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Merrill Lynch increased a staggering 422%, versus the same period last year, taking the number one spot with $9.24 billion of CDO product placed. In fact, Merrill doubled its nearest competitor and accounted for 17.8% of the market. Through the first three quarters of 2003, Merrill ranked seventh with $1.8 billion issued.
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Granted spread tightening has been a factor across numerous asset-backed markets but none have responded with the panache that the CDO market has. Three innovations have grown in popularity this year, including a brassy new structure that harnesses collateral in the high yield bond market.
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In an unusual move to douse investors' fears over deteriorating receivables in two First North American National Bank deals, Banc of America Securities recently put up a $ 1 billion irrevocable letter of credit to ensure that investors are made whole. However, surety provider Ambac will be the one to put out the fire should the worst case scenario come to pass.
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Loan guarantor IP Innovations Financial Services's latest deal supporting a trademark-based loan to Wise Foods underwritten by GMAC Commercial Finance may be an indication of the growing acceptance of intellectual property as a viable, albeit intangible, asset class.
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When an A-list celebrity dons new garb, it's been said that designer's currency, or status, in the fashion world triples. But when fashion icon Oscar de la Renta executes a financial transaction even institutional investors start to appear absolutely fabulous.
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Year to date as of 10/07 Term (days) 10/01 10/04 10/05 10/06 10/07 1-week
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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 JP Morgan 8,539.9 1 16.7 17 Citigroup 7,482.7 2 14.7 12 Deutsche Bank AG 6,828.5 3 13.4 12 Wachovia Corp 5,434.3 4 10.7 10 Banc of America Securities LLC 4,842.3 5 9.5 9 Credit Suisse First Boston 3,818.7 6 7.5 8 Barclays Capital 3,498.5 7 6.9 9 Morgan Stanley 3,023.9 8 5.9 7 Merrill Lynch & Co Inc 1,824.4 9 3.6 3 Lehman Brothers 1,255.7 10 2.5 3 Industry Total 51,035.2 - 100.0 63 Source: Thomson Financial
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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 Merrill Lynch & Co Inc 8,245.7 1 15.8 15 Citigroup 6,410.0 2 12.3 18 Deutsche Bank AG 4,279.6 3 8.2 10 Morgan Stanley 4,058.0 4 7.8 11 Wachovia Corp 3,810.7 5 7.3 16 UBS 3,661.5 6 7.0 6 Credit Suisse First Boston 3,561.3 7 6.8 8 Bear Stearns & Co Inc 3,218.0 8 6.2 10 Lehman Brothers 2,943.0 9 5.7 10 Banc of America Securities LLC 2,571.3 10 4.9 15 Industry Total 52,111.3 - 100.0 141 Source: Thomson Financial
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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 JP Morgan 14,292.5 1 34.9 24 Citigroup 9,197.3 2 22.5 18 Lehman Brothers 4,595.5 3 11.2 9 Barclays Capital 3,047.4 4 7.5 8 Credit Suisse First Boston 2,550.4 5 6.2 9 Banc of America Securities LLC 2,268.3 6 5.5 9 Deutsche Bank AG 1,875.0 7 4.6 8 Morgan Stanley 950.0 8 2.3 5 Merrill Lynch & Co Inc 827.2 9 2.0 3 Wachovia Corp 775.0 10 1.9 4 Industry Total 40,913.4 - 100.0 72 Source: Thomson Financial
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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 Citigroup 3,958.0 1 30.8 6 Morgan Stanley 2,249.7 2 17.5 3 Banc of America Securities LLC 2,190.6 3 17.0 4 Merrill Lynch & Co Inc 1,728.6 4 13.4 2 Credit Suisse First Boston 1,058.0 5 8.2 3 JP Morgan 728.6 6 5.7 1 HSBC Holdings PLC 708.0 7 5.5 2 ABN AMRO 250.0 8 1.9 1 Industry Total 12,871.5 - 100.0 11 Source: Thomson Financial
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