ABS

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues JPMorgan Securities 2,081.3 1 23.649 4 Wachovia Securities 1,763.8 2 20.041 3 Goldman Sachs 1,581.1 3 17.965 3 ABN AMRO 906.7 4 10.302 2 Citigroup Global Markets 836.7 5 9.507 2 RBS Greenwich Capital 744.5 6 8.459 1 Credit Suisse 625.0 7 7.102 1 Banc of America Securities 261.8 8 2.975 1 Industry Total 8,800.9 - 100.0 8 Source: ASR Scorecard database

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Morgan Stanley 1,281.3 1 57.1 2 Citigroup Global Markets 617.0 2 27.5 1 Lehman Brothers 344.7 3 15.4 1 Industry Total 2,242.9 - 100.0 4 Source: ASR Scorecard database

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Citigroup Global Markets 6,604.6 1 29.834 5 JPMorgan Securities 5,802.3 2 26.21 5 Banc of America Securities 5,300.0 3 23.941 7 Barclays Capital 1,521.2 4 6.872 3 Deutsche Bank Securities 1,512.7 5 6.833 2 Credit Suisse 896.0 6 4.047 1 Wachovia Securities 500.0 7 2.259 1 Industry Total 22,137.7 - 100.0 17 Source: ASR Scorecard database

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Lehman Brothers 1,715.6 1 100.0 2 Industry Total 1,715.6 - 100.0 2 Source: ASR Scorecard database

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues JPMorgan Securities 1,013.3 1 20.994 2 Banc of America Securities 1,013.3 1 20.994 2 Deutsche Bank Securities 764.4 3 15.837 2 Barclays Capital 764.4 3 15.837 2 RBS Greenwich Capital 760.2 5 15.75 1 Citigroup Global Markets 511.2 6 10.591 1 Industry Total 4,826.6 - 100.0 3 Source: ASR Scorecard database

Royal Bank of Scotland has appointed Joe Walsh as global co-head of credit markets, Americas. Previously, Walsh was head of mortgage and asset-backed trading, origination and finance at RBS Greenwich Capital. He will run the business with Euan Hamilton, who will also take on a new role as global head of leverage finance across senior loans, second lien, mezzanine, high-yield bonds and paid-in-kind instruments. Among other appointments, RBS announced that Stephen Eighteen and Mark Fineman will become the new global heads of real estate finance. Previously, Eighteen ran the business for the U.K., Europe and Asia while Fineman served as head of real estate finance and secularization at RBS Greenwich Capital. Eighteen will also run credit market origination in Europe with Mike Nawas. Nawas was formerly head of structured finance at ABN Amro. He will also serve as the global head of corporate and structured debt capital markets, corporate loan markets origination and emerging markets. Continuing the streak of job changes at the bank, RBS tapped Al Sinsheimer to run European financial institutions sales and George Davala to run the same business in the Americas. Sinsheimer is currently head of debt market financial institutions sales at RBS in London. Davala was head of ABS and liquid product sales at RBS Greenwich Capital in the U.S. The appointments will go into effect after regulatory approval of the RBS and ABN Amro merger.

ABN AMRO and Dutch pension administrator PGGM have closed a synthetic CLO referencing a portfolio originated by ABN Brazilian unit Banco Real, according to a press release by the European bank. Named after the celebrated Iguacu waterfalls, the deal references a pool amounting to a notional $850 million. The credit risk of the portfolio is shared by participating credits in the first and second loss tranches of the CLO, the release said.

None of the MBS or auto loan deals that have come out of Russia, Kazakhstan or the Ukraine has reported losses through the end of 2007, according to a performance report by Moody's Investors Service. RMBS delinquencies remain low as well, with four of 10 outstanding deals showing levels below 0.3%.

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues JPMorgan Securities 1,578.8 1 23.378 3 Wachovia Securities 1,223.8 2 18.121 2 Goldman Sachs 1,078.7 3 15.972 2 ABN Amro 906.7 4 13.426 2 RBS Greenwich Capital 744.5 5 11.024 1 Credit Suisse 625.0 6 9.254 1 Citigroup Global Markets 334.2 7 4.949 1 Banc of America Securities 261.8 8 3.877 1 Industry Total 6,753.5 - 100.0 6 Source: ASR Scorecard database

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Industry Total 0.0 - 100.0 0 Source: ASR Scorecard database

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues JPMorgan Securities 4,312.7 1 27.144 3 Banc of America Securities 4,200.0 2 26.435 5 Citigroup Global Markets 3,400.0 3 21.4 2 Deutsche Bank Securities 1,512.7 4 9.521 2 Barclays Capital 1,066.7 5 6.714 2 Credit Suisse 896.0 6 5.639 1 Wachovia Securities 500.0 7 3.147 1 Industry Total 15,888.1 - 100.0 11 Source: ASR Scorecard database

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Lehman Brothers 1,715.6 1 100.0 2 Industry Total 1,715.6 - 100.0 2 Source: ASR Scorecard database

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Deutsche Bank Securities 511.2 1 33.331 1 Barclays Capital 511.2 1 33.331 1 Citigroup Global Markets 511.2 1 33.331 1 Industry Total 1,533.7 - 100.0 1 Source: ASR Scorecard database

It's hard to remain optimistic about European securitization activity coming back when virtually nothing is getting done in the primary market.

Last week's issuance haul did not amount to much. Most market participants chalked the persistent slowdown to untenable market conditions that kept issuers and investors out of the fray.

Fresh off securing $31 billion in financing from a syndicate led by Bank of America and JPMorgan Chase, SLM Corp. walked into a tough week. On a corporate level, the company's counterparty credit rating was downgraded, and it remained on watch with negative implications. It was also hit with a class-action suit.

Last week New Jersey Governor Jon Corzine published his Financial Restructuring and Debt Reduction Proposal, which would use structured finance techniques to issue up to $37.6 billion to pay down half of the state's $32 billion debt and fund future transportation projects.

At the American Securitization Forum's (ASF) conference held in Las Vegas last week, many of the industry panels looked back at 2007 and reflected on how the market got to the state it's at right now.

Given higher oil prices, contraction in the capital markets and a downturn in the housing sector, a slowing economy appears imminent, said Robert Steel, undersecretary of the Treasury for Domestic Finance, who gave the keynote speech last Tuesday at the American Securitization Forum's (ASF) annual conference in Las Vegas. Minimizing the amount of homeowner delinquencies, which could be exacerbated by a lagging economy, is HOPE NOW, Steel said, which he maintained is at the forefront in reducing the number of foreclosures in the market.

Demands for more personal responsibility on the part of the CDO investor and the portfolio manager gave the rating agencies a break from the hot seat at the ASF's annual conference in Las Vegas last week.