CDOs/CLOs

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues - - - - - Industry Total - - - - 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 12.3 24 Credit Suisse 9,560.5 2 10.2 18 Bear Stearns & Co Inc 7,904.3 3 8.5 19 Deutsche Bank AG 7,342.6 4 7.9 9 Morgan Stanley 6,968.4 5 7.5 9 Merrill Lynch & Co Inc 6,910.8 6 7.4 8 Barclays Capital 6,061.1 7 6.5 13 Countrywide Securities Corp 5,571.4 8 6.0 6 Royal Bank of Scotland Group 5,381.2 9 5.8 9 UBS 4,357.3 10 4.7 14 Industry Total 93,399.8 - 100.0 156 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 10% credit card ABS 11% enterprise finance 0% equipment ABS 1% real estate ABS 70% student loan ABS 7%

Asset Securitization Report recently spoke with Armand Pastine, a managing director and newly promoted fixed income group head for Maxim Group LLC, about his thoughts on the CDO market. Maxim Group, a 400-person boutique investment bank, is an underwriter and issuer of ABS CDOs. Maxim's affiliated company, Maxim Advisory, has more than $4 billion in assets under management.

More than $3 billion in utility deals are in the works, including four that will expand the use of securitization beyond stranded costs.

Moody's Investors Service last week announced it will be the first U.S.-based rating agency to move into the Canadian asset-backed commercial paper market, a sector dominated by Dominion Bond Rating Service.

Asset managers are scurrying to bring new CLOs to the market to capitalize on the healthy appetite for the structured product while a previous generation of CLOs is winding down.

Fitch Ratings last week gave General Motors Corp.'s senior unsecured debt a 41% recovery rating, a number in line with estimates from the derivatives market.

DaimlerChrysler, which came to market with its DaimlerChrysler Auto Trust 2006-A last week, was the first major auto ABS issuer to have a deal carrying ratings from Fitch Ratings and only one other rating agency, in this case Standard & Poor's.