Awards for Excellence 2005
JPMorgan
JPMorgan managed to keep the deals flowing even when market conditions were at their worst
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| Stephen Eichenberger |
JPMorgan did well to fend off competition from a veteran player in the leveraged finance market, Credit Suisse First Boston. CSFB lost the top spot in global high-yield bond underwriting during the period to Citigroup, but the calibre of CSFB's trading and research set-up alone makes the bank hard to beat. Deutsche Bank also has a consistently impressive market share in global high-yield bonds and loans.
Only JPMorgan and Citigroup had top-three underwriting league table credit for global high-yield bonds and global leveraged loans over the period, with JPMorgan ranked as the third-largest bookrunner of global high-yield bonds, but the top global arranger of leveraged loans, with a 16.7% market share. The bank has been making a consistent push in the leveraged finance market and has a powerful franchise that is a result of a committed and integrated approach, both to sales and trading and innovative underwriting, which sets it apart from the rest.
In the second half of 2004 the primary high-yield bond market was in rude health, but by March 2005 it was in trouble.