Asset-backed securities raised a record $298.8 billion of capital in 2000, or slightly more than $750 million a day.
That capped a robust decade for asset-backeds, which raised $43.3 billion in 1990 and have raised more every year since, according to records from Thomson Financial Securities Data Co.
Salomon Smith Barney Inc. remained the industry leader in 2000, with 231 issues that raised $51.2 billion and gave the Citigroup Inc. subsidiary a 17.2% market share. J.P. Morgan & Co.s deal to merge with Chase Manhattan Corp. bumped it up to No. 2, with $35.7 billion of assets raised, 12% market share, and 114 issues.
Credit card, auto loan, and student loan receivables continued to dominate the underlying assets, according to an analysis by Standard & Poors, which only counts the portion of the market that it rates. Its analysis was based on a comparison of public market volume through Nov. 30 against the like period in 1999.
Standard & Poors said auto issuance rose to $61 billion, from $43 billion; credit card issuance to $48 billion, from $38 billion; and student loan issuance to $12.4 billion, from $5.7 billion. Together, the three sectors grew 39%, S&P said.
Several credit card companies entered the securitization market last year. These included CompuCredit Corp. of Atlanta, NextCard Inc. of San Francisco, and Dallas-based Associates First Capital, which is now part of Citigroup.
Citibank may be the first major issuer to come to market this year. News reports say it plans to make an offer to securitize $2 billion of credit card receivables.