The third quarter turned out to be a very slow and painful period for the asset securitization market. Issuance was a mere $114.4 billion during the period, which represented a 60% plunge from the same quarter last year, according to information from global research firm Dealogic.
Despite all of this, JPMorgan Securities managed to stand its ground against the competition and maintain its top slot among lead ABS managers of public deals. JPMorgan managed $61 billion in ABS business in the third quarter, according to the initial tally of deals by the ASR Scorecard database. That was enough to secure an 11.7% share of the public market. Compared with the same period last year, when JPMorgan completed $38.7 in lead manager business, the investment bank increased its underwriting business by 59%. It also moved up in the rankings from fourth place.