CDOs/CLOs

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 12,676.0 1 20.3 19 Citigroup 8,961.8 2 14.4 19 Lehman Brothers 4,687.7 3 7.5 15 Morgan Stanley 4,049.6 4 6.5 17 Wachovia Corp 3,785.0 5 6.1 9 UBS 3,673.9 6 5.9 9 Goldman Sachs & Co 3,107.0 7 5.0 4 Credit Suisse First Boston 2,943.0 8 4.7 7 Bear Stearns & Co Inc 2,915.2 9 4.7 7 Groupe Caisses d'Epargne 2,442.0 10 3.9 3 Industry Total 62,359.1 - 100.0 152 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 6,508.1 1 30.0 14 Citigroup 3,973.7 2 18.3 12 Barclays Capital 2,799.0 3 12.9 10 Morgan Stanley 2,216.5 4 10.2 4 ABN AMRO 1,833.2 5 8.5 7 Deutsche Bank AG 1,513.9 6 7.0 11 Banc of America Securities LLC 836.2 7 3.9 6 Credit Suisse First Boston 779.9 8 3.6 5 Merrill Lynch & Co Inc 624.7 9 2.9 4 Lehman Brothers 416.7 10 1.9 2 Industry Total 21,677.0 - 100.0 47 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 1,686.3 1 15.5 4 Barclays Capital 1,492.5 2 13.8 2 Credit Suisse First Boston 1,261.3 3 11.6 3 ABN AMRO 1,261.3 3 11.6 3 Morgan Stanley 1,191.7 5 11.0 2 Banc of America Securities LLC 750.0 6 6.9 1 Lehman Brothers 725.8 7 6.7 1 JP Morgan 725.8 7 6.7 1 HSBC Holdings PLC 566.7 9 5.2 1 Merrill Lynch & Co Inc 375.0 10 3.5 1 Societe Generale 375.0 10 3.5 1 Industry Total 10,853.4 - 100.0 10 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 40,735.0 1 11.7 77 Bear Stearns & Co Inc 34,945.0 2 10.1 73 Countrywide Securities Corp 30,894.9 3 8.9 38 Royal Bank of Scotland Group 28,964.0 4 8.3 51 Morgan Stanley 28,428.7 5 8.2 37 Deutsche Bank AG 26,461.7 6 7.6 46 Credit Suisse First Boston 26,373.8 7 7.6 57 Citigroup 21,524.7 8 6.2 41 Banc of America Securities LLC 18,457.8 9 5.3 38 Merrill Lynch & Co Inc 17,734.4 10 5.1 25 Industry Total 347,865.5 - 100.0 586 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 7,522.0 1 26.9 9 Banc of America Securities LLC 3,233.2 2 11.6 5 Deutsche Bank AG 3,042.0 3 10.9 5 Morgan Stanley 2,757.6 4 9.9 3 Credit Suisse First Boston 2,696.2 5 9.6 4 Goldman Sachs & Co 2,127.2 6 7.6 4 Merrill Lynch & Co Inc 1,839.8 7 6.6 2 UBS 1,827.7 8 6.5 4 JP Morgan 1,158.5 9 4.1 3 Lehman Brothers 1,012.4 10 3.6 1 Industry Total 27,966.5 - 100.0 23 Source: Thomson Financial

auto ABS 18% credit card ABS 6% global MBS 5% real estate ABS 59% student loan ABS 8% other 4%

The acquisition of monoline credit card issuer MBNA Corp. by banking mammoth Bank of America likely means MBNA credit card ABS issuance volume will decline significantly, pulling precious volume out of an already floundering sector, sources say. Last Thursday, Charlotte, N.C.-based BofA announced it would acquire MBNA for $35 billion in cash and stock.

If half-year numbers are any indication, the ABS market is on its way to another record-breaking year, with $520 billion priced so far, versus $394 billion priced last year at this time, according to preliminary data maintained by Thomson Financial. All the market has to do is hold its sizzling pace to reach the $1 trillion mark for the first time and best last year's $858 mark, a number many predicted was unreachable two years in a row. In the thick of the hottest year in ABS history, the manager landscape has shifted slightly, but Citigroup Global Markets refuses to be knocked out of the top slot.

Asset management firm Cremac is seeking so-called strategic alternatives to sole ownership for its third-party credit risk management subsidiary Risk Management Group, according to Cremac President Joe Cafiero. Cypress Advisors is in the process of conducting a bidding process for the company, the second-largest credit risk manager, behind Clayton Holdings Inc.

As a testament to growing demand from investors for U.S. CDO product, total issuance in the first half of this year totaled $60.4 billion - nearly double the $35.5 billion under management in the first half of last year, according to data maintained by Thomson Financial. And Merrill Lynch & Co. held onto the top spot among CDO managers, bringing $12.7 billion to the market and maintaining more than one-fifth of the market with a 21% share. In the first half of last year, Merrill had placed $5.7 billion, good for a 16% market share.