Salomon Brothers unseated Merrill Lynch as the top lead manager during the second quarter of 1992, with $3.44 billion in issuance, according to preliminary figures compiled by Asset Sales Report. Merrill Lynch had been top underwriter during the first quarter but came in second, with approximately $1.66 billion in ABS business, during the second quarter.
The two dominant underwriters demonstrated their characteristic strengths during the second quarter. Merrill concentrated on its middle-market and commodities-based business and still brought the most deals to market with five reported public issues. Salomon focused on a few large transactions, leading four deals that totaled more than $3.4 billion.