CDOs/CLOs

Moody's Investors Service said in a report last week that despite concerns about subprime mortgage deterioration spilling over, the credit card sector's performance is still within the rating agency's expectations. In fact, Moody's expects no near term impact on ratings for credit card issuers and ABS.

Market interest was strong and expectations high last week before Academic Loan Group priced its $1.3 billion ALG Student Loan Trust II.

Performance of ABS deals remained strong through April, but macroeconomic concerns might eventually weaken performance later in 2007.

Ohio looks to be next on the list of state governments securitizing their share of the $200 billion national tobacco settlement. The Buckeye State is considering a deal that, if approved, could provide a massive payday to underwriters and a large chunk of new tobacco-related ABS.

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues JPMorgan Securities 8,539.2 1 31.5 10 Wachovia Securities 8,416.4 2 31.0 8 Banc of America Securities 6,760.7 3 24.9 6 ABN AMRO 5,149.8 4 19.0 4 Barclays Capital 4,837.2 5 17.8 4 RBS Greenwich Capital 4,561.5 6 16.8 4 Deutsche Bank Securities 3,706.9 7 13.7 3 Credit Suisse Securities 3,631.1 8 13.4 3 Morgan Stanley 2,870.3 9 10.6 3 HSBC Securities 2,058.0 10 7.6 2 Industry Total 27,115.7 - 100.0 30 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 Merrill Lynch 27,602.0 1 19.9 31 Citigroup Global Markets 17,752.5 2 12.8 25 JPMorgan Securities 10,756.0 3 7.8 19 Wachovia Securities 9,636.8 4 7.0 17 Morgan Stanley 9,493.8 5 6.8 38 UBS 8,134.0 6 5.9 14 Barclays Capital 8,133.7 7 5.9 10 Deutsche Bank Securities 7,546.6 8 5.4 17 Banc of America Securities 7,166.7 9 5.2 8 Bear Stearns 6,767.9 10 4.9 13 Industry Total 138,704.3 - 100.0 239 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 10,405.0 1 26.8 17 Banc of America Securities 9,415.0 2 24.3 16 Citigroup Global Markets 7,500.0 3 19.3 9 Morgan Stanley 5,252.6 4 13.5 6 Credit Suisse 2,842.6 5 7.3 4 Deutsche Bank Securities 2,575.0 6 6.6 8 Barclays Capital 2,350.0 7 6.1 4 ABN AMRO 2,242.6 8 5.8 2 RBS Greenwich Capital 2,075.0 9 5.3 6 Wachovia Securities 2,025.0 10 5.2 4 Industry Total 38,815.3 - 100.0 58 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 21,586.4 1 13.8 20 RBS Greenwich Capital 21,197.3 2 13.5 24 Merrill Lynch 18,763.7 3 12.0 17 Morgan Stanley 15,557.6 4 9.9 15 Lehman Brothers 14,573.7 5 9.3 18 Banc of America Securities 14,389.0 6 9.2 15 Bear Stearns 13,052.8 7 8.3 14 Citigroup Global Markets 13,026.8 8 8.3 20 Deutsche Bank Securities 10,264.8 9 6.5 12 JPMorgan Securities 8,011.0 10 5.1 9 Industry Total 156,888.8 - 100.0 194 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 11,994.9 1 45.7 4 Banc of America Securities 11,558.4 2 44.0 4 Barclays Capital 8,836.0 3 33.7 2 Credit Suisse 8,707.8 4 33.2 3 Deutsche Bank Securities 7,729.2 4 29.4 3 Morgan Stanley 6,270.3 6 23.9 2 Goldman Sachs 5,842.0 7 22.3 2 Wachovia Securities 4,806.0 8 18.3 1 Lehman Brothers 4,142.0 9 15.8 1 RBS Greenwich Capital 3,051.4 10 11.6 1 Industry Total 26,248.6 - 100.0 11 Source: Thomson Financial

auto ABS 8% credit card ABS 12% equipment ABS 1% real estate ABS 70% student loan ABS 9% trade receivables 0% utilities ABS 0%