One seeming casualty of the recent merger between J.P. Morgan and Chase Securities has been its collateralized debt obligation group, which has tumbled out of the top five CDO underwriters this year after having led the market in early 2000.

The combined CDO desks of J.P. Morgan and Chase generated the most global CDO issuance of any Street underwriter in the first quarter of 2000, with $1.7 billion in new deals underwritten, according to Thomson Financial. Yet little more than a year later, despite a surge in popularity for CDOs in general, J.P. Morgan Chase has fallen to sixth in the sector with $1.2 billion in deals underwritten. Its market share, too, has taken a beating, falling all the way to roughly 7% from a combined 23.2% at this time last year.

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