CDOs/CLOs

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Citigroup 3,973.7 2 19.2 12 Barclays Capital 2,799.0 3 13.6 10 Morgan Stanley 2,216.5 4 10.7 4 ABN AMRO 1,433.2 5 6.9 6 Deutsche Bank AG 1,001.4 6 4.9 9 Banc of America Securities LLC 836.2 7 4.1 6 Credit Suisse First Boston 779.9 8 3.8 5 Merrill Lynch & Co Inc 512.2 9 2.5 3 Lehman Brothers 416.7 10 2.0 2 Industry Total 20,652.0 - 100.0 45 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 Credit Suisse First Boston 1,654.9 2 13.8 4 ABN AMRO 1,654.9 2 13.8 4 Barclays Capital 1,492.5 4 12.4 2 Morgan Stanley 1,191.7 5 9.9 2 Banc of America Securities LLC 750.0 6 6.2 1 Lehman Brothers 725.8 7 6.0 1 JP Morgan 725.8 7 6.0 1 HSBC Holdings PLC 566.7 9 4.7 1 Merrill Lynch & Co Inc 375.0 10 3.1 1 Societe Generale 375.0 10 3.1 1 Industry Total 12,034.1 - 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 Bear Stearns & Co Inc 33,373.4 2 10.2 67 Morgan Stanley 28,472.5 3 8.7 37 Countrywide Securities Corp 27,870.4 4 8.5 33 Royal Bank of Scotland Group 26,986.1 5 8.3 45 Deutsche Bank AG 26,232.3 6 8.0 45 Credit Suisse First Boston 24,841.5 7 7.6 54 Citigroup 21,341.9 8 6.5 40 Banc of America Securities LLC 18,452.3 9 5.7 37 Merrill Lynch & Co Inc 17,734.6 10 5.4 25 Industry Total 326,216.9 - 100.0 544 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 Banc of America Securities LLC 3,134.2 2 11.3 4 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 9.7 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 6.6 4 JP Morgan 1,158.5 9 4.2 3 Lehman Brothers 1,012.4 10 3.6 1 Industry Total 27,867.5 - 100.0 22 Source: Thomson Financial

auto ABS 19% credit card ABS 7% global MBS 5% real estate ABS 58% student loan ABS 8% other 4%

Dominion Bond Rating Service is expecting Canadian conduits to become an increasingly larger player in the CDO market. The rating agency is projecting conduit CDO purchases to grow to 15% to 20% of conduit outstandings next year, up from a currently estimated 7% to 8% share. But, that growth will depend, in part, on conduit and ABCP investor support of the products, which Dominion is trying to drum up.

Friedman Billings Ramsey released another positive report on the state of underwriting in residential mortgage loans in which its author, Michael Youngblood, FBR's head of ABS research, is sure will be controversial. Youngblood said the concept of deteriorating mortgage loan underwriting is generally unfounded and "a source of some wonderment that at least a significant part of the media world has grasped onto." (See related story p. 14).

The ABS primary market steamed onward into the first official week of summer as $25 billion in new issues were in the market. By some calculations the market has already outpaced 2004 year-to-date by nearly $150 billion in issuance, and no one seems to be expecting a slowdown anytime soon.

The auto fleet lease sector witnessed the coming of a first-time entrant last week as Chicago-based leasing company Wheels, Inc. priced a private, $500 million deal led by JPMorgan Securities, its first ever term securitization. Wheels had previously issued discreetly into the conduit market.

The state utility boards of Florida and New Jersey last week helped clear the way for power companies within their states to issue utility ratepayer-backed bonds.