If half-year numbers are any indication, the ABS market is on its way to another record-breaking year, with $520 billion priced so far, versus $394 billion priced last year at this time, according to preliminary data maintained by Thomson Financial. All the market has to do is hold its sizzling pace to reach the $1 trillion mark for the first time and best last year's $858 mark, a number many predicted was unreachable two years in a row. In the thick of the hottest year in ABS history, the manager landscape has shifted slightly, but Citigroup Global Markets refuses to be knocked out of the top slot.
Citigroup managed the largest dollar share of the ABS pie with more than $49 billion at half-year and a 9.5% market share. Last year at this time, Citigroup managed $37 billion as it held on to first place in the league tables to finish the year with $82 billion. If Citigroup can hold on to finish the year in first place, it will be the third year in a row the bank has managed the largest dollar share of the market, beginning its run in 2003.
Lehman Brothers, however, is close on Citigroup's heels with $47.8 billion underwritten and a 9.2%, versus $36.1 billion at midsummer last year, and is hoping to improve on its third place overall finish at the end of 2004 - with $73 billion. Merrill Lynch is currently in third place with $41.5 billion managed and an 8% market share, an improvement over its $27.5 billion eighth place spot as of last year at this time. Merrill went on to manage $52 billion and slide into the 11 spot overall for the year.
Deutsche Bank Securities and Morgan Stanley are neck-and-neck with $40.6 billion and $40.5 billion managed to occupy fourth and fifth place respectively. Last year at this time, Deutsche Bank had managed $30.5 billion to land in sixth place, finishing the 2004 campaign with a seventh place - $59 billion - finish. Morgan Stanley had managed $26.4 billion to come in at ninth at this point last year, with $64 billion, finishing the year in fifth place.
Credit Suisse First Boston has pulled up at the six month mark with $37.5 billion and the sixth spot, with Bear Stearns at $36.2 billion coming in at seventh. Banc of America Securities has managed $30.2 billion so far, good for an eighth spot on the league tables, and RBS Greenwich Capital in the ninth slot with $28.7 billion.
Rounding out the top ten is Countrywide Securities with $27.8 billion, representing a drop-off from its $35.5 billion first half of 2004, which earned it third place at heading into the second half of 2004.
One manager that made a notable jump in the tables was General Motors unit RFC Securities with $3.1 billion to hit the 18 spot, versus last year when it managed only $17 million.
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