JPMorgan Securities was the top manager of asset-backed securities (ABS) deals across the major asset classes tracked in the Asset Securitization Report data base, either leading or having another managing role on about $51 billion worth of ABS.
The bank followed through by taking the largest share of business in the auto ABS and commercial mortgage-backed securities (CMBS) asset classes, by leading mandates on $18.1 billion and $13.8 billion in new business, respectively. For auto ABS, that represented 49 issuances and a 15.1% share of the market, and in the CMBS sector that accounted for 35 transactions and 17.2% of that particular market.
This year's results were a repeat of how JPMorgan led the league tables last year, too. In 2021, it came out on top with about $60.5 billion in issuances. It also repeated its dominance in the auto ABS and CMBS sectors, according to the database. In the auto ABS sector it did $21.4 billion in new business, and for CMBS it did $15.9 billion in new transactions.
Bank of America Merrill Lynch follows JPMorgan in the 2022 rankings, with $39.5 billion in new business. Where BofA claimed the top spot was in the credit card ABS and private label residential MBS sectors, doing $5.2 billion and $21.2 billion in new transactions. That was enough to claim 16.8% and 16.7% in market share for credit cards and RMBS, respectively.
Judging by the initial tally of 2022's new business, Bank of America made up some ground from last year. In 2021, the bank had led about $21.9 billion in new business, putting it in the seventh position. It didn't take the top market share on any of the major deals, but it did have the second-largest market share in credit card ABS, with a 19.6% share from $1.8 billion in business. It followed Barclays, which had topped that table with $2.7 billion in business.
Following Bank of America are Citigroup Global Markets, which oversaw $38.9 billion in new business; Barclays, which executed on $31.5 billion in new transactions; and Wells Fargo Securities rounded out the top five, with $27.4 billion in new ABS originations.
Rounding out the top 10 managers are Goldman Sachs & Co., with $23.1 billion in managed ABS; Credit Suisse with $16.8 billion in new transactions; Morgan Stanley with $16.1 billion in new ABS; RBC Capital Markets, with $12.6 billion in ABS and Mizuho Securities, which did $11.2 billion in new ABS.
