Nice piece byBloomberg’s Caroline Salastoday detailing JP Morgan Chase’s (JPM) triumph in boosting junk bond writing fees 18% last year, with the top spot in the business, putting Citigroup (C) at number two for a second year.
Junk soared 181% as companies didn’t care how much they had to pay to get liquidity, Salas notes, setting a new record for junk issuance.
And according to Bank of America’s (BAC) high-yield strategist, John Cokinos, junk issuance may hit $175 billion this year, writes Salas.
Total haul in junk underwriting for JP Morgan and others was $4.1 billion last year, more than three times 2008′s level.
No comments:
Post a Comment