While Citigroup Global Markets maintained its first quarter lead in the ABS league tables, two through five was tossed like a salad in the busy final week of the quarter, according to numbers officially released by Thomson Financial (see full league tables, p. 26-34). When the croutons landed, however, Lehman Brothers had separated itself from the pack as the clear No. 2 behind Citigroup, having claimed about $6 billion of credit on March 30.

While Citigroup's volume declined slightly versus the same period last year, Lehman roughly doubled its underwriting volume - $18.7 billion in 1Q04 versus $9.5 billion in 1Q03.

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