As one of the last investment banks standing, JPMorgan Securities became the top-ranked manager for public ABS deals for the entire year in 2008, according to a tally of public ABS transactions included in the ASR Scorecard database.
The year's volumes reflected the ABS market's downward spiral in terms of activity. Volumes plunged to $139.7 billion in 2008 from $645.5 billion in 2007. Indeed, the market has become a shadow of its former self.
JPMorgan completed 47 offerings that totaled $28.3 billion in lead manager business, making it the top bank for the entire year, according to ASR's tally. This underwriting business gave it a 20.3% share of the ABS lead manager business for 2008.
Banc of America Securities followed in second place with 39 transactions that amounted to $25.7 billion and a 18.4% market share, repeating its second-place standing from 2007, when it did $ 61.7 billion (80 deals) in lead manager business and garnered for itself a 9.6% market share.
The end of the year also saw Citigroup Global Markets place third in the overall rankings, with $22.6 billion in deals and a 16.1% market share. Barclays Capital had $10.7 billion in deals to take fourth place. Meanwhile, RBS Greenwich Capital rounded out the top five, with $9.2 billion in transactions, up from eighth place in 2007, when it had $34.7 billion in lead manager business.
Completing the top-10 list rankings for the year were: Deutsche Bank Securities, sixth, with $8.9 billion; Credit Suisse, seventh, with $7.9 billion; Merrill Lynch (now owned by Bank of America), eighth, with $4.7 billion; Wachovia Securities (now owned by Wells Fargo & Co. ) ninth, with $4 billion in mandates; and the now bankrupt Lehman Brothers, tenth, having captured $3.9 billion in lead manager business.
Sector totals reflect the market's flight to safer sectors. According to the ASR Scorecard database, credit cards ($60.3 billion in deals) took the market's lion's share for the year, followed by autos ($35.3 billion) and student loans ($28.3 billion).
Commercial MBS had only $9.4 billion in deals, while real estate, as expected, sputtered to merely $1.7 billion. The 'other' category, which includes sectors such as equipment and trade receivable ABS, had $4.6 billion.
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