Countrywide Securities is once again at the top of the ABS issuance league tables, according to data tracked by Thomson Financial. As the market heads into the homestretch of what will most likely be yet another record-breaking year, 2005 could likely send issuance numbers near the $1 trillion mark.
So far, Countrywide has accounted for over $66 billion this year, giving it 8% of the total primary market and a $4 billion lead over its numbers last year at this time. Coming off a year in which its issuance soared to a market-leading $87 billion, Countrywide is once again poised to lead the pack all the way to the finish.
Making a slight jump in the rankings from 3Q04 is Lehman Brothers with over $39 billion brought to market versus $30.6 billion last year, coming in at third on the year. AmeriQuest Mortgage is lagging slightly behind its 3Q04 numbers, with $35.7 billion issued versus $38.5 billion last year.
With $31.3 billion sold in 2005, GMAC-RFC is the fourth-leading issuer, although when accounting for all three General Motors units that securitize, the company as a whole accounts for $43 billion issued, which would make it the second-leading issuer.
Rounding out the top five this year is Morgan Stanley, with nearly $24 billion under its belt, little changed from its numbers last year at this time, and at the same rank where it finished 2004.
Notable movers in the issuance ranks include Citigroup Global Markets jumping from the fourteenth slot last year at this time to sixth. While a perennial market frontrunner on the lead manager tables, Citigroup is making its mark as an issuer with $22.7 billion issued this year versus less than $10 billion at this time last year. Goldman Sachs has also doubled its issuance from this time last year, with nearly $16 billion issued so far, good for a five-rung jump in the rankings to the 10 spot.
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