One of the most hotly contested markets over the past 12 year has been asset-backed securities, with five institutions that can stake a legitimate claim to being the best. Citigroup, even without counting self-issuance for its credit card business, has over the past three years forged a formidable operation now integrated all the way from commercial paper conduits through to true-sale term issuance.
Lehman, in the US at least, puts in a stunning performance for a firm lacking balance sheet and internal clients.
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