CDOs/CLOs

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Merrill Lynch 31,645.6 1 16.3 38 Citigroup Global Markets 26,753.1 2 13.8 36 Wachovia Securities 15,409.4 3 7.9 26 JPMorgan Securities 13,564.9 4 7.0 23 Morgan Stanley 12,301.5 5 6.3 54 Banc of America Securities 11,793.1 6 6.1 13 Deutsche Bank Securities 10,836.6 7 5.6 22 UBS 10,117.2 8 5.2 23 Bear Stearns 9,685.5 9 5.0 17 Lehman Brothers 8,402.0 10 4.3 16 Industry Total 194,348.8 - 100.0 337 Source: Thomson Financial

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Wachovia Securities 7,948.09 1 17.9 11 JP Morgan Securities Inc. 4,633.0 2 10.4 10 Banc of America Securities LLC 4,559.57 3 10.3 8 Credit Suisse Securities (USA) LLC 3,319.7 4 7.5 6 Citigroup Global Markets, Inc. 2,797.36 5 6.3 6 ABN AMRO Incorporated 2,782.95 6 6.3 5 Deutsche Bank Securities, Inc. 2,509.2 7 5.7 6 Barclays Capital 2,384.3 8 5.4 5 RBS Greenwich Capital 2,374.5 9 5.3 5 Merrill Lynch, Pierce, Fenner & Smith Inc 2,226.4 10 5.0 4 Industry Total 44,392.5 - 100.0 47 Source: Thomson Financial

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues JPMorgan Securities 12,647.5 1 26.4 21 Banc of America Securities 10,423.3 2 21.8 19 Citigroup Global Markets 8,425.0 3 17.6 13 Morgan Stanley 4,652.6 4 9.7 6 Deutsche Bank Securities 2,095.83 5 4.4 9 Credit Suisse 1,696.3 6 3.5 5 Barclays Capital 1,675.0 7 3.5 4 RBS Greenwich Capital 1,400.8 8 2.9 9 Wachovia Securities 1,337.5 9 2.8 4 ABN AMRO 1,121.3 10 2.3 2 Industry Total 47,900.3 - 100.0 73 Source: Thomson Financial

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Countrywide Securities 23,860.5 1 12.7 25 Merrill Lynch 19,188.39 2 10.2 20 RBS Greenwich Capital 16,382.0 3 8.7 30 Lehman Brothers 15,156.9 4 8.0 24 Morgan Stanley 14,738.76 5 7.8 17 Citigroup Global Markets 14,604.4 6 7.8 19 Bear Stearns 12,237.0 7 6.5 22 JPMorgan Securities 11,198.7 8 5.9 14 Barclays Capital 10,312.6 9 5.5 12 Banc of America Securities 8,140.2 10 4.3 22 Industry Total 188,334.5 - 100.0 235 Source: Thomson Financial

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 6,928.2 1 19.2 7 JPMorgan Securities 5,973.5 2 16.6 6 Deutsche Bank Securities 3,551.49 3 9.9 5 Credit Suisse 3,423.1 4 9.5 4 Barclays Capital 2,544.83 5 7.1 2 RBC Capital Markets 2,531.0 6 7.0 3 Goldman Sachs 2,326.17 7 6.5 3 Citigroup Global Markets 2,107.4 8 5.8 3 Morgan Stanley 2,090.1 9 5.8 2 Lehman Brothers 1,380.67 10 3.8 1 Industry Total 36,035.2 - 100.0 18 Source: Thomson Financial

aircraft ABS 0% auto ABS 11% credit card ABS 8% catatrophe bonds 0% enterprise finance 0% equipment ABS 2% real estate ABS 70% structured settlements 0% student loan ABS 8% trade receivables 1% utilities ABS 0%

The asset securitization market usually does not stop issuing new deals for any reason, except perhaps the usual holiday breaks. After enduring several days of downgrades on subprime MBS by Moody's Investors Service, and warnings of more from Standard & Poor's, however, the ABS market largely decided to hold back from issuing new debt last week.

One can hardly escape the home-buying process without passing several important milestones. During the closing of our own house purchase several years ago, the attorney said he was very concerned about the steady stream of "strange" mortgages being approved for buyers who would otherwise not qualify for traditional home loans.

SLM Corp.'s planned $2.5 billion securitization of FFELP loan receivables made news for a couple of reasons. The student-loan ABS issuer broke its four-month abstention from the ABS market, just as the House of Representatives passed legislation that threatens to terminate its $25 billion buyout by J.C. Flowers & Co., Bank of America, JPMorgan Chase and Friedman Fleischer & Lowe.

Standard & Poor's placed about $7.3 billion worth of subprime bonds on CreditWatch with negative implications last Tuesday, a dose of consolation to a market that originally thought the rating agency would downgrade $12 billion of bonds.