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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 Credit Suisse 17,143.3 1 10.5 33 Lehman Brothers 15,130.9 2 9.3 34 Countrywide Securities Corp 15,001.3 3 9.2 17 Morgan Stanley 13,244.8 4 8.1 17 Deutsche Bank AG 12,377.3 5 7.6 22 Merrill Lynch & Co Inc 11,121.3 6 6.8 15 JP Morgan 10,634.7 7 6.5 18 Royal Bank of Scotland Group 10,564.5 8 6.5 14 Bear Stearns & Co Inc 10,364.3 9 6.3 30 Citigroup 8,663.0 10 5.3 24 Industry Total 163,446.2 - 100.0 320 Source: Thomson Financial
May 1 -
Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Citigroup 4,462.2 1 21.9 6 Deutsche Bank AG 2,801.0 2 13.7 3 Credit Suisse 2,466.6 3 12.1 4 Merrill Lynch & Co Inc 2,301.0 4 11.3 2 Banc of America Securities LLC 2,027.7 5 9.9 3 Goldman Sachs & Co 1,803.8 6 8.8 2 Lehman Brothers 1,284.7 7 6.3 1 UBS 998.7 8 4.9 2 Morgan Stanley 768.2 9 3.8 1 SunTrust Banks 382.5 10 1.9 1 Industry Total 20,402.3 - 100.0 14 Source: Thomson Financial
May 1 -
auto ABS 9% credit card ABS 9% enterprise finance 0% equipment ABS 2% real estate ABS 72% structured settlements 0% student loan ABS 9% trade receivables 0%
May 1 -
As the implications of Hurricane Katrina start to crystallize, the insurance sector is emerging as one of the hardest hit industries, while the RMBS and non-mortgage ABS sectors have not withstood sharp significant losses as well. Katrina-induced losses to the insurance sector were the steepest in history, more than those suffered from 9/11, Hurricane Andrew or the 1994 Northridge earthquake in California, according to Laura Porter, an analyst at Fitch Ratings.
May 1 -
Dubai is set to become the gateway into Middle Eastern securitizations as a number of European-based firms take up residence in the emirate, eagerly exploring the capital market opportunities in that region.
May 1 -
The $1 trillion ABCP market shows no signs of slowing down, with its low cost of financing and short-term flexibility. Still, professionals in the sector wonder if the surging repurchase agreement market, also known as repos, might one day take a significant bite out of commercial paper business.
May 1 -
About $10 billion in new securitization deals hit the market last week as of press time, slightly short of the $15 billion that market sources had predicted. After very heavy ABS deal issuance in the first quarter, production in April was light to moderate, said one trader.
May 1 -
Cohen Brothers Financial subsidiary Strategos Capital Management is gearing up to manage its first mezzanine structured-finance CDO. The $601.6 million Preferred Funding I is expected to come to market late next month via Merrill Lynch. The deal will be backed almost entirely by residential mortgage-backed securities and will have up to a 40% bucket for synthetic securities.
May 1 -
There is no question that Ballantyne Re, a $2.1 billion securitization backed by future flows of insurance premiums, is an innovative structure that taps ABS market savvy to meet regulatory compliance. The real uncertainty lies in whether it can be repeated often enough to become a booming market.
May 1 -
Never a hot sector to begin with, dealer floorplan ABS has gotten even colder this year. Issuance from the asset class is creeping along at a strikingly slow pace, possibly because of stricter investor requirements on some of the bonds, and higher deal execution costs, say some ABS professionals.
May 1
