CDOs/CLOs

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.

Moody's Investors Service this week will release a report suggesting home equity ABS deals incorporate more effective triggers. Analysts at the rating agency last week stressed they were not aiming to "dictate" the type of triggers used in home equity deals, but did say lower-rated tranches would likely receive a more favorable rating through the use of one of two alternative triggers it outlines in its report, in addition to standard cumulative loss and delinquency triggers.

Student loan provider Sallie Mae announced last week that it is looking to the wholesale consolidation loan business for its next growth channel.