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Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Lehman Brothers 32,794.1 1 10.8 74 Countrywide Securities Corp 30,032.0 2 9.9 38 Royal Bank of Scotland Group 29,648.6 3 9.8 62 Morgan Stanley 27,201.9 4 9.0 27 Credit Suisse 24,514.6 5 8.1 58 Deutsche Bank AG 19,902.4 6 6.6 43 Merrill Lynch & Co Inc 19,640.2 7 6.5 31 Bear Stearns & Co Inc 19,068.3 8 6.3 54 Goldman Sachs & Co 15,919.6 9 5.3 24 JP Morgan 15,553.2 10 5.1 37 Industry Total 303,026.2 - 100.0 541 Source: Thomson Financial
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 7,319.1 1 19.5 9 Deutsche Bank AG 6,320.7 2 16.8 9 Merrill Lynch & Co Inc 3,420.1 3 9.1 3 Credit Suisse 3,306.5 4 8.8 6 Goldman Sachs & Co 2,869.6 5 7.6 3 Lehman Brothers 2,834.1 6 7.6 2 Morgan Stanley 2,568.2 7 6.8 3 Banc of America Securities LLC 2,550.5 8 6.8 4 Wachovia Corp 1,610.0 9 4.3 1 RBC Capital Markets 1,553.0 10 4.1 2 Industry Total 37,555.5 - 100.0 27 Source: Thomson Financial
July 10 -
auto ABS 9% credit card ABS 8% enterprise finance 0% equipment ABS 2% real estate ABS 72% structured settlements 0% student loan ABS 9% trade receivables 1%
July 10 -
In terms of dollar volume, the East Cameron Gas Co. Sukuk Trust is not exactly a big deal, at $165.6 million. Yet those involved with the transaction are billing it as the first true U.S.-based future-flow securitization backed by overriding royalty interests in gas resources, which also comply with shari'ah laws.
July 3 -
Credit Suisse last week ushered in another first-time CDO manager to the market when it closed the $1 billion Harp High Grade CDO I, a high-grade portfolio of RMBS assets to be managed by New York-based Annaly Mortgage Management subsidiary FIDAC. The deal comes at a time when a wave of new managers - particularly those like Annaly that operate as REITs - have opted to dip a toe into the rapidly growing CDO market.
July 3 -
Industry-level trends and manufacturer performance affect prepayment speeds on prime auto ABS deals, and Detroit-based manufacturers exhibit the strongest link between the two occurrences, according to Lehman Brothers analysts.
July 3 -
The repeal of the single-holder rule for higher education loan borrowers is translating to a boost in prepayment speeds on student loan ABS, according to several market sources.
July 3 -
The asset securitization market juggled three significant market events last week. The Federal Reserve tightened credit by raising its federal funds rate to 5.25% on Thursday, but ABS professionals noted that the increase had already been priced into several deals; interest rate increases on higher education loans were slated to take effect on July 1; and Standard & Poor's new LEVELs credit enhancement requirements (see story on p. 11) on certain home equity loans, including so-called piggy-back loans, also went into effect on the first of July.
July 3 -
Robert R. Malin, the co-head of Citigroup Global Market's U.S. asset-backed securities business died Friday, June 23. Malin, who passed while on vacation with his family in Rome, was 46.
July 3 -
At a time when the demand for timeshare ABS is on the rise and the sector appears relatively stable, Standard & Poor's has introduced its U.S. Timeshare Securitization Performance Index (TSPI), a report that will highlight the performance of all timeshare term issuance rated by S&P since 2001.
July 3
