CDOs/CLOs

Integrating experienced team members focused in capital markets, internet technology, mortgage acquisition and portfolio management, with a fully-integrated business model and a servicer built from scratch, The Winter Group (TWG) has managed to securitize 16 home equity ABS deals this year alone. Additionally, its underwriting unit, Terwin Capital, has acted as lead manager on 13 of the transactions priced this year and has landed four third-party co-manager roles.

The U.S. ABS primary market churned out over $13 billion in new supply last week as the credit card sector finally began to show signs of life.

The first deal of the year from equipment leaser CNH, which priced last week featuring the highest concentration of agricultural equipment yet seen from the issuer, also saw a surprise reduction in credit enhancement.

UBS is slated to launch its first multi-seller home equity transaction off of its MASTR dealer shelf this week, sources said. The $650 million transaction marks the onset of its multi-seller program, a program designed to leverage the firm's whole loan sales force and draw on a larger base of smaller lenders.

The Metris Companies reported generally stable data last week for its Metris Master Trust in August, including a jump in excess spread that could free up close to $100 million in cash that has been trapped in trusts. Excess spreads for the month improved another 14 basis points to 5.82%.

New York - As lenders strive to maintain the torrid pace of new loan originations experienced over recent years, the home equity sector of the ABS market has seen growth in alternative loans. Some of these trends, such as the rise in interest-only mortgages and geographic concentrations, raised eyebrows at the recent investor conference UBS held at the Waldorf Astoria hotel in Manhattan.

By Joanne W. Rose, executive managing director, structured finance ratings, Standard & Poor's

Year to date as of 09/23 Term (days) 09/17 09/20 09/21 09/22 09/23 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 7,789.9 1 15.9 16 Citigroup 7,482.7 2 15.3 12 Deutsche Bank AG 6,408.5 3 13.1 11 Banc of America Securities LLC 4,842.3 4 9.9 9 Wachovia Corp 4,684.3 5 9.6 9 Credit Suisse First Boston 3,818.7 6 7.8 8 Barclays Capital 3,498.5 7 7.1 9 Morgan Stanley 3,023.9 8 6.2 7 Merrill Lynch & Co Inc 1,824.4 9 3.7 3 Lehman Brothers 1,255.7 10 2.6 3 Industry Total 49,024.2 - 100.0 60 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 7,395.7 1 15.9 15 Morgan Stanley 4,058.0 2 8.8 11 Citigroup 3,695.0 3 8.0 15 Deutsche Bank AG 3,629.6 4 7.8 9 Credit Suisse First Boston 3,561.3 5 7.7 8 Wachovia Corp 3,509.9 6 7.6 15 UBS 3,261.5 7 7.0 6 Lehman Brothers 2,943.0 8 6.4 10 Bear Stearns & Co Inc 2,918.0 9 6.3 9 JP Morgan 2,371.7 10 5.1 6 Industry Total 46,382.8 - 100.0 133 Source: Thomson Financial