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Awards for excellence - Best ABS house

Awards for Excellence 2005

Citigroup

Citi has added to its ABS franchise with a breakthrough year in continental Europe

David Basra

In the past 18 months asset-backed securities went truly global. The first stage of the globalization of ABS – the development of thriving markets in North America, Europe, and Australasia – was already complete. Now issuers will tap these multiple markets simultaneously. UK residential mortgage-bcked securities issuers, for example, might issue in sterling, euros, and dollars, creating global distribution and exploiting global price tension. In a sure sign of market maturity, issuers are targeting different pockets of demand.


Against this background, a handful of ABS houses that run single global ABS origination, syndicate, marketing, and research teams could demonstrate their prowess. Deutsche Bank, for example, worked on a series of cross-border trades including co-lead managing Sallie Mae's simultaneous dollar, euro, and (debut) sterling issue. It brought more Australian RMBS issues into the US than any other bank.

As well as considering existing global players for the award, Euromoney also looked at those banks that have recognized that if they only offer domestic currency deals in a limited range of ABS products they have no future.


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