Merrill Lynch increased a staggering 422%, versus the same period last year, taking the number one spot with $9.24 billion of CDO product placed. In fact, Merrill doubled its nearest competitor and accounted for 17.8% of the market. Through the first three quarters of 2003, Merrill ranked seventh with $1.8 billion issued.

Citigroup Global Markets scored second place with approximately $4.6 billion under its belt or 8.9% of the market, more than doubling the amount it racked up same time last year, when it had sold $2.2 billion. But Citigroup heads into the fourth quarter with a seemingly insurmountable $4.6 billion of ground to make up.

Deutsche Bank Securities increased its volume 24% versus the year-over-year period 2003, leading $4.3 billion of domestic CDO supply through the third quarter 2004, up from $3.5 billion through 3Q04. Deutsche Bank controls 8.2% of the supply.

Also with $4.3 billion, UBS is in a very close fourth, a hair back from Deutsche Bank, and also with 8.2% of the market. UBS' 3Q04 total of $610 million is down roughly 65% from its second quarter clip, when it sold $1.74 billion of CDO product.

Finally, Morgan Stanley rounded out the top five with $4.1 billion of league table credit, or 7.8% of the total. Its 3Q04 total of $2.6 billion nearly doubled its 2Q04 pace, which saw it place $1.4 billion of supply.

Copyright 2004 Thomson Media Inc. All Rights Reserved.

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