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| Leading bookrunners of asset-backed Euromarket issues | ||
| Rank | Bookrunner | $bn |
| 1 | Credit Suisse First Boston | 12.7 |
| 2 | Deutsche Bank | 9.1 |
| 3 | Lehman Brothers | 5.5 |
| 4 | Merrill Lynch | 3.9 |
| 5 | Goldman Sachs | 3.0 |
| 6 | HypoVereinsbank | 2.6 |
| 7 | Nomura | 2.4 |
| 8 | Société Générale | 1.9 |
| 9 | Morgan Stanley | 1.7 |
| 10 | JP Morgan | 1.1 |
| Source: Capital Data Bondware, January to June 1999 | ||
Of all the growing asset classes in the European capital markets, asset-backed finance has been one of the most hyped. In the US it is a mature market where the culture of consumer credit and a large amount of non-bank mortgages provide ample revenue streams for securitization, but issuer and investor interest elsewhere has been lacking. Until now. Changes in legislation, changes in corporate culture and the euro are now helping the market for collateralized loan obligations (CLOs), credit-card receivables and other asset-backed products to take off in Europe.