CDOs/CLOs

BOCA RATON, FLA. - A crack team of leading ABS research analysts gathered last week at Information Management Network's ABS East conference to discuss the picture in the auto, credit card and student loan sectors. Consistent with the themes that ran throughout the conference, interest rates, employment, fuel prices and home price appreciation were seen as the key drivers of ABS performance.

BOCA RATON, FLA. - Those that take the view that there is a bubble in the U.S. housing market - within pockets therein or otherwise - have one burning question: will the fall be hard or soft? Most answer with the safe question, that there will likely be a little of both. But, in any case, experts agree it is likely to be painful.

BOCA RATON, FLA. - CDO equity investors are asking for larger chunks than ever before, Banc of America Securities Managing Director Dik Blewitt said during a panel discussion at this year's Information Management Network ABS East conference held here last week.

Year to date as of 09/15 Term (days) 09/09 09/12 09/13 09/14 09/15 1-week

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues JP Morgan 8,270.8 1 13.2 13 Deutsche Bank AG 7,263.3 2 11.6 13 Merrill Lynch & Co Inc 7,246.0 3 11.6 9 Citigroup 6,870.1 4 11.0 12 Banc of America Securities LLC 5,947.1 5 9.5 10 Wachovia Corp 5,005.3 6 8.0 11 Barclays Capital 4,782.8 7 7.6 9 Credit Suisse First Boston 4,561.9 8 7.3 9 Goldman Sachs & Co 3,564.1 9 5.7 4 HSBC Holdings PLC 2,771.4 10 4.4 4 Industry Total 62,639.2 - 100.0 61 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 Merrill Lynch & Co Inc 16,256.7 1 17.9 24 Citigroup 11,695.8 2 12.9 25 Morgan Stanley 7,534.7 3 8.3 28 Wachovia Corp 6,951.2 4 7.7 15 Bear Stearns & Co Inc 6,821.5 5 7.5 17 Deutsche Bank AG 5,279.6 6 5.8 14 Lehman Brothers 5,147.7 7 5.7 16 UBS 4,453.1 8 4.9 11 Banc of America Securities LLC 3,996.2 9 4.4 19 JP Morgan 3,659.6 10 4.0 10 Industry Total 90,876.6 - 100.0 218 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 10,569.1 1 29.3 21 Citigroup 5,198.2 2 14.4 16 Barclays Capital 4,249.0 3 11.8 11 Deutsche Bank AG 3,324.6 4 9.2 15 Morgan Stanley 2,216.5 5 6.2 4 Credit Suisse First Boston 2,088.2 6 5.8 8 Banc of America Securities LLC 2,041.2 7 5.7 8 ABN AMRO 1,833.2 8 5.1 7 Royal Bank of Scotland Group 1,135.8 9 3.2 4 Merrill Lynch & Co Inc 759.8 10 2.1 5 Industry Total 36,040.6 - 100.0 72 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 2,400.7 1 18.3 4 Morgan Stanley 2,041.7 2 15.6 3 Barclays Capital 1,492.5 3 11.4 2 Credit Suisse First Boston 1,243.6 4 9.5 2 ABN AMRO 1,243.6 4 9.5 2 Citigroup 944.1 6 7.2 2 Banc of America Securities LLC 750.0 7 5.7 1 Lehman Brothers 725.8 8 5.5 1 JP Morgan 725.8 8 5.5 1 HSBC Holdings PLC 566.7 10 4.3 1 Industry Total 13,114.5 - 100.0 11 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 49,990.9 1 10.9 91 Bear Stearns & Co Inc 41,978.1 2 9.2 93 Credit Suisse First Boston 38,566.9 3 8.4 81 Royal Bank of Scotland Group 38,429.0 4 8.4 63 Countrywide Securities Corp 37,376.5 5 8.2 45 Morgan Stanley 36,226.6 6 7.9 46 Deutsche Bank AG 32,995.6 7 7.2 64 Citigroup 28,283.7 8 6.2 56 Banc of America Securities LLC 24,082.0 9 5.3 52 Merrill Lynch & Co Inc 23,183.8 10 5.1 35 Industry Total 458,374.5 - 100.0 861 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 8,972.0 1 22.2 12 Deutsche Bank AG 5,121.9 2 12.7 7 Banc of America Securities LLC 4,831.0 3 11.9 8 Merrill Lynch & Co Inc 4,261.6 4 10.5 4 Morgan Stanley 3,883.6 5 9.6 4 Credit Suisse First Boston 3,367.9 6 8.3 5 UBS 2,527.7 7 6.3 5 Lehman Brothers 2,138.5 8 5.3 2 Goldman Sachs & Co 2,127.2 9 5.3 4 JP Morgan 1,808.5 10 4.5 4 Industry Total 40,460.7 - 100.0 33 Source: Thomson Financial