Awards for excellence - Best leveraged finance house
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Awards for excellence - Best leveraged finance house

Awards for Excellence 2005


JPMorgan managed to keep the deals flowing even when market conditions were at their worst

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.

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