Mortgage backed securities account for the lowest share of total U.S. structured finance issuance in four years, according to data published today by Dealogic.
MBS issuance for the year to date stands at $347.9 billion, or 67% of total U.S. structured finance volume since 2008, when it accounted for 54% MBS issuance at this point.
MBS issuance is also the lowest level in absolute terms since 2009, when it was $300.3 billion.
In contrast, issuance of other kinds of asset-backed securities totals $168.3 billion for the year to date, up 58% on over 2011 and the highest dollar volume since the same period of 2007, when it was $702.7 billion.
The pickup in ABS issuance fails to offset the decline in MBS issuance, howver. As a result, U.S. structured finance volume,including MBS and all other kinds of asset-backed securities tracked by Dealogic, stands at $516.3 billion, is also at its lowest level since this point in 2009, when it was just $422.7 billion.
While dollar volumes are down, the number of deals is up on the year, by 4%, reflecting a decrease in the average deal size, to $579 million from $615 million in 2011. This year’s deal size is the smallest for the year to date since 2000, when it was $489 million.
Deutsche Bank leads the U.S. structured finance bookrunner ranking in 2012 for the year to date, with an 11.7% market share. Bank of America Merrill Lynch and Barclays follow with 11.6% and 11.3%, respectively