CDOs/CLOs

Suffice it to say with growing interest in real estate investment trusts, including the bevy

Loan sale advisor DebtX is slated to hold a $57 million commercial loan sale on Nov. 16 for a regional bank located in the Midwest US, according to Kingsley Greenland, president, founder and CEO. The loan portfolio consists of 40 relationships, which refers to loans that are different, but with the same issuer. Commercial real estate loans comprise 60% of the portfolio, while the portfolio also contains commercial and industrial (C&I), hospitality, agricultural and residential development-related loans as well, Greenland said. All of the collateral is based in the Midwest US, he noted.

Wrapped ABS increased significantly from the previous quarter as well as over the similar quarter last year, driven by the growth in the real estate sector of the ABS market. Overall wrapped activity totaled $27.5 billion of the $218.5 billion of ABS sold in 3Q04, accounting for more than 12.5% of the total volume.

Year to date as of 11/03 Term (days) 10/28 10/29 11/01 11/02 11/03 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 9,168.4 1 16.0 18 Citigroup 8,238.7 2 14.4 13 Deutsche Bank AG 6,828.5 3 11.9 12 Banc of America Securities LLC 6,552.7 4 11.5 12 Wachovia Corp 6,459.3 5 11.3 12 Credit Suisse First Boston 4,568.7 6 8.0 9 Morgan Stanley 3,703.3 7 6.5 8 Barclays Capital 3,524.5 8 6.2 9 Merrill Lynch & Co Inc 2,426.9 9 4.2 4 Lehman Brothers 1,255.7 10 2.2 3 Industry Total 57,213.1 - 100.0 68 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 11,248.9 1 17.4 25 Morgan Stanley 6,535.1 2 10.1 19 Citigroup 5,589.7 3 8.7 22 Credit Suisse First Boston 4,865.1 4 7.5 12 UBS 4,605.1 5 7.1 8 Deutsche Bank AG 4,429.6 6 6.9 11 Goldman Sachs & Co 4,297.5 7 6.7 8 Wachovia Corp 4,239.2 8 6.6 17 Bear Stearns & Co Inc 3,496.8 9 5.4 14 Lehman Brothers 3,343.0 10 5.2 11 Industry Total 64,544.9 - 100.0 182 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 14,292.5 1 33.2 24 Citigroup 9,447.3 2 22.0 19 Lehman Brothers 4,595.5 3 10.7 9 Barclays Capital 3,434.2 4 8.0 10 Deutsche Bank AG 3,125.0 5 7.3 11 Credit Suisse First Boston 2,550.4 6 5.9 9 Banc of America Securities LLC 2,468.1 7 5.7 10 Morgan Stanley 950.0 8 2.2 5 Merrill Lynch & Co Inc 827.2 9 1.9 3 Wachovia Corp 775.0 10 1.8 4 Industry Total 43,000.1 - 100.0 78 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 3,958.0 1 30.8 6 Morgan Stanley 2,249.7 2 17.5 3 Banc of America Securities LLC 2,190.6 3 17.0 4 Merrill Lynch & Co Inc 1,728.6 4 13.4 2 Credit Suisse First Boston 1,058.0 5 8.2 3 JP Morgan 728.6 6 5.7 1 HSBC Holdings PLC 708.0 7 5.5 2 ABN AMRO 250.0 8 1.9 1 Industry Total 12,871.5 - 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 Countrywide Securities Corp 57,747.9 1 13.9 56 Royal Bank of Scotland Group 48,019.9 2 11.6 88 Lehman Brothers 42,029.7 3 10.1 84 Credit Suisse First Boston 33,362.0 4 8.0 63 Morgan Stanley 31,784.7 5 7.7 63 Bear Stearns & Co Inc 29,800.3 6 7.2 60 Banc of America Securities LLC 27,158.6 7 6.5 66 Deutsche Bank AG 25,979.4 8 6.3 67 Citigroup 23,030.0 9 5.6 64 UBS 17,449.4 10 4.2 35 Industry Total 415,000.2 - 100.0 787 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 5,875.0 1 13.8 8 Citigroup 5,686.6 2 13.4 8 Deutsche Bank AG 5,239.3 3 12.3 8 Morgan Stanley 4,582.9 4 10.8 8 Banc of America Securities LLC 3,982.1 5 9.4 5 JP Morgan 3,881.5 6 9.1 7 Credit Suisse First Boston 3,696.9 7 8.7 6 UBS 3,155.1 8 7.4 7 Lehman Brothers 2,524.1 9 5.9 4 Goldman Sachs & Co 1,827.1 10 4.3 4 Industry Total 42,520.7 - 100.0 36 Source: Thomson Financial