JPMorgan, Citi Bulk Up Debt Underwriting

NEW YORK (TheStreet) -- JPMorgan Chase (JPM) and Citigroup (C) are showing competitive strength in the business of debt underwriting, according to a report from data provider Dealogic.

JPMorgan has underwritten $447 billion worth of debt issues year to date through October, more than any other bank. JPMorgan was the third most active debt underwriter at this point last year, behind Barclays (BCS) and Bank of America (BAC), though BofA got credit last year for deals underwritten by Merrill Lynch, which it acquired at the start of this year. Barclays is also in second place this year.

Beleaguered Citigroup showed surprising strength, underwriting 1154 debt issues worth a total of $354 billion, good for 6.8% of the market and third place. Citi was the fifth best debt underwriter last year.

Aside from Citi and JPMorgan, other companies that have improved their debt underwriting standing this year versus last are Goldman Sachs (GS), Morgan Stanley (MS) and HSBC (HBC), the Dealogic data indicates.

As usual, the financial sector has issued more debt this year than any other industry by a wide margin. Financial companies have issued $3.2 trillion worth of debt this year through October, compared to $2.8 billion during the same period last year.

--Written by Dan Freed in New York.

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