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For the past two years Citigroup Global Markets has occupied the top slot in the lead manager league tables, according to data maintained by Thomson Financial. However, this could be the year that a new champion emerges as Lehman Brothers is making a serious challenge to Citigroup's lead, trailing the perennial top dog by just over $1 billion. Not only has Lehman bulked up its bookrunning, but the field has grown more competitive, as only $10 billion separates top-ranked Citigroup from the fifth ranked bookrunner through the first nine months of the year, versus over $20 billion at this time last year.
October 10 -
Merrill Lynch again brought the largest share of CDOs to the U.S. primary market compared to its peers, bringing some $17.5 billion to the market to achieve an 18.1% market share in the first three quarters of the year, according to data maintained by Thomson Financial. Citigroup Global Markets, moving up from its number three spot in the second quarter, followed behind Merrill, with $12.1 billion of issuance and a 12.6% share of the market.
October 10 -
Private student loan ABS should experience lower default rates and spreads could potentially tighten on some deals as a result of the implementation of the Bankruptcy Reform Act next Monday, according to Morgan Stanley researchers. Changes to the law and an expected decline in bankruptcies should combine to keep more loans in private student loan pools paying.
October 10 -
As the Oct. 17 implementation date for the Bankruptcy Reform Act rapidly approaches, a second surge of bankruptcy filings has beset the ABS market as consumers continue rushing to file before the more stringent law takes effect. Though the increase in bankruptcy filings, a repeat of the one that took place this spring, is expected to cause a proportionate increase in chargeoffs, analysts report that most credit card ABS will be unaffected.
October 10 -
Pacific Gas & Electric Co. plans on issuing an additional $800 million energy recovery stranded cost ABS next month, according to a company official. PG&E Assistant Treasurer Nick Bijur confirmed the deal was imminent, and that Barclays Capital, Citigroup Global Markets and Morgan Stanley would jointly lead manage the offering.
October 10 -
For a rating agency whose analysts claim that a lack of market share is a competitive advantage, its growth would nearly prove counterintuitive. Dominion Bond Rating Service, the only private rating agency certified with NRSRO status in the U.S., is slowly brandishing its name on more and more deals within the asset-backed market, a development its top analysts say is due to quality service, relatively conservative ratings and transparency.
October 10 -
By Moody's Investors Service Associate Vice President, Wing Ng and Associate Analyst, Wei Hu
October 10 -
Subprime mortgage loans considered seriously delinquent began to increase in August, while prepayments slowed amid rising short-term interest rates, according to a Friedman Billings Ramsey report released last week. Further, head ABS analyst at FBR Michael Youngblood, who authored the report, identified slight tiering among loan default frequencies from various issuers.
October 10 -
According to Newport Beach, Calif.-based PIMCO's Bill Gross, the party of rapid home price appreciation should come to a fizzle within the next three-to-six months.
October 10 -
Year to date as of 09/29 Term (days) 09/23 09/26 09/27 09/28 09/29 1-week
October 3
