Biggest Week for Global ABS since September '09

The volume of global asset-backed securities issuance totaled $11.6 billion so far this week, marking the strongest week for global ABS transactions since September 2009 ($16.8 billion). Year-to-date, global ABS issuance totals $216.6 billion, a 40% increase compared to the same time last year. In the United States, year-to-date ABS issuance totals $160.8 billion for the year-to-date period, already eclipsing full year 2011 activity ($137.4 billion).

Securitizations backed by auto receivables account for 34% of year-to-date activity , up 34% compared to 2011 levels, while credit-card securitizations represent 15% of this year's activity, more than double the year ago volume. JP Morgan tops the list of global ABS underwriters, with 12.8% market share, an increase of 3.9 market share points compared to last year at this time.

European Corporate Debt Hits 3-Year Weekly High

Corporate debt issuance from European companies, excluding financials, totals $20.5 billion so far this week, the strongest week for new corporate issuance since September 2009 ($23.8 billion). Year-to-date corporate activity has increased 58% over last year at this time, with year-over-year gains in every industry sector. Energy and power, industrials and materials issuance accounts for 59% of year-to-date activity this year.

Excluding financials, corporate issuance from France accounts for 20% of activity, followed by the United Kingdom (18.6%) and Germany (17.5%). BNP Paribas has moved into the top spot for European corporate debt underwriting with 7.4% market share, up from second at this time last year.

AIG Breaks U.S. Follow-On Record

This week's $20.7 billion follow-on offering from AIG, which ranks as the largest U.S. follow-on offering on record, brings the volume of global follow-ons to $295.5 billion, a decline of 7% compared to last year at this time. Citi, one of AIG's 11 bookrunners, currently leads the ranking for global follow-on offerings with 9.1% market share, up from 5.0% last year at this time. Goldman Sachs follows closely behind with 9.0% market share, down from 9.8% last year.

Companies in the United States account for 42% of year-to-date follow-on activity, up from 32% during year-to-date 2011, while issuers in China and Hong Kong account for 8.9% and 5.7%, respectively. Financials, energy and power and real estate follow-on offerings account for nearly two-thirds of year-to-date activity, up from 59% last year at this time.

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Thomson Reuters
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