CDOs/CLOs

Market players can expect the pace to pick up on esoteric assets like intellectual property and insurance, by the indications at Standard & Poor's Third Annual New Assets Hot Topics Halloween Conference in New York last week. Analysts presented overviews of several asset classes, some with detailed case studies. They often hinted at more deals in the works - from music catalogs to the Triple X reserves on term life insurance.

Bank of America's acquisition of FleetBoston Financial will have no impact on the recent purchase of Circuit City's First North American National Bank Visa/MasterCard portfolio, analysts said. In fact, BofA's role as advisor in the FNANB purchase, combined with the fact that it acted as lead manager on all four of FNANB's term ABS, makes BofA the ideal fit, analysts said.

2003 2002 2001 ABS (Public and 144A) 452,871 364,309 307,776 ABS (Public and 144A excluding CDOs) 418,279 322,601 268,138 ABS (Public Only) 364,121 290,255 230,794 ABS (144A Only) 88,749 74,054 76,981 Non-Agency MBS 263,247 207,798 152,016 Agency MBS 481,809 452,282 279,080 CMBS 56,119 41,616 49,542 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 9,560.6 1 16.9 13 Credit Suisse First Boston 6,864.1 2 12.1 12 Deutsche Bank AG 5,349.0 3 9.4 9 Citigroup 5,008.7 4 8.8 8 Morgan Stanley 4,823.9 5 8.5 8 Banc One Capital Markets 4,734.7 6 8.4 8 Barclays Capital 4,186.0 7 7.4 10 Banc of America Securities LLC 3,747.9 8 6.6 8 Bear Stearns & Co Inc 2,856.5 9 5.0 1 Wachovia Corp 2,089.1 10 3.7 8 Industry Total 56,640.6 - 100.0 69 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 Credit Suisse First Boston 5,447.8 1 15.8 15 Deutsche Bank AG 3,455.4 2 10.0 9 Citigroup 3,155.6 3 9.1 9 Wachovia Corp 3,036.6 4 8.8 11 Bear Stearns & Co Inc 2,514.8 5 7.3 10 Merrill Lynch & Co Inc 2,340.7 6 6.8 8 Morgan Stanley 2,306.8 7 6.7 7 UBS 2,245.0 8 6.5 5 Goldman Sachs & Co 1,730.5 9 5.0 6 Lehman Brothers 1,493.4 10 4.3 5 Industry Total 34,591.3 - 100.0 102 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 12,170.9 1 21.2 20 Banc One Capital Markets 11,256.6 2 19.6 21 JP Morgan 10,553.7 3 18.4 18 Barclays Capital 5,498.8 4 9.6 11 Morgan Stanley 3,954.5 5 6.9 5 Deutsche Bank AG 3,434.6 6 6.0 13 Banc of America Securities LLC 3,312.3 7 5.8 10 Credit Suisse First Boston 2,069.1 8 3.6 7 Lehman Brothers 2,048.1 9 3.6 7 Wachovia Corp 1,528.0 10 2.7 6 Industry Total 57,321.5 - 100.0 96 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 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 Banc One Capital Markets 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 30,236.5 1 12.7 74 Morgan Stanley 22,603.6 2 9.5 48 Citigroup 21,012.5 3 8.9 55 Royal Bank of Scotland Group 20,618.8 4 8.7 42 Deutsche Bank AG 17,912.7 5 7.6 40 JP Morgan 17,827.1 6 7.5 23 Bear Stearns & Co Inc 16,811.0 7 7.1 37 Countrywide Securities Corp 16,243.6 8 6.9 31 Credit Suisse First Boston 16,156.8 9 6.8 44 Banc of America Securities LLC 15,681.4 10 6.6 50 Industry Total 237,242.9 - 100.0 483 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 5,332.8 1 18.6 10 Morgan Stanley 4,244.2 2 14.8 8 Merrill Lynch & Co Inc 3,869.4 3 13.5 7 Deutsche Bank AG 3,841.8 4 13.4 7 Credit Suisse First Boston 3,583.8 5 12.5 7 UBS 2,368.0 6 8.2 5 JP Morgan 1,846.7 7 6.4 5 Banc of America Securities LLC 1,186.3 8 4.1 3 Lehman Brothers 956.3 9 3.3 2 Banc One Capital Markets 507.6 10 1.8 1 Industry Total 28,721.8 - 100.0 28 Source: Thomson Financial

Year to date as of Oct 29 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 3,229 2,202 1,027 3,229 2,202 457 361 208 Asset-Back Certs Auto Loans/Recs 59,273 45,010 14,262 55,800 3,472 17,100 30,758 11,232 125 35 Cash 599 249 350 599 599 Catastrophe Bond Commercial Loans 311 188 123 311 311 Corp Bond/Note 4,923 1,743 3,147 4,923 2,560 750 468 1,144 Corporate Loans 6,668 554 6,080 6,668 1,725 774 161 2,150 1,835 Credit Card Rec 54,922 16,493 38,429 54,070 851 15,176 5,408 29,837 2,000 2,500 Debentures 3,849 3,849 3,849 3,849 Equip Loans 177 177 177 177 Equip. Leases 7,770 4,224 3,546 5,326 2,443 2,903 3,983 809 75 FHLMC 2,231 2,231 2,231 2,231 FNMA 2,410 412 1,999 2,410 1,044 1,002 221 144 Floorplan Recs 6,636 2,132 4,504 6,610 26 2,132 1,271 3,234 Franchisee Loans 228 228 228 109 Health Care Rec Insurance Recs 622 622 622 622 Junk Bonds 4,429 450 3,980 4,429 1,066 1,743 1,621 Legal Fees Loans 2,998 2,998 2,998 2,998 Mnfrd Housing Ct 714 593 121 575 139 103 186 11 359 Motorcycle Loans 1,450 1,450 1,450 1,450 Mutual Fund Fees 342 116 226 342 342 Non-Jumbo Mtg Ln 55,786 18,910 34,711 48,544 7,242 24,001 12,414 17,689 1,256 275 Non-Perf Loans Oil Contracts Preferred Sec 2,061 651 1,385 2,061 854 108 177 921 Prv Issued Sec 1,863 1,123 615 162 1,701 1,863 Rental Car Rec. 3,625 2,400 1,225 500 3,125 1,500 230 1,895 Retail Contracts 750 750 750 197 404 149 Rev Cred/Home Eq 181,638 72,321 99,915 161,359 20,280 77,255 57,249 41,710 3,382 1,815 Sm Business Loan 845 845 845 391 454 Stranded Costs 500 500 500 500 Struc Fin Credit 21,308 3,535 17,736 21,308 10,425 747 2,717 4,418 2,920 Student Loans 30,972 1,900 23,295 26,544 4,428 8,538 5,502 8,244 6,224 1,352 Swap Agreement Tax Liens 86 86 86 86 Timeshare Loans 303 245 58 303 303 Tobacco Receives 154 154 154 154 Trade Recs 225 105 120 225 225 Truck Loans Leases 450 450 450 Note: Figures are preliminary and subject to change. Data includes U.S. deals and dollar Euro 144As.Source: Thomson Financial