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League Tables Paint Sad Picture October 03, 2008

These tables are best viewed in excel format.
>> Click here to view the RMBS Q3 2008 League Tables >> Click here to view the ABS Q3 2008 League Tables >> Click here to view the CDO Q3 2008 League Tables >> Click here to view the CMBS Q3 2008 League Tables

-- Olivia Thetgyi
Third quarter league tables feature the usual names – and some soon to be lost ones – along with some paltry numbers. But in the current market, it’s hard to find anything worth looking at. “We’re in a post-apocalyptic scenario,” one investor said. “[The league tables] don’t represent real business. They’re just representing disparate situations, not the value of the business that’s being done or the quality of the business. [Securitized products] have just been smashed to pieces. Nothing’s getting done. The only deals getting done are leftovers from old discussions or one-off situations.”
What the tables do show is just how badly the markets have been smashed. For example, in ABS, global issuance was nearly halved to $29.96 billion from $61.3 billion the previous quarter. In the U.S., 24 deals worth $16.06 billion in deals got done, compared with 66 deals worth $52.65 billion. The top seeds here globally – Royal Bank of Scotland, JPMorgan and Credit Suisse – were also the top ...

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