Capital Markets

High-grade Underwriters Led by Citigroup

The world's largest financial institution underwrote $111 billion of high-grade paper in 2005.
Stephen TaubJanuary 3, 2006

Citigroup topped the league tables for underwriting investment-grade corporate bonds in 2005 — the sixth straight year it has done so, according to Dow Jones, which cited data from Thomson Financial.

The world’s largest financial institution underwrote $111 billion of high-grade paper in 2005, or 16.5 percent of the $673.78 billion total that was brought to market, according to the report. Coming in second and third, as they did last year, were JPMorgan, with $74 billion, and Goldman Sachs, with nearly $62 billion.

Lehman Brothers climbed to fourth place, and Banc of America Securities jumped from eighth place in 2004 to fifth last year, according to the report. Morgan Stanley, the fourth-place finisher in 2004, slipped to sixth place last year.

As for high-yield corporate bonds, JPMorgan was the junk underwriting king, with a 13 percent share of the $97.03 billion total in 2005, reported Dow Jones. In 2004, the firm finished third in the rankings.

Rounding out last year’s top five were Banc of America Securities, Citigroup, Credit Suisse First Boston, and Deutsche Bank.