CDOs/CLOs

The U.S. ABS primary market heated up last week with $23 billion in new issues priced. Amid the sea of home equity deals to hit the market were four auto deals, including one from Harley-Davidson Motor Co., one student loan deal and one credit card deal.

Capital One Financial's first senior/subordinated non-prime auto deal hit the market last week with a big splash as it priced through guidance, likely increasing the chances Capital One will issue that particular type of deal again.

By American Securitization Forum (abridged)

Year to date as of 05/26 Term (days) 05/20 05/23 05/24 05/25 05/26 1-week

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 4,741.1 1 15.3 9 Citigroup 3,758.3 2 12.1 6 Credit Suisse First Boston 3,449.5 3 11.1 7 Banc of America Securities LLC 3,433.2 4 11.1 7 Merrill Lynch & Co Inc 3,402.4 5 11.0 6 Barclays Capital 3,195.9 6 10.3 6 Wachovia Corp 3,012.5 7 9.7 6 JP Morgan 2,802.1 8 9.0 5 Goldman Sachs & Co 1,841.0 9 5.9 2 Lehman Brothers 780.3 10 2.5 1 Industry Total 31,033.0 - 100.0 30 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 8,156.5 1 19.7 12 Citigroup 5,097.2 2 12.3 12 Morgan Stanley 3,984.6 3 9.6 16 UBS 3,442.6 4 8.3 8 Lehman Brothers 3,418.9 5 8.2 11 Bear Stearns & Co Inc 2,530.2 6 6.1 6 Goldman Sachs & Co 2,007.0 7 4.8 2 Groupe Caisses d'Epargne 1,742.0 8 4.2 2 Royal Bank of Scotland Group 1,479.1 9 3.6 3 Wachovia Corp 1,241.9 10 3.0 3 Industry Total 41,497.6 - 100.0 110 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 4,974.9 1 38.1 11 Citigroup 2,874.8 2 22.0 6 Morgan Stanley 1,666.5 3 12.8 2 Barclays Capital 1,049.1 4 8.0 8 Deutsche Bank AG 959.8 5 7.4 8 Credit Suisse First Boston 488.3 6 3.7 3 Lehman Brothers 375.0 7 2.9 1 Banc of America Securities LLC 286.6 8 2.2 4 Merrill Lynch & Co Inc 212.6 9 1.6 2 Societe Generale 100.0 10 0.8 1 Industry Total 13,062.4 - 100.0 30 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 Morgan Stanley 1,191.7 1 18.9 2 Deutsche Bank AG 1,191.7 1 18.9 2 Banc of America Securities LLC 750.0 3 11.9 1 Lehman Brothers 725.8 4 11.5 1 JP Morgan 725.8 4 11.5 1 Barclays Capital 725.8 4 11.5 1 HSBC Holdings PLC 566.7 7 9.0 1 Citigroup 212.0 8 3.4 1 Industry Total 6,319.5 - 100.0 6 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 22,792.0 1 9.8 38 Morgan Stanley 22,335.2 2 9.6 26 Lehman Brothers 21,740.6 3 9.3 52 Royal Bank of Scotland Group 21,111.4 4 9.1 34 Credit Suisse First Boston 19,809.1 5 8.5 46 Countrywide Securities Corp 18,767.1 6 8.0 23 Deutsche Bank AG 16,796.8 7 7.2 33 Banc of America Securities LLC 12,854.4 8 5.5 28 Merrill Lynch & Co Inc 12,018.7 9 5.2 15 Citigroup 11,312.1 10 4.9 24 Industry Total 233,334.8 - 100.0 413 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 1 15.8 4 Deutsche Bank AG 2,773.3 2 14.0 4 Morgan Stanley 2,757.6 3 13.9 3 Citigroup 2,482.7 4 12.5 5 Credit Suisse First Boston 2,196.2 5 11.1 3 Merrill Lynch & Co Inc 1,839.8 6 9.3 2 UBS 1,827.7 7 9.2 4 Lehman Brothers 1,012.4 8 5.1 1 JP Morgan 983.8 9 5.0 2 Goldman Sachs & Co 806.2 10 4.1 2 Industry Total 19,813.8 - 100.0 16 Source: Thomson Financial