Lehman Brothers topped the preliminary Thomson Financial first half of the year manager activity rankings for combined agency and non-agency RMBS, outpacing usual top placers UBS and Bear Stearns.
Lehman scored top honors with $42.8 billion sold and an 11.4% market share, gaining ground after placing only third in both the 2004 second half and 1Q05 league tables. Last year, Lehman sold comparatively less at $39.8 billion, garnering a 10.2% market share. Perennial chart topper UBS is a not-so-distant second thus far in 2005 with $42 billion in proceeds and an 11.2% market share. By contrast, UBS was first place and sold considerably more over the same period last year at $47.7 billion, equivalent to a 12.3% market share.
Although it had the highest number of deals at 52, quantity did not help Bear Stearns beat out the competition as it placed third so far this year, selling $39.4 billion and gaining a 10.5% market share. Bear Stearns was more active last year with 88 deals and $44.5 billion in proceeds, garnering an 11.5% market share.
RBS Greenwich Capital jumped three notches from last year's seventh place, snagging the fourth spot with $38.7 in proceeds and a 10.3% market share. Last year, RBS sold merely $26.1 billion, garnering a 6.7% market share. Banc of America Securities rounds out the top five with $32.9 billion in proceeds and an 8.7% market share. BofA took a step back from fourth place last year when it sold $39.7 billion, equivalent to 10.2% market share.
Credit Suisse First Boston and Morgan Stanley both maintained their first quarter standing at sixth and seventh place, respectively. For the first half of the year, CSFB sold $27.1 billion and garnered a 7.2% market share, which is a great improvement from its ninth position in last year's first-half rankings, when it sold $23.5 billion in proceeds, garnering a 6.1% market share. Dropping a notch compared to last year's tables, Morgan Stanley is currently a distant seventh with $22 billion in proceeds and a 5.8% market share.
Goldman Sachs ranked eighth in both the 2005 and 2004 mid-year leagues, currently selling $21 billion and garnering a 5.6% market share. Goldman fared better last year, selling more with $24.6 billion in proceeds and garnering a 6.3% market share.
Citigroup Global Markets plunged four slots compared to last year with $20.6 billion in proceeds equivalent to a 5.5% market share. In contrast, it sold a much higher $30.7 billion and garnered a 7.9% market share in the first half of 2004. Deutsche Bank Securities rounded out the top 10 list both this year and last year, selling less in 2005 with $16.6 billion in proceeds, equivalent to a 4.4% market share. Over the same period last year, it had sold $19.3 billion, garnering a 5% market share.
Industry totals decreased to $376,911 in the first half of 2005 from $388,759 in 2004.
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