	4	1.860	5	5.81%
4	Standard Chartered	3.212	1	7.57%	12	0.300	1	0.94%
5	Citigroup	3.170	9	7.47%	3	2.584	6	8.06%
6	Bank of America	2.546	6	6.00%	6	1.571	4	4.90%
7	JPMorgan	2.486	4	5.86%	2	8.160	4	25.47%
8	Morgan Stanley	1.852	5	4.37%	11	0.402	2	1.26%
9	Jefferies	1.170	2	2.76%	10	0.415	2	1.30%
10	Barclays	1.046	4	2.47%	7	1.111	4	3.47%
	Total	42.416	39	32.038	36
	Average size:	1.088	0.890
Convertibles, dealer managers for all issuers, all currencies, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Citigroup	0.250	1	50.00%
1	Goldman Sachs	0.250	1	50.00%
	Total	0.500	2	0.703	2
	Average size:	0.250	0.352
Emerging markets, dealer managers for all issuers, all currencies, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	HSBC	8.297	4	36.30%	2	0.428	2	20.53%
2	Credit Suisse	4.859	1	21.26%	2	0.428	2	20.53%
3	Deutsche Bank	3.438	2	15.04%	1	0.745	2	35.71%
4	Standard Chartered	3.212	1	14.05%
5	JPMorgan	1.350	1	5.91%
6	Citigroup	0.900	4	3.94%
7	VTB	0.250	1	1.09%
8	Banco Bradesco	0.226	1	0.99%
8	Credit Agricole	0.226	1	0.99%
10	Morgan Stanley	0.050	2	0.22%	5	0.201	1	9.64%
10	UBS	0.050	1	0.22%
	Total	22.857	9	2.086	4
	Average size:	2.540	0.522
High yield, dealer managers for all issuers, all currencies, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	3.738	9	30.24%	6	0.350	1	3.92%
2	Bank of America	1.446	5	11.70%	2	1.196	3	13.39%
3	Jefferies	1.170	2	9.47%	5	0.415	2	4.65%
4	Barclays	0.879	3	7.12%	4	0.628	2	7.04%
5	Citigroup	0.686	2	5.55%	1	2.518	5	28.20%
6	JPMorgan	0.586	2	4.74%	7	0.324	2	3.63%
7	Evercore	0.179	1	1.45%
8	Goldman Sachs	0.167	1	1.35%
8	USB	0.167	1	1.35%
8	Wells Fargo	0.167	1	1.35%	3	0.829	2	9.28%
	Total	12.359	24	8.930	19
	Average size:	0.515	0.470
Investment grade, dealer managers for all issuers, all currencies, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Morgan Stanley	1.717	2	25.62%
2	Citigroup	1.333	2	19.90%	9	0.065	1	0.32%
3	Credit Suisse	1.167	1	17.41%	3	0.858	2	4.22%
4	Bank of America	1.100	1	16.42%	7	0.375	1	1.85%
5	JPMorgan	0.550	1	8.21%	2	7.836	2	38.56%
6	Barclays	0.167	1	2.49%	6	0.483	2	2.38%
6	Goldman Sachs	0.167	1	2.49%	8	0.108	1	0.53%
6	HSBC	0.167	1	2.49%
6	RBS	0.167	1	2.49%	1	9.004	3	44.32%
6	UBS	0.167	1	2.49%
	Total	6.700	4	20.318	11
	Average size:	1.675	1.847
Information agents for all issuers, all currencies, year to date
					2013 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bondholder Communications Group	19.353	4	45.63%
2	DFK	9.839	14	23.20%	1	5.600	9	17.48%
3	GBS	7.638	8	18.01%	2	3.681	7	11.49%
4	Lucid	1.527	2	3.60%	5	0.694	2	2.17%
5	BNY	0.150	1	0.35%
6	CorpNordic Sweden AB	0.077	1	0.18%
	Total	42.416	39	32.038	36
	Average size:	1.088	0.890
Prospect News Liability Management Rankings

Criteria

• The tables include all dollar-denominated offers by U.S. issuers (top section) or all offers and all currencies (bottom section) reported to Prospect News.

• Transactions are included in the time period in which they were announced.

• The full amount is credited to the lead dealer manager or information agent. For multiple firms, the total is divided equally among all leads.

• Amounts are based on the maximum size of the offer.

• Excludes offers that were terminated but includes tender offers that did not reach the required threshold.

• Simultaneous offers for the same securities are counted as a single offer.

• Stand-alone consent solicitations (no tender offer) are included only if the offer is successful.

• Includes all debt and preferred securities.

• Includes self-led deals.

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