...As It Weighs Starting U.S. Junk Operation

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  • 22 Sep 2003
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ABN AMRO is considering whether to enter the U.S high-yield origination, sales and trading business. Peter O'Malley, managing director and head of U.S. debt capital markets, says the considerations are in a nascent stage and stresses that it may well decide not to start up a junk bond business. O'Malley adds that entering the junk market would be part of the bank's broader goal of moving up in the U.S. debt league tables. That the high-yield market is at a favorable point in the credit cycle is partly why the bank is considering such a move now, he adds. He declines to speculate as to what might trigger the bank to move into high-yield and stresses the considerations will not necessarily lead to such a group.

O'Malley is responsible for the high-grade side and says any sub-investment grade operation would likely be contained within a separate department. The thinking comes as the Dutch bank has made several key hires for its U.S. structured products business in the last year or so as part of a concerted effort to break into the securitization market (BW, 2/24).

On the high-grade side, O'Malley says the bank has led roughly 40 deals so far this year, versus 28 for all of last year. O'Malley says the bank will likely reach a decision in the next six to eight weeks.

  • 22 Sep 2003

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 10,542 20 17.55
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.16
3 Citi 5,130 13 8.54
4 JP Morgan 4,681 6 7.79
5 Morgan Stanley 4,137 11 6.89

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 81,261.11 236 11.59%
2 Bank of America Merrill Lynch 66,338.04 186 9.46%
3 Wells Fargo Securities 56,344.19 164 8.03%
4 JPMorgan 53,381.65 156 7.61%
5 Credit Suisse 44,872.46 115 6.40%