CDOs/CLOs

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues JPMorgan Securities 10,205.0 1 28.3 16 Banc of America Securities 9,415.0 2 26.1 16 Morgan Stanley 5,252.6 3 14.5 6 Citigroup Global Markets 5,000.0 4 13.8 7 Credit Suisse 2,842.6 5 7.9 4 Deutsche Bank Securities 2,575.0 6 7.1 8 Barclays Capital 2,350.0 7 6.5 4 ABN AMRO 2,242.6 8 6.2 2 RBS Greenwich Capital 2,075.0 9 5.7 6 Wachovia Securities 1,275.0 10 3.5 3 Industry Total 36,115.3 - 100.0 55 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 19,406.5 1 13.8 19 RBS Greenwich Capital 18,187.7 2 13.0 22 Merrill Lynch 16,146.9 3 11.5 16 Morgan Stanley 13,137.2 4 9.4 14 Lehman Brothers 12,783.9 5 9.1 15 Banc of America Securities 12,305.9 6 8.8 17 Bear Stearns 11,379.1 7 8.1 19 Citigroup Global Markets 11,289.2 8 8.0 13 JPMorgan Securities 8,011.0 9 5.7 9 Deutsche Bank Securities 7,987.8 10 5.7 10 Industry Total 140,300.1 - 100.0 174 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 46.2 4 Banc of America Securities 11,558.4 2 44.6 4 Barclays Capital 8,836.0 3 34.1 2 Credit Suisse 8,707.8 4 33.6 3 Deutsche Bank Securities 7,729.2 4 29.8 3 Morgan Stanley 6,270.3 6 24.2 2 Goldman Sachs 5,842.0 7 22.5 2 Wachovia Securities 4,806.0 8 18.5 1 Lehman Brothers 4,142.0 9 16.0 1 RBS Greenwich Capital 3,051.4 10 11.8 1 Industry Total 25,942.6 - 100.0 10 Source: Thomson Financial

auto ABS 8% credit card ABS 12% equipment ABS 1% real estate ABS 69% student loan ABS 9% trade receivables 0% utilities ABS 0%

MIAMI - While federal regulators and, possibly, the rating agencies are advocating for loan modifications in lieu of foreclosures, some say loan modifications will only delay inevitable defaults.

The insurance-linked security industry appears to be evolving on two distinctly different fronts. On one hand, the 2004 and 2005 weather seasons tested the insurance and reinsurance industries' combined abilities to manage risks related to weather-induced catastrophes. These days, a much more benign period is testing its ability to find new business. Elsewhere, life and excess mortality risks are increasingly pushing the envelope for innovation in the industry.

The cacophony surrounding the subprime market's recent volatility is beginning to quiet down.

Saying that ABN AMRO must put the estimated $21 billion sale of its LaSalle Bank unit to a shareholder vote before it agrees to a takeover by Barclays Bank, a Dutch court put the brakes on the transaction and created an opportunity for rival bidders led by Royal Bank of Scotland to take over the company.

MIAMI - Shaken by diminished investor demand and in some cases significant losses, but heartened by improving market conditions, CDO issuers are cautiously slipping quarters back into the so-called CDO machine that once fueled much of the subprime mortgage sector's most recent rise.

One could argue that investor sentiment toward subprime mortgages has become more optimistic in recent weeks. HEL spreads have tightened in the secondary and synthetic markets - and some new-issue deals have actually been over-subscribed.