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 & Co Inc 29,596.9 1 13.7 43 Citigroup 24,322.6 2 11.3 41 Deutsche Bank AG 21,033.2 3 9.7 28 Wachovia Corp 14,789.8 4 6.8 36 Banc of America Securities LLC 14,124.0 5 6.5 30 Credit Suisse 13,572.0 6 6.3 21 Bear Stearns & Co Inc 12,863.1 7 6.0 25 Groupe Caisses d'Epargne 11,424.1 8 5.3 14 Morgan Stanley 11,341.8 9 5.3 38 UBS 10,786.1 10 5.0 46 Industry Total 215,988.7 - 100.0 399 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 LLC 15,645.6 1 29.4 22 Citigroup 9,982.0 2 18.8 15 JP Morgan 9,674.7 3 18.2 21 Morgan Stanley 3,529.0 4 6.6 4 Deutsche Bank AG 3,424.9 5 6.4 10 Barclays Capital 3,096.8 6 5.8 7 Credit Suisse 2,285.0 7 4.3 10 HSBC Holdings PLC 1,999.9 8 3.8 2 ABN AMRO 1,000.0 9* 1.9 5 Merrill Lynch & Co Inc 1,000.0 9* 1.9 4 Industry Total 53,197.4 - 100.0 78 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 Deutsche Bank AG 1,750.0 1 21.3 3 ABN AMRO 1,250.0 2* 15.2 2 Lehman Brothers 1,250.0 2* 15.2 2 Royal Bank of Scotland Group 1,000.0 4* 12.2 2 Banc of America Securities LLC 1,000.0 4* 12.2 2 Barclays Capital 855.0 6 10.4 1 JP Morgan 500.0 7 6.1 1 Merrill Lynch & Co Inc 300.0 8* 3.7 1 Citigroup 300.0 8* 3.7 1 Industry Total 8,205.0 - 100.0 7 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 Lehman Brothers 49,117.1 1 11.1 107 Countrywide Securities Corp 45,296.4 2 10.2 65 Royal Bank of Scotland Group 37,358.2 3 8.4 85 Morgan Stanley 31,112.0 4 7.0 31 Credit Suisse 30,968.9 5 7.0 79 Deutsche Bank AG 30,263.5 6 6.8 67 Citigroup 27,846.0 7 6.3 65 Bear Stearns & Co Inc 27,321.3 8 6.2 77 Merrill Lynch & Co Inc 24,333.6 9 5.5 42 JP Morgan 23,936.4 10 5.4 55 Industry Total 443,383.8 - 100.0 818 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 Citigroup 10,609.6 1 20.4 12 Deutsche Bank AG 7,642.2 2 14.7 11 Credit Suisse 5,627.8 3 10.8 9 Lehman Brothers 3,873.7 4 7.5 3 Merrill Lynch & Co Inc 3,819.9 5 7.4 4 Goldman Sachs & Co 3,809.3 6 7.3 5 Banc of America Securities LLC 3,418.5 7 6.6 5 Morgan Stanley 3,328.1 8 6.4 5 Wachovia Corp 2,649.5 9 5.1 2 RBC Capital Markets 1,500.0 10 2.9 2 Industry Total 51,961.0 - 100.0 38 Source: Thomson Financial

auto ABS 10% credit card ABS 8% enterprise finance 0% equipment ABS 2% real estate ABS 70% structured settlements 0% student loan ABS 8% trade receivables 1% utilities ABS 0%

LAS VEGAS - From subprime lenders to home equity ABS investors, attendees at the Information Management Network's Subprime ABS conference held here last week found themselves predicting - in the midst of a changing U.S. housing market landscape - how the sector will make it through a downturn.

Dutch financial institution ING Bank has prepared an asset-backed commercial paper conduit called Simba Funding Corp., which will provide credit default protection on the bank's assets. The unusual structure, not seen on the ABCP market for almost four years, appears to be a show of confidence that the country's banking regulatory policies will welcome synthetic ABCP structures under Basel II.

In a first for the aircraft ABS sector and for GE Commercial Aviation Services, Blade Engine Securitization recently completed a $362 million debt and equity transaction that combines elements of a securitization and a private placement transaction. Dealmakers say it promises to draw imitators from within the sector and the ABS business overall.

Fueled by active issuance from the consumer sector, and despite a slow early start, the ABS market raced toward a week of $20 billion in primary issuance.