Third-Party ABS Managers Fall Out Of Favor

  • 08 Feb 2006
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Some credit houses are holding off adding third-party managers to synthetic collateralized debt obligations referencing asset-backed securities because there is not enough juice in the underlying assets to make the play economically viable. "To cover manager fees and risk management costs, it's very difficult to get the numbers to work," said an official at a top-tier bank in London. "We have taken a step back on these deals."

One analyst said returns on AAA-rated ABS assets, including RMBS and CMBS, are hovering around 20 basis points, but he has seen as low as 8 bps. A London-based CDO manager agreed tight returns were halting transactions being issued, adding in synthetic ABS portfolios a lack of diversity may also be turning people away.
  • 08 Feb 2006

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 318,645.99 1207 8.88%
2 JPMorgan 291,870.93 1330 8.14%
3 Bank of America Merrill Lynch 285,392.08 993 7.95%
4 Goldman Sachs 218,480.36 718 6.09%
5 Barclays 210,235.01 814 5.86%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 33,092.37 151 6.77%
2 Deutsche Bank 33,007.84 106 6.75%
3 Bank of America Merrill Lynch 29,018.73 86 5.94%
4 BNP Paribas 25,718.39 146 5.26%
5 Credit Agricole CIB 22,722.30 133 4.65%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 18,707.17 72 9.33%
2 Morgan Stanley 15,215.44 76 7.59%
3 UBS 14,195.29 55 7.08%
4 Citi 14,014.57 86 6.99%
5 Goldman Sachs 12,113.98 67 6.04%