CDOs/CLOs

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Countrywide Securities 24,396.8 1 12.333 26 Merrill Lynch 19,769.4 2 9.993 22 RBS Greenwich Capital 16,382.0 3 8.281 30 Morgan Stanley 16,051.0 4 8.114 18 Lehman Brothers 15,594.4 5 7.883 25 Citigroup Global Markets 14,604.4 6 7.383 19 Bear Stearns 13,663.4 7 6.907 26 JPMorgan Securities 12,445.1 8 6.291 17 Barclays Capital 10,877.2 9 5.498 13 Banc of America Securities 8,563.4 10 4.329 23 Industry Total 198,177.9 - 100.0 254 Source: ASR Scorecard database

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Banc of America Securities 8,428.2 1 22.335 8 JPMorgan Securities 5,973.5 2 15.83 6 Deutsche Bank Securities 3,551.49 3 9.412 5 Credit Suisse 3,423.1 4 9.071 4 Barclays Capital 2,544.83 5 6.744 2 RBC Capital Markets 2,531.0 6 6.707 3 Goldman Sachs 2,326.17 7 6.164 3 Citigroup Global Markets 2,107.4 8 5.585 3 Morgan Stanley 2,090.1 9 5.539 2 Lehman Brothers 1,380.67 10 3.659 1 Industry Total 37,735.2 - 100.0 20 Source: ASR Scorecard database

aircraft ABS 1% auto ABS 11% credit card ABS 12% equipment ABS 1% real estate ABS 67% student loan ABS 8% trade receivables 0% utilities ABS 0%

A lot of talk centered around the securitization market this week, from former Federal Reserve chairman Alan Greenspan's gloomy remarks about the sector, to a midweek summit that attracted more than 900 industry delegates. What spoke volumes, however, was the uptick in securitization activity from various asset classes, including a small mortgage transaction from Yale.

The Hyundai Auto Receivables Trust finally came to market last week, with key changes that boosted its ratings and lowered initial and target credit enhancement for its class A notes.

With an MBS market painfully parched from a lack of liquidity, and expected to stay that way well into next year, several large, well-known asset management firms and smaller alternative investment shops are planning to launch distressed-debt funds.

Leveraged loan market players made the optimistic prediction last week that CLOs would return to the loan market stage by January or February of 2008. The topic was one of many discussed by market participants at the 13th annual Reuters Loan Pricing Corporation Gold Sheets conference.

Market participants welcomed the ninth series of the North American Investment Grade CDX index (CDX.IG.NA series 9) last Thursday with high expectations, specifically with the addition of better quality and retail-heavy names.

With a growing number of both mortgage originators and MBS issuers crumbling amid subprime market distress, loan servicers are seeing very little new volume come their way.

Home value inflation by appraisers as a result of employment pressures from mortgage originators has long been a problematic issue for the mortgage market.