CDOs/CLOs

Since mid-January, Oncor Electric has been in the planning stages for its second-ever stranded cost ABS, following its successful series 2003-1 transaction that priced last August. But despite its previous transaction setting the benchmark for reporting standards, underwriting fees, yield spreads and distribution/allocation, it has taken longer than anticipated to line up the selling group and bring the deal to market.

Despite reports of increased origination activity, outstanding asset-backed commercial paper continued to slide last week, declining to just $1.4 billion above the $700 billion threshold, according to Wednesday numbers provided by the Federal Reserve.

Rating agencies are reporting increased chatter from bankers concerning the franchise sector.

Year to date as of 03/03 Term (days) 02/26 02/27 03/01 03/02 03/03 1-week

2004 2003 2002 ABS (Public and 144A) 76,802 62,534 45,634 ABS (Public and 144A excluding CDOs) 71,906 58,987 42,076 ABS (Public Only) 64,035 54,806 38,247 ABS (144A Only) 12,766 7,728 7,387 Non-Agency MBS 20,102 30,699 22,456 Agency MBS 22,584 152,692 70,682 CMBS 5,361 4,220 5,427 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 4,717.5 1 33.7 4 Deutsche Bank AG 2,222.1 2 15.9 2 Credit Suisse First Boston 1,592.7 3 11.4 4 JP Morgan 1,292.7 4 9.2 3 Goldman Sachs & Co 1,256.4 5 9.0 1 Banc of America Securities LLC 928.5 6 6.6 1 Merrill Lynch & Co Inc 815.0 7 5.8 1 BANK ONE Corp 675.0 8 4.8 2 Barclays Capital 492.7 9 3.5 1 Industry Total 13,992.5 - 100.0 13 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 UBS 1,516.5 1 31.0 3 BNP Paribas SA 919.5 2 18.8 1 Merrill Lynch & Co Inc 898.8 3 18.4 2 Bear Stearns & Co Inc 658.9 4 13.5 2 Royal Bank of Scotland Group 303.8 5 6.2 1 BANK ONE Corp 300.0 6 6.1 1 Citigroup 218.0 7 4.5 2 Banc of America Securities LLC 80.2 8 1.6 1 Industry Total 4,895.6 - 100.0 13 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 BANK ONE Corp 2,625.0 1 37.8 3 Citigroup 1,849.6 2 26.6 3 Lehman Brothers 1,050.0 3 15.1 3 Merrill Lynch & Co Inc 752.2 4 10.8 2 JP Morgan 325.0 5 4.7 1 Banc of America Securities LLC 250.0 6 3.6 1 Wachovia Corp 100.0 7 1.4 1 Industry Total 6,951.8 - 100.0 10 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 - - - - - Industry Total - - - - 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 Royal Bank of Scotland Group 6,910.7 1 15.0 8 Morgan Stanley 5,547.2 2 12.1 10 Credit Suisse First Boston 4,622.7 3 10.1 10 Lehman Brothers 4,389.7 4 9.6 6 Deutsche Bank AG 3,607.2 5 7.9 12 Citigroup 3,207.0 6 7.0 8 Banc of America Securities LLC 2,894.9 7 6.3 7 JP Morgan 2,838.4 8 6.2 4 Merrill Lynch & Co Inc 2,834.8 9 6.2 4 Bear Stearns & Co Inc 2,368.5 10 5.2 3 Industry Total 45,940.0 - 100.0 69 Source: Thomson Financial