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 416,634.23 1594 9.03%
2 JPMorgan 379,647.36 1732 8.23%
3 Bank of America Merrill Lynch 359,625.73 1304 7.80%
4 Barclays 267,126.92 1079 5.79%
5 Goldman Sachs 267,110.09 921 5.79%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 45,314.03 193 6.64%
2 Deutsche Bank 37,536.19 138 5.50%
3 BNP Paribas 36,532.54 211 5.36%
4 JPMorgan 34,490.59 115 5.06%
5 Bank of America Merrill Lynch 33,700.87 110 4.94%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 22,398.41 104 8.66%
2 Morgan Stanley 19,092.40 102 7.38%
3 Citi 17,812.08 111 6.89%
4 UBS 17,693.89 71 6.84%
5 Goldman Sachs 17,256.05 98 6.67%