CDOs/CLOs

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 3,531.1 1 16.6 6 UBS 3,272.0 2 15.4 4 Wachovia Corp 2,242.5 3 10.5 8 Deutsche Bank AG 1,968.7 4 9.2 5 Citigroup 1,345.7 5 6.3 7 Bear Stearns & Co Inc 1,194.3 6 5.6 4 RBS Greenwich Capital 1,005.8 7 4.7 3 BNP Paribas SA 919.5 8 4.3 1 Goldman Sachs & Co 825.0 9 3.9 1 Banc of America Securities LLC 800.9 10 3.8 6 Industry Total 21,307.8 - 100.0 54 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 3,449.3 1 22.4 5 Banc One Capital Markets 3,100.0 2 20.1 4 Lehman Brothers 2,074.4 3 13.5 5 Barclays Capital 1,799.4 4 11.7 3 JP Morgan 1,700.0 5 11.0 3 Deutsche Bank AG 1,024.7 6 6.7 4 Merrill Lynch & Co Inc 752.2 7 4.9 2 Goldman Sachs & Co 425.0 8 2.8 2 Morgan Stanley 375.0 9 2.4 1 Banc of America Securities LLC 350.0 10 2.3 2 Industry Total 15,400.1 - 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 Citigroup 1,000.0 1 54.1 1 Credit Suisse First Boston 350.0 2 18.9 1 Morgan Stanley 250.0 3* 13.5 1 ABN AMRO 250.0 3* 13.5 1 Industry Total 1,850.0 - 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 Countrywide Securities Corp 17,076.3 1 11.2 15 Lehman Brothers 17,027.1 2 11.2 29 RBS Greenwich Capital 14,949.2 3 9.8 26 Credit Suisse First Boston 12,240.5 4 8.1 25 Deutsche Bank AG 11,569.5 5 7.6 32 Morgan Stanley 11,543.9 6 7.6 22 Citigroup 11,345.8 7 7.5 31 Bear Stearns & Co Inc 9,496.3 8 6.3 19 Merrill Lynch & Co Inc 9,354.5 9 6.2 16 UBS 7,939.5 10 5.2 15 Industry Total 151,949.9 - 100.0 270 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 2,254.7 1 17.5 5 Credit Suisse First Boston 1,876.0 2 14.5 3 Banc of America Securities LLC 1,781.4 3 13.8 2 Morgan Stanley 1,521.5 4 11.8 4 Merrill Lynch & Co Inc 1,272.8 5 9.9 2 Citigroup 1,254.4 6 9.7 2 Lehman Brothers 1,012.6 7 7.8 2 Deutsche Bank AG 958.3 8 7.4 2 UBS 530.0 9 4.1 1 RBC Capital Markets 462.0 10 3.6 1 Industry Total 12,923.6 - 100.0 13 Source: Thomson Financial

Year to date as of Apr 28 Coupon Type Market Average Life Buckets Asset Class Volume Pub/144A Fixed Rate Floating Rate Public 144A 0.0 to 0.9 1.0 to 2.9 3.0 to 5.9 6.0 to 7.9 8.0 to 11.0 Aircraft Leases Auto Loans/Recs 20,399 17,508 2,891 16,786 3,613 9,051 8,174 3,174 Comm. Mtg 1,258 375 883 1,258 229 593 410 Commercial Loans Corp Bond/Note 1,927 562 1,364 1,927 1,656 168 103 Corporate Loans 2,382 147 2,235 2,382 1,762 478 142 Credit Card Rec 15,400 7,798 7,602 14,126 1,274 12,552 1,800 200 849 Debentures 1,051 1,051 1,051 1,051 Equip Loans Equip. Leases 2,290 2,290 2,290 1,664 626 Floorplan Recs 1,850 1,850 1,850 1,500 350 Franchisee Loans 194 194 194 Home Impr Loans Installment Recs 1,797 1,797 1,797 1,797 Junk Bonds Leveraged Loans 404 27 377 404 404 Mixed Collateral 1,381 7 1,374 1,381 1,000 306 22 53 Mnfrd Housing Ct 200 200 200 200 Motorcycle Loans 625 625 625 410 215 Mutual Fund Fees 331 331 331 331 Non-Jumbo Mtg Ln 38,103 16,956 21,037 37,159 944 24,893 6,119 6,998 50 43 Oil Receivables Preferred Sec 2,070 1,019 1,052 2,070 1,726 158 186 Prv Issued Sec 858 682 175 858 858 Rental Car Rec. 1,900 1,300 600 1,900 1,300 600 Rev Cred/Home Eq 113,846 73,164 40,682 97,891 15,956 85,948 17,448 9,318 853 279 Sm Business Loan Struc Fin Credit 9,757 4,742 5,015 9,757 2,936 1,111 4,683 1,002 Student Loans 12,924 378 11,666 10,107 2,817 7,500 1,711 1,603 842 1,268 Tax Liens Ticket Rec Timeshare Loans Tobacco Receives Trade Recs Unspecified/NA Note: Figures are preliminary and subject to change. Data includes U.S. deals and dollar Euro 144As.Source: Thomson Financial

Rev Cred/Home Eq 49% Non-Jumbo Mtg Ln 17% Auto Loans/Recs 9% Credit Card Rec 7% Student Loans 6% Other 13%

New initiatives, which include lobbying European regulators, have been the primary factor in the longer-than-anticipated marketing period for the upcoming stranded cost securitization from Oncor Electric.

Assured Guaranty Ltd., a newly created holding company and subsidiary of ACE Ltd., has filed an S-1 with the Securities and Exchange Commission for the sale of 49,000,000 shares of common stock with a target price of $18 to $20 per share. With the IPO, Assured Guaranty is looking to expand both its direct financial guaranty and financial guaranty reinsurance businesses. In doing so, the company hopes to attain a Aaa' rating from Moody's Investor Service to match its AAA' rating from Standard & Poor's. Moody's currently rates AG at Aa2'.

True to plan, monoline guarantor Financial Guaranty Insurance Co. rapidly grew its book of business in the first quarter, after freeing itself from conservative former parent General Electric and hiring Howard Pfeffer away from rival Ambac (see ASR 1/26/04). The fact that FGIC was able to accomplish a whopping $4.6 billion in wrapped ABS in a tightening spread environment makes the feat all the more notable (see accompanying guarantor supplement). It also highlights what the new FGIC has to offer both issuers and investors - monoline diversity and an unencumbered balance sheet.