UBS is once again at the top of the manager rankings for both agency and non-agency MBS, according to the results from Thomson Financial's league tables for the first half of 2004. UBS also placed first for the rankings over the same period last year.

The first half of the year was characterized by dampened volume as industry totals are down significantly compared to last year, decreasing to $318.30 billion this year from $497.53 billion through 2Q03. Also, there was a marked drop in volumes to 2Q04 ($147.69 billion) from 1Q04 ($170.61 billion).

So far this year, UBS has placed $45 billion, earning a 14.1% market share. Bear Stearns came in second place with $39.55 billion in proceeds and a 12.4% market share. The firm has stayed consistently in second place for the first two quarters of the year. Lehman Brothers moved up a notch from the same period last year to third place for the first half of 2004, garnering a 9.7% market share with proceeds of $31.03 billion.

Banc of America Securities was fourth place for the first half. The firm sold $27.88 billion with an 8.7% market share. Meanwhile, Citigroup Global Markets rounds out the top five with $26.78 billion in proceeds and an 8.4% market share.

Morgan Stanley and RBS Greenwich Capital are No. 6 and No.7, respectively. Morgan Stanley sold $21.79 billion and has a 6.9% market share. RBSGC, on the other hand, has $21.38 billion (6.7% market share).

Credit Suisse First Boston fell to eighth place this time around, compared to its sixth place standing for the first half of last year. In 2004, CSFB sold $18.12 billion with a market share of 5.7%. Goldman Sachs has significantly fallen behind compared with its business over the same period last year, when it placed No. 2. It is now No. 9, with proceeds of $17.14 billion (which translates to a 5.4% market share).

Deutsche Bank Securities has the final spot in the top 10 for the first half of 2004. The firm sold $15.11 billion and garnered a 4.8% market share.

CMBS rankings

In CMBS land, Morgan Stanley led the first two quarters of 2004 with $5.10 billion in proceeds. This is equivalent to a 12.3% market share. BofA was second in line, jumping from the No. 7 slot during the same period last year and selling $5.09 billion (a 12.3% market share). Wachovia Corp. placed third. The bank placed $4.28 billion with a 10.4% market share. Meanwhile, CSFB and Lehman Brothers rounded out the top five as No. 4 and No. 5, respectively.

Copyright 2004 Thomson Media Inc. All Rights Reserved.

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