CDOs/CLOs

JPMorganChase announced last week its intention to wind down its $4.3 billion dollar Delaware Funding ABCP conduit. The firm will transfer the assets from Delaware Funding to its Park Avenue Funding, or Parko, conduit, according to Deborah Toennies, managing director at JPMorgan. Delaware Funding's outstanding obligations are expected to be fully paid down by the end of May.

The U.S. ABS primary market saw a solid amount of issuance last week with over $10 billion priced, including a $1 billion auto loan deal from American Honda Finance Corp. that sources say stabilized the sector and eased fears with its pricing.

General Parts Inc., one of the largest automotive wholesale distributors in the U.S., launched a credit tenant lease via Wachovia Securities last week, sources said.

Some positive news emerged last week on the proposed future flow transaction from water treatment company, Hyflux (see ASR, 10/11/04). Last August, Deutsche Bank Securities was appointed to evaluate the securitization of SingSpring, a wholly owned subsidiary of Hyflux, currently developing the first water desalination plant in Singapore. The plant is contracted to supply water to the Public Utilities Board for the next 20 years.

Year to date as of 04/21 Term (days) 04/15 04/18 04/19 04/20 04/21 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 4,207.7 1 16.6 8 Credit Suisse First Boston 3,449.5 2 13.6 7 Citigroup 3,206.3 3 12.6 5 Barclays Capital 3,195.9 4 12.6 6 Merrill Lynch & Co Inc 2,502.4 5 9.9 4 JP Morgan 2,270.2 6 9.0 4 Banc of America Securities LLC 2,001.3 7 7.9 4 Wachovia Corp 1,837.0 8 7.2 4 Goldman Sachs & Co 1,289.0 9 5.1 1 Lehman Brothers 780.3 10 3.1 1 Industry Total 25,356.3 - 100.0 24 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 5,670.4 1 19.7 9 Morgan Stanley 3,864.6 2 13.4 13 Citigroup 3,526.6 3 12.3 8 UBS 3,142.6 4 10.9 7 Lehman Brothers 2,639.2 5 9.2 8 Bear Stearns & Co Inc 2,271.2 6 7.9 5 Groupe Caisses d'Epargne 1,742.0 7 6.1 2 Banc of America Securities LLC 1,454.9 8 5.1 6 Wachovia Corp 1,241.9 9 4.3 3 JP Morgan 987.3 10 3.4 2 Industry Total 28,787.8 - 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 JP Morgan 1,775.0 1 24.6 7 Morgan Stanley 1,754.0 2 24.3 3 Citigroup 1,125.0 3 15.6 3 Barclays Capital 799.1 4 11.1 7 Credit Suisse First Boston 413.3 5 5.7 2 Lehman Brothers 375.0 6 5.2 1 Banc of America Securities LLC 374.1 7 5.2 5 Merrill Lynch & Co Inc 262.6 8 3.6 3 Deutsche Bank AG 249.1 9 3.5 4 Societe Generale 92.5 10 1.3 1 Industry Total 7,219.5 - 100.0 20 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 725.8 1 17.8 1 JP Morgan 725.8 1 17.8 1 Barclays Capital 725.8 1 17.8 1 Morgan Stanley 566.7 4 13.9 1 Deutsche Bank AG 566.7 4 13.9 1 HSBC Holdings PLC 566.7 4 13.9 1 Citigroup 212.0 7 5.2 1 Industry Total 4,089.5 - 100.0 3 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 18,933.6 1 10.6 27 Countrywide Securities Corp 18,051.7 2 10.1 18 Lehman Brothers 16,792.3 3 9.4 38 Morgan Stanley 16,762.0 4 9.4 18 Royal Bank of Scotland Group 16,619.6 5 9.3 25 Deutsche Bank AG 15,602.4 6 8.7 30 Credit Suisse First Boston 14,234.2 7 8.0 31 Merrill Lynch & Co Inc 9,844.1 8 5.5 11 Banc of America Securities LLC 8,671.1 9 4.9 19 Goldman Sachs & Co 7,070.5 10 4.0 12 Industry Total 178,654.7 - 100.0 279 Source: Thomson Financial