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 1,375.0 1 39.7 5 JP Morgan 875.0 2 25.3 4 Citigroup 500.0 3* 14.4 1 Banc One Capital Markets 500.0 3* 14.4 1 Banc of America Securities LLC 212.0 5 6.1 1 Industry Total 3,462.1 - 100.0 6 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 28,899.5 1 14.5 68 Countrywide Securities Corp 18,311.8 2 9.2 33 Royal Bank of Scotland Group 18,177.9 3 9.1 39 Morgan Stanley 17,999.6 4 9.0 40 Citigroup 17,301.5 5 8.7 43 Credit Suisse First Boston 14,327.7 6 7.2 36 Deutsche Bank AG 13,460.8 7 6.8 32 JP Morgan 13,268.6 8 6.7 19 Banc of America Securities LLC 12,671.7 9 6.4 41 Bear Stearns & Co Inc 11,719.7 10 5.9 27 Industry Total 199,067.0 - 100.0 383 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 4,506.5 1 19.1 8 Morgan Stanley 4,244.2 2 18.0 8 Deutsche Bank AG 3,781.1 3 16.1 6 Credit Suisse First Boston 3,450.4 4 14.7 6 Merrill Lynch & Co Inc 3,251.0 5 13.8 5 JP Morgan 1,398.0 6 5.9 4 Banc of America Securities LLC 1,186.3 7 5.0 3 UBS 718.0 8 3.1 3 Banc One Capital Markets 507.6 9* 2.2 1 Lehman Brothers 507.6 9* 2.2 1 Industry Total 23,550.8 - 100.0 22 Source: Thomson Financial

Year to date as of Sep 10 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 2,392 1,365 1,027 2,392 1,365 457 361 208 Asset-Back Certs Auto Loans/Recs 50,464 38,340 12,124 47,636 2,828 11,011 28,499 10,771 125 35 Cash 399 199 200 399 399 Catastrophe Bond Commercial Loans 1,561 1,438 123 1,561 1,250 311 Corp Bond/Note 2,770 419 2,318 2,770 1,300 380 468 622 Corporate Loans 6,004 446 5,524 6,004 1,734 774 161 1,652 1,659 Credit Card Rec 46,472 12,243 34,228 45,621 851 10,576 4,409 28,562 1,500 1,425 Debentures 2,648 2,648 2,648 2,648 Equip Loans Equip. Leases 5,563 3,593 1,970 3,866 1,697 1,291 3,530 668 75 FHLMC 2,231 2,231 2,231 2,231 FNMA 4,756 2,757 1,999 4,756 3,390 1,002 221 144 Floorplan Recs 3,462 3,462 3,436 26 750 2,712 Franchisee Loans 228 228 228 109 Health Care Rec Insurance Recs 622 622 622 622 Junk Bonds 3,756 323 3,434 3,756 1,066 1,246 1,445 Legal Fees Loans 3,175 3,175 3,175 3,175 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 47,682 16,661 30,004 41,972 5,711 19,294 9,717 17,084 1,173 264 Non-Perf Loans Oil Contracts Preferred Sec 1,222 231 966 1,222 108 108 177 828 Prv Issued Sec 1,653 988 540 87 1,566 1,653 Rental Car Rec. 2,275 1,050 1,225 500 1,775 650 230 1,395 Retail Contracts 750 750 750 197 404 149 Rev Cred/Home Eq 154,610 69,362 82,055 141,154 13,456 72,134 43,877 34,859 2,566 776 Sm Business Loan 845 845 845 391 454 Stranded Costs Struc Fin Credit 16,523 2,791 13,695 16,523 7,599 352 2,346 3,937 2,207 Student Loans 25,434 600 21,449 23,698 1,736 4,281 4,902 8,244 6,019 1,277 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

Rev Cred/Home Eq 40% Auto Loans/Recs 13% Non-Jumbo Mtg Ln 12% Credit Card Rec 12% Student Loans 7% Other 15%

For the first time in roughly one year, AmeriCredit Corp. offered auto loan ABS backed by a full guaranty from Financial Security Assurance (FSA). In somewhat of a surprise, FSA changed its policy on cross-collateralization across all transactions, a policy that had many believing AmeriCredit would simply wait out the life of its outstanding FSA-wrapped deals.

The U.S. ABS market returned to the office for last week's holiday-shortened session to see just $5 billion of new-issue supply hit. After what was a fairly slow end of August, the primary market is expected to pick up significantly throughout September. Without trying to sound redundant, home equity supply made up the bulk of last week's issuance, something exacerbated by the void of alternate supply.

September, the hallmark homestretch, is underway and the forces of the CDO market gather together in two weeks for the Bond Market Association's CDO Committee Conference. Considering how these instruments once perched on the brink of disaster, thanks to skyrocketing downgrades, there is no shortage of topics up for discussion.

Clark Consulting, formerly Clark/Bardes, is prepping its second future flow insurance broker commission financing, a sequel to a $305 million first-of-its kind transaction last year, via Bear Stearns and Banc One Capital Markets.

Gryfon Partners, a relatively new niche shop specializing in investing in higher risk opportunities within the asset-backed market, has steadily gained ground throughout the year, sources said. Spurred by buy-side interest, the next step for Gryfon will be the launch of a new fund, through which Gryfon can invest on a discretionary basis in primarily distressed cash flows.