A review of the first quarter issuance reveals that just under $14 billion (domestic, international, and agency multifamily) was priced over that period. According to Credit Suisse First Boston this is down 23% from the same quarter one year ago. Domestic issuance was down 30% to just $10.4 billion versus $14.9 billion.
Conduit issuance was $5.6 billion, which according to CSFB, is 9% lower than Q1 2001 and 54% than the final quarter of last year. Despite this, conduits made up 54% of the market share of Q1 2002 as single-borrower and trophy asset issuance declined substantially, mainly due to the lack of resolution on terrorism insurance.