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

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

  • 22 Sep 2003
Email a colleague
Request a PDF

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 Bank of America Merrill Lynch (BAML) 1,284 2 30.09
2 Barclays 633 1 14.82
3 BNP Paribas 509 1 11.91
4 Citi 467 1 10.94
5 Morgan Stanley 455 1 10.66

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 9,235.10 31 12.19%
2 Barclays 7,853.42 22 10.36%
3 Bank of America Merrill Lynch 7,473.95 24 9.86%
4 JPMorgan 7,225.34 25 9.54%
5 Wells Fargo Securities 6,258.35 24 8.26%