In a feat reminiscent of last year's performance, UBS Warburg once again leads the RMBS year-end manager league tables.
The firm is in first place in the year-end manager activity rankings for both agency and non-agency mortgage-backeds, based on the final results from Thomson Financial's RMBS 2002 league tables.
UBS sold a whopping $105.92 billion, claiming the top spot with a market share of 14.8%. Bear Stearns came in next with $89.22 billion in proceeds and a 12.5% market share. Third place went to Lehman Brothers, which sold $77.72 billion and claimed a 10.9% market share.
Credit Suisse First Boston captured the fourth slot with $75 billion in proceeds or a 10.5% market share. Goldman Sachs & Co. and Citigroup/Salomon Smith Barney, finished fifth and sixth place, respectively. Goldman sold $69.98 billion (9.8% market share) while SSB sold $69.50 billion (9.7% market share).
Seventh place went to RBS Greenwich Capital with $50.57 billion in proceeds and a 7.1% market share. Banc of America Securities garnered the eighth spot with $41.75 billion in proceeds and a 5.9% market share.
Morgan Stanley and Merrill Lynch & Co. were ninth and tenth place, respectively. Morgan Stanley sold $30.61 billion (4.3% market share) while Merrill sold $27.66 billion (3.9%).
Meanwhile, Bear Stearns was the most active MBS underwriter of the fourth quarter with $27.76 billion in proceeds (16% market share). UBS placed second, selling $21.16 billion (12.2% market share) during 4Q02. Salomon was third with $20.25 billion in proceeds and a 11.6% market share. Fourth place went to Lehman who sold $16.14 billion and had a 9.3% market share.