CDOs/CLOs

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Morgan Stanley 1,012.6 1* 25.3 2 Lehman Brothers 1,012.6 1* 25.3 2 UBS 530.0 3 13.3 1 Deutsche Bank AG 489.9 4* 12.3 1 Credit Suisse First Boston 489.9 4* 12.3 1 RBC Capital Markets 462.0 6 11.6 1 Industry Total 3,996.9 - 100.0 5 Source: Thomson Financial

Year to date as of Feb 25 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 13,992 10,422 3,571 11,595 2,397 6,667 5,190 2,135 Cash Commercial Loans Corp Bond/Note 103 103 103 103 Corporate Loans 1,640 50 1,590 1,640 1,052 396 192 Credit Card Rec 6,952 4,000 2,952 6,428 524 6,252 200 500 Equip Loans Equip. Leases Floorplan Recs Franchisee Loans Home Impr Loans Junk Bonds Leases Loans Mnfrd Housing Ct 200 200 200 200 Mutual Fund Fees Non-Jumbo Mtg Ln 9,658 3,942 5,714 9,652 6 4,989 748 3,885 20 17 Oil Receivables Preferred Sec 344 30 314 344 158 186 Prv Issued Sec 19 19 19 19 Rental Car Rec. 600 600 600 600 Rev Cred/Home Eq 36,282 20,335 15,880 32,506 3,776 27,615 4,547 3,748 352 20 Sm Business Loan Struc Fin Credit 2,912 1,038 1,874 2,912 650 601 1,454 206 Student Loans 3,997 378 3,156 2,849 1,148 3,017 980 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 47% Auto Loans/Recs 18% Non-Jumbo Mtg Ln 13% Credit Card Rec 9% Student Loans 5% Other 8%

The Andersons Inc., an Ohio-based agribusiness, raised roughly $86.4 million through a railcar lease securitization. The deal funds the acquisition of three fleets of railcars operated in three countries - Mexico, Canada and the U.S. - by three corresponding newly created subsidiaries of the Andersons Rail Group. The Andersons will act as servicer.

Starbird Funding Corp., an ABCP conduit sponsored by BNP Paribas, financed $900 million of the $1 billion Camber I ABS-backed CDO that priced on Jan. 31, according to market sources.

New issue volume totaled just $7.9 billion in last week's holiday- shortened trading week, but demand - particularly for auto loan ABS - remains strong. Spreads for the two retail auto loan deals to hit last week cleared in the low single-digit levels versus underlying benchmarks and could be playing limbo versus swaps and Libor before the first quarter is through.

Following a last-minute adjustment, the $296 million Glacier CDO I pushed the spread boundaries for structured finance-backed CDO product, sources said. The deal's 4.1-year $190 million super-senior tranche priced at 41 basis points over three-month Libor, one basis point behind the all-time tight levels.

First Tennessee Capital Markets is shopping the second-ever auto ABS backed by loans originated and serviced by a federal credit union, sources confirmed. The deal, which pools loans from Security Service Federal Credit Union, is coming off of First Tennessee's FTN Financial Auto Securitization Trust shelf, dubbed FFAST for short.

Barclays Capital last week introduced the inaugural quarterly research piece titled The Smart Guide, focusing on characteristics of the 15 leading prime retail auto loan ABS issuers, which is expected to expand into the subprime arena issuers throughout the year. The 82-page tome offers investors four-page snapshots of the Big Three plus five foreign captives, three independent finance companies and three bank-affiliated auto lenders that are programmatic issuers in the term markets.

Business Loan Express entered the securitization market in 1997 with a single issuance backed by portions of Small Business Association loans worth just under $20 million. In 2003, the issuer reached nearly $500 million in term ABS volume.