After falling to third place at midyear, Bear Stearns is back atop the RMBS manager activity rankings year-to-date, according to data maintained by Thomson Financial. The strong showing throughout the quarter has Bear Stearns on pace to top the league tables for the second straight year.
Through Sept. 30, Bear Stearns has underwritten $77 billion in proceeds good for an 11.5% market share. Bear Stearns has already surpassed its 2004 total, when it sold $72 billion and gained a 12.5% market share. Meanwhile, RBS Greenwich Capital is a rising star, moving up two more notches from its fourth place half-year position. RBS Greenwich also took a noteworthy leap from its seventh place finish last year. RBS sold $69.9 billion, earning a 10.5% market share. By contrast, RBS Greenwich sold $38.32 billion last year good for 6.6% of the market.
After leading halfway through the year, Lehman Brothers took two steps back to a not-so-distant third place, having sold $68.7 billion of MBS product for a 10.3% market share. The firm maintained its 2004 rank, although selling less at $61.2 billion but gaining a higher market share at 10.6%. Former perennial market leader UBS is falling slowly down the rankings with $64.9 billion in proceeds and a 9.7% market share. Despite the downward spiral, UBS has already topped last year's activity when, at second place, it sold $64.6 billion, earning an 11.2% market share.
Banc of America Securities is a distant fifth with $50 billion in proceeds and a 7.5% market share. Last year, BofA took fourth place and sold $53.8 billion for a 9.3% market share. Credit Suisse First Boston is sixth in the year-to-date rankings with $43 billion in proceeds, equivalent to a 6.4% market share, taking four steps forward from where it was last year, selling $38.2 billion with a 6.6% market share.
Goldman Sachs and Morgan Stanley are seventh and eighth place, respectively. Goldman remained stable proceeds wise versus last year, although ranking two notches higher in 2005. This year the firm sold $37.8 billion for a 5.7% market share, versus 2004's $37.1 billion, garnering 6.4% of the market. Morgan Stanley sold $36.87 billion, equal to a 5.5% market share. Last year the firm placed sixth, selling $40.7 billion and taking 7% of the market.
Citigroup Global Markets, which fell four spots from 2004's rankings, and Deutsche Bank Securities, staying at tenth place, round out the top 10. Citigroup sold $34 billion, earning a 5.1% market share, while Deutsche Bank had $32.5 billion in proceeds for a 4.9% market share. Last year, Citigroup sold much more at $43.7 billion and had a higher 7.6% market share. In 2004, Deutsche Bank sold $30 billion, equivalent to a 5.2% market share.
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