Overall market conditions were challenging in the RMBS sector, but Lehman Brothers managed to improve its standing, claiming the top position among U.S. RMBS managers for the first three quarters of the year.
Lehman outsold second-place finisher Bear Stearns by a mere $3 billion, according to Thomson Financial. The bank brought 88 deals to the market in the first three quarters that totaled $76 billion and accounted for a 9.8% market share. Despite its move up from second place last year, the firm was down from the 10.6% piece of the market it maintained during the same time period in 2006 when it brought in $84.2 billion in issuance. Further, Lehman almost halved its quarterly volume in the third quarter of 2007, with $17.6 billion, compared with $30.5 billion in the third quarter of 2006.