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Dwindling home price appreciation has its perks after all. After ending the first half with issuance flat to the same period last year, the ABS market is poised to do a bit better for the rest of 2006, owing mainly to strong performances from the student loan and credit card sectors.
July 17 -
Citigroup Global Markets did not have much climbing to do in order to claim first place in the ABS lead manager rankings for the first half of 2006, according to data from Thomson Financial. After placing second in the league tables at the end of the first half of 2005, Citigroup has emerged as the top lead manager so far for 2006.
July 10 -
As the U.S. CDO sector rounds the corner into the latter half of 2006, market participants are taking time to reflect on some of the trends - from collateral spreads that continue to grind tighter to the increasing use of synthetics - that continue to mold this market. ABS CDO issuance in the first half of the year ballooned to more than $126 billion, almost double the $64.5 billion reached during the same time period last year, according to data maintained by Thomson Financial.
July 10 -
Merrill Lynch again seized the top spot among U.S. CDO underwriters in the first half of the year, selling 27 deals to the market totaling some $22.2 billion and a 16.8% market share, according to data maintained by Thomson Financial. The investment bank managed to reclaim its position back after losing it in the first quarter to Citigroup Global Markets, a shift some speculated was the result of the loss of a handful of staff members led by former Merrill star Chris Ricciardi.
July 10 -
It has been three years since the Global Research Analyst Settlement was announced, but it appears not every firm on the Street got the message. Wachovia Corp.'s capital markets group just cost the firm a $25 million fine, stemming from charges of research-related conflicts of interest. Similar charges were lobbed against Wachovia by a CDO research analyst nearly one year ago.
July 10 -
Merrill Lynch Bank USA, a subsidiary of Merrill Lynch, is preparing to launch its first multiseller asset-backed commercial paper program called Zane Funding, a much more flexible program than the existing Deer Valley Funding.
July 10 -
The outlook for tobacco bond securitizations remains stable for the time being, said Fitch Ratings. The rating agency said this after the Supreme Court of Florida decided that several tobacco companies do not have to pay a $145 billion settlement stemming from a class-action lawsuit against them.
July 10 -
Asset securitization professionals did not have a huge workload awaiting them after the Independence Day holiday last week, as a mere $6 billion in potential new issuance was being marketed. Some market professionals predicted that just $3 billion in new issuance would price by week's end.
July 10 -
by Dina J. Moskowitz, assistant general counsel, Natalie Abrams, associate general counsel, and Amy Martin, director, Standard & Poor's
July 10 -
Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Citigroup 6,027.5 1 17.8 12 Wachovia Corp 5,432.9 2 16.1 10 JP Morgan 5,062.5 3 15.0 12 Deutsche Bank AG 2,690.2 4 8.0 8 Royal Bank of Scotland Group 2,169.3 5 6.4 5 Banc of America Securities LLC 1,925.9 6 5.7 3 Merrill Lynch & Co Inc 1,847.5 7 5.5 4 Barclays Capital 1,603.4 8 4.7 3 Credit Suisse 1,550.0 9 4.6 3 HSBC Holdings PLC 1,329.2 10 3.9 2 Industry Total 33,810.0 - 100.0 43 Source: Thomson Financial
July 10
