While still in the lead in the race for the top ABS underwriter, Citigroup Capital Markets was only the fourth most active dealer in the three-month period ending June 30, according to preliminary numbers from Thomson Financial. Although Citi maintained a commanding lead heading into mid-year, Lehman Brothers made a strong push to jump to the third spot overall, from the fifth spot at the end of the first quarter.

Citibank, with $33 billion sold through late last week, did maintain a significant lead on its closest competitor, JPMorgan Securities. Citigroup currently controls 13% of the market, down from the 18% market share it had through the first three months of 2003. Contributing to the decline was a dip in issuance from Citibank N.A., which priced just $2.2 billion thus far in the quarter, versus nearly $6 billion in 1Q03.

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