For the second year in a row, Lehman Brothers was ranked No. 1 in issuance of mortgage-backed debt for the second quarter, according to preliminary statistics put out by Securities Data Co.

With $12.6 billion in proceeds, 17.4% of the market share and 46 issues, Lehman outranked PaineWebber and Salomon Smith Barney, which came in second and third, respectively.

For the second quarter of 1998, by comparison Lehman ranked first with $22.4 billion in proceeds and 58 issues, while Salomon ranked second with $19.3 billion and 83 issues.

Last year, Credit Suisse First Boston ranked third with $11.6 billion in proceeds and 56 issues. - AT

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