CDOs/CLOs

The Bond Market Association announced last week that Robbin Conner has been appointed vice president and assistant general counsel. Conner, who will report to BMA associate general counsel Lynnette Hotchkiss, will also be the staff advisor to the Association's MBS and securitizaed products division. He will focus on the division's legal, regulatory and market practice initiatives that include such areas as MBS fails, good delivery guidelines, nontraditional mortgage products and credit default swaps of ABS.

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Citigroup 5,839.9 1 23.0 12 JP Morgan 3,828.6 2 15.1 10 Wachovia Corp 2,286.4 3 9.0 5 Deutsche Bank AG 2,020.4 4 7.9 7 Merrill Lynch & Co Inc 1,847.5 5 7.3 4 Barclays Capital 1,705.7 6 6.7 4 Credit Suisse 1,550.0 7 6.1 3 Royal Bank of Scotland Group 1,479.3 8 5.8 3 Banc of America Securities LLC 1,374.9 9 5.4 1 Morgan Stanley 997.5 10 3.9 2 Industry Total 25,435.6 - 100.0 31 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 12,433.7 1 16.8 20 Merrill Lynch & Co Inc 9,089.5 2 12.3 12 Banc of America Securities LLC 7,206.9 3 9.8 18 Deutsche Bank AG 6,810.1 4 9.2 11 UBS 4,824.0 5 6.5 13 Bear Stearns & Co Inc 4,685.3 6 6.3 10 Morgan Stanley 4,356.3 7 5.9 17 Credit Suisse 4,317.9 8 5.9 8 JP Morgan 2,610.9 9 3.5 12 Wachovia Corp 2,557.3 10 3.5 7 Industry Total 73,857.2 - 100.0 151 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 6,682.4 1 27.3 12 JP Morgan 6,149.7 2 25.1 12 Banc of America Securities LLC 4,410.0 3 18.0 8 Deutsche Bank AG 2,549.9 4 10.4 7 Morgan Stanley 1,829.0 5 7.5 2 Barclays Capital 1,087.5 6 4.4 3 Credit Suisse 625.0 7 2.6 2 ABN AMRO 500.0 8 2.0 1 Lehman Brothers 250.0 9 1.0 1 Wachovia Corp 249.9 10 1.0 1 Industry Total 24,508.3 - 100.0 39 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 20,105.2 1 10.6 47 Morgan Stanley 19,425.1 2 10.2 21 Credit Suisse 18,911.9 3 10.0 38 Countrywide Securities Corp 15,001.3 4 7.9 17 Deutsche Bank AG 13,789.4 5 7.3 24 Royal Bank of Scotland Group 12,487.1 6 6.6 18 Bear Stearns & Co Inc 12,121.0 7 6.4 33 Merrill Lynch & Co Inc 11,781.7 8 6.2 16 JP Morgan 11,381.6 9 6.0 23 Citigroup 8,663.0 10 4.6 24 Industry Total 189,988.7 - 100.0 362 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 4,793.6 1 21.5 7 Deutsche Bank AG 2,801.0 2 12.6 3 Credit Suisse 2,466.6 3 11.1 4 Merrill Lynch & Co Inc 2,301.0 4 10.3 2 Banc of America Securities LLC 2,027.7 5 9.1 3 Goldman Sachs & Co 1,803.8 6 8.1 2 Morgan Stanley 1,537.4 7 6.9 2 Lehman Brothers 1,284.7 8 5.8 1 UBS 998.7 9 4.5 2 JP Morgan 769.3 10 3.5 1 Industry Total 22,272.2 - 100.0 16 Source: Thomson Financial

auto ABS 9% credit card ABS 8% enterprise finance 0% equipment ABS 1% real estate ABS 72% structured settlements 0% student loan ABS 8% trade receivables 1%

Amid heightened competition, real estate investment trusts that operate within the commercial real estate sector are employing a number of strategies - from teaming up to changing course.

The Florida Public Service Commission's staff last week recommended that Florida Power & Light, a Juno Beach, Fla.-based utility company, be allowed to tap the securitization market for about $659 million. If the power company completes the transaction, it will use the funds to cover storm recovery costs.

While eyebrows were raised last week at the timing of Wachovia Corp.'s purchase of savings bank and mortgage lender Golden West Financial Corp., Golden West Chief Executive Herb Sandler vehemently denies it had anything to do with his outlook for the U.S. real estate market. Ninety-nine percent of Golden West's portfolio consists of widely criticized option adjustable rate mortgages, and more than half of those loans were originated to Californian borrowers.