JPMorgan's (NYSE:JPM) dominance in bond underwriting is being challenged by Deutsche Bank AG (NYSE:DB), which has steadily climbed in the rankings to end in the No. 2 spot globally.
JPMorgan took over the perennial bond underwriting champion Citigroup (NYSE:C) when they faltered in the banking crisis.
For 2010, JPMorgan underwrote $212 billion in bonds while Deutsche underwrote $176 billion. JPMorgan accounted for 6.7 percent of the global bond underwriting market while Deustche accounted for 5.5 percent.
Behind the top two was Bank of America (NYSE:BAC), which underwrote $173 billion in bonds, a 5.4 percent share of the global market.
JPMorgan and Deutsche Bank believe the corporate bond market will soar in 2011, especially after clarification of new bank capital rules happens.
Deutsche Bank closed Thursday at $51.73, down $0.36, or 0.69 percent. JPMorgan closed at $42.23, down $0.13, or 0.31 percent.
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