CDOs/CLOs

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Deutsche Bank AG 1,665.0 1 24.0 6 Banc of America Securities LLC 922.7 2 13.3 2 JP Morgan 875.0 3 12.6 4 Barclays Capital 710.7 4* 10.3 1 Lehman Brothers 710.7 4* 10.3 1 Merrill Lynch & Co Inc 521.2 6* 7.5 2 Societe Generale 521.2 6* 7.5 2 Citigroup 500.0 8* 7.2 1 BANK ONE Corp 500.0 8* 7.2 1 Industry Total 6,926.5 - 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 Lehman Brothers 33,462.9 1 13.3 81 Morgan Stanley 22,746.8 2 9.0 49 Royal Bank of Scotland Group 22,002.2 3 8.7 44 Citigroup 21,620.3 4 8.6 59 Credit Suisse First Boston 19,141.3 5 7.6 48 Deutsche Bank AG 18,645.5 6 7.4 41 Bear Stearns & Co Inc 18,384.1 7 7.3 40 JP Morgan 18,165.1 8 7.2 25 Banc of America Securities LLC 17,562.4 9 7.0 54 Countrywide Securities Corp 16,814.4 10 6.7 33 Industry Total 252,244.5 - 100.0 512 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 6,332.8 1 19.8 11 Morgan Stanley 4,898.6 2 15.3 10 Merrill Lynch & Co Inc 4,523.7 3 14.2 9 Deutsche Bank AG 3,841.8 4 12.0 7 Credit Suisse First Boston 3,583.8 5 11.2 7 UBS 2,368.0 6 7.4 5 JP Morgan 1,846.7 7 5.8 5 Banc of America Securities LLC 1,840.6 8 5.8 5 Lehman Brothers 956.3 9 3.0 2 BANK ONE Corp 507.6 10 1.6 1 Industry Total 31,954.7 - 100.0 32 Source: Thomson Financial

Rev Cred/Home Eq 39% Auto Loans/Recs 13% Non-Jumbo Mtg Ln 13% Credit Card Rec 12% Student Loans 7% Other 16%

Fifteen months after acquiring the receivables of the Fingerhut Master Trust series 1998-2, CompuCredit Corp. plans to securitize roughly $130 million of liquidating accounts in a private transaction seen pricing in mid-November, sources said.

Last week in Japan, Standard & Poor's introduced its joint probability approach to bank liquidity support for ABCP conduits, allowing a duo of A-2' or A-3' rated Japanese banks to provide liquidity support at the A-1' level.

The U.S. ABS primary market slowed to roughly half of the previous week, pricing $8.8 billion of new-issue supply. With scant auto loan and credit card ABS making the rounds, the focus returned to the mortgage sectors of the market, which accounted for $6.5 billion of the week's total.

Trinity Industries Inc. priced its first-ever railcar lease securitization last week, a $177 million series 2003-1 transaction through the sole lead of Credit Suisse First Boston. Offered in the 144A market, the fixed-rate single-tranche offering, with an 11-year average life, priced to yield 80 basis points over interpolated swaps (see deal terms in scorecards p.38).

NEW YORK - GE Facilities Finance, an operating subsidiary of GE Commercial Finance, scored star billing at last week's Hot Topics seminar hosted by Standard & Poor's. GEFF was the primary originator for this year's $400 million GE Business Loan Trust 2003-1, which priced in June via Goldman Sachs and Wachovia Securities.

It appears CDO investors have moved in larger numbers toward a newer method for analyzing collateral - at least for high yield and leverage loan CDOs.