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U.S. ABS issuance tumbles to $123.6 bln in H1 2008

Mon Jun 30, 2008 1:39pm EDT

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NEW YORK, June 30 (Reuters) - U.S. asset-backed securities issuance slumped to $123.6 billion in this year's first half compared with the robust $652.4 billion sold in the year-ago period, Thomson Reuters said on Monday.

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Home equity ABS, also known as residential subprime mortgages, led the slide in 2008 as investors fled the segment after surging delinquencies and defaults on risky home loans triggered a major collapse in subprime mortgages last year.

JPMorgan Securities (JPM.N) was the top underwriter of asset-backed securities in the first half, underwriting $25 billion worth of ABS deals through 46 offerings, Thomson said.

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