Citigroup underwrote most stock in ’07

Citigroup topped the list as the largest global underwriter of stocks and bonds in 2007, amid a year fraught with credit problems around the world, according to Thomson Financial.
Raking in $546.6 billion, Citigroup led the pack for the eighth consecutive year, primarily because of gains in investment-bond underwriting and asset-backed securitizations, according to data released from Thomson.
JPMorgan Chase took second place with $476.3 billion, while Deutsche Bank came in third with $429.7 billion.
Overall underwriting volume fell to $7.5 trillion, a 4% drop, according to Thomson.
Citigroup was also tops at arranging equity offerings and collecting fees from them: The New York-based bank brought in $616.7 billion in offerings and $3.17 billion in imputed fees.
JPMorgan, in second place, arranged $554.1 billion in offerings, collecting $3.08 billion in imputed fees.
The credit crunch made investors timid about approaching debt, slowing down issuance levels, especially during the second half of the year.
Global debt volume slid to $6.6 trillion, a 7% fall from the prior year and the first annual decline in seven years.
The market for asset-backed securities, which include collateralized debt obligations, slumped by 26% from last year.