CDOs/CLOs

Despite declining retail business, resulting in lower levels of managed receivables available to back securitized bonds, Ford Motor Credit Co., the financing unit of Ford Motor Co., plans to issue more ABS backed by auto loans and leases in 2006.

Year to date as of 03/16 Term (days) 03/10 03/13 03/14 03/15 03/16 1-week

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Citigroup 3,629.7 1 23.0 8 JP Morgan 3,344.2 2 21.2 8 Deutsche Bank AG 1,720.4 3 10.9 6 Royal Bank of Scotland Group 1,606.8 4 10.2 3 Merrill Lynch & Co Inc 1,250.0 5 7.9 3 Barclays Capital 1,094.9 6 6.9 3 Credit Suisse 950.0 7 6.0 2 Wachovia Corp 939.0 8 6.0 3 Bear Stearns & Co Inc 824.9 9 5.2 1 Goldman Sachs & Co 411.2 10 2.6 1 Industry Total 15,771.0 - 100.0 17 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 UBS 4,343.5 1 17.8 5 Merrill Lynch & Co Inc 4,166.8 2 17.1 7 Credit Suisse 3,107.4 3 12.7 4 Deutsche Bank AG 2,245.9 4 9.2 4 Citigroup 2,240.0 5 9.2 4 Morgan Stanley 2,107.5 6 8.6 11 Bear Stearns & Co Inc 1,990.4 7 8.2 5 Banc of America Securities LLC 1,549.4 8 6.3 8 Goldman Sachs & Co 795.9 9 3.3 1 Wachovia Corp 739.5 10 3.0 2 Industry Total 24,428.9 - 100.0 56 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 JP Morgan 5,943.2 1 33.4 11 Citigroup 4,447.1 2 25.0 8 Banc of America Securities LLC 2,973.3 3 16.7 5 Morgan Stanley 1,829.0 4 10.3 2 Deutsche Bank AG 1,568.5 5 8.8 4 Barclays Capital 500.0 6 2.8 1 Wachovia Corp 249.9 7 1.4 1 Credit Suisse 200.0 8 1.1 1 Industry Total 17,774.0 - 100.0 26 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 11,508.4 1 12.1 24 Credit Suisse 11,297.3 2 11.9 23 Deutsche Bank AG 8,342.6 3 8.8 10 Morgan Stanley 7,460.2 4 7.8 11 Merrill Lynch & Co Inc 6,910.8 5 7.3 8 Barclays Capital 6,061.1 6 6.4 13 Bear Stearns & Co Inc 5,411.1 7 5.7 17 Royal Bank of Scotland Group 5,381.2 8 5.7 9 UBS 5,215.6 9 5.5 18 JP Morgan 4,926.8 10 5.2 8 Industry Total 95,104.2 - 100.0 162 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 2,915.8 1 22.7 4 Deutsche Bank AG 2,053.0 2 16.0 2 Banc of America Securities LLC 2,027.7 3 15.8 3 Merrill Lynch & Co Inc 1,553.0 4 12.1 1 Lehman Brothers 1,284.7 5 10.0 1 Goldman Sachs & Co 1,255.5 6 9.8 1 Credit Suisse 950.4 7 7.4 2 UBS 450.4 8 3.5 1 SunTrust Banks 382.5 9 3.0 1 Industry Total 12,872.9 - 100.0 9 Source: Thomson Financial

auto ABS 9% credit card ABS 10% enterprise finance 0% equipment ABS 1% real estate ABS 72% structured settlements 0% student loan ABS 7% trade receivables 0%

The so-called VantageScore credit scoring system released last week by the three major consumer credit bureaus - Experian, Equifax, and TransUnion - is not expected to affect securitizations in the short-term, market participants said. Since neither Standard and Poor's, Moody's Investors Service, Fitch Ratings, nor the GSEs, can yet use the VantageScore product, its impact on the securitization industry is anticipated to be minimal at this point. The VantageScore is being marketed as an alternative to the widely used Fair Isaac Corp. FICO score.

Capital One Financial Corp. gained a more diverse funding source to sustain its lending business when it bought North Fork Bancorporation last week, a purchase that will reduce its reliance on the securitization market. Even so, the bank will be able to sustain its credit card ABS volume by tapping into credit card receivables from its newly acquired unit, say capital market sources.