ABS

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues JP Morgan 1,775.0 1 21.4 7 Morgan Stanley 1,666.5 2 20.1 2 Citigroup 1,375.0 3 16.6 4 Barclays Capital 1,049.1 4 12.6 8 Lehman Brothers 625.0 5 7.5 2 Merrill Lynch & Co Inc 512.6 6 6.2 4 Deutsche Bank AG 499.1 7 6.0 5 Credit Suisse First Boston 413.3 8 5.0 2 Banc of America Securities LLC 286.6 9 3.5 4 UBS 46.3 10 0.6 1 Societe Generale 46.3 10 0.6 1 Industry Total 8,302.0 - 100.0 20 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 Morgan Stanley 1,191.7 1 21.4 2 Deutsche Bank AG 1,191.7 1 21.4 2 Lehman Brothers 725.8 3 13.0 1 JP Morgan 725.8 3 13.0 1 Barclays Capital 725.8 3 13.0 1 HSBC Holdings PLC 566.7 6 10.2 1 Citigroup 212.0 7 3.8 1 Industry Total 5,569.5 - 100.0 5 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 Bear Stearns & Co Inc 18,969.0 1 10.0 27 Countrywide Securities Corp 18,043.6 2 9.5 18 Lehman Brothers 17,302.8 3 9.1 42 Morgan Stanley 16,762.0 4 8.8 18 Royal Bank of Scotland Group 16,619.6 5 8.8 25 Deutsche Bank AG 16,198.2 6 8.5 32 Credit Suisse First Boston 15,747.7 7 8.3 34 Merrill Lynch & Co Inc 10,591.0 8 5.6 13 Banc of America Securities LLC 9,182.0 9 4.8 20 UBS 7,935.0 10 4.2 18 Industry Total 189,939.8 - 100.0 341 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 Banc of America Securities LLC 3,134.2 1 18.9 4 Morgan Stanley 2,757.6 2 16.6 3 Citigroup 2,230.0 3 13.4 4 Credit Suisse First Boston 2,196.2 4 13.2 3 Deutsche Bank AG 1,483.8 5 8.9 3 UBS 1,447.2 6 8.7 3 Lehman Brothers 1,012.4 7 6.1 1 JP Morgan 983.8 8 5.9 2 Goldman Sachs & Co 806.2 9 4.9 2 Merrill Lynch & Co Inc 550.3 10 3.3 1 Industry Total 16,601.7 - 100.0 13 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 Banc of America Securities LLC 3,134.2 1 24.2 4 Citigroup 2,230.0 2 17.2 4 Credit Suisse First Boston 1,645.9 3 12.7 2 Morgan Stanley 1,540.6 4 11.9 1 UBS 1,447.2 5 11.2 3 Lehman Brothers 1,012.4 6 7.8 1 Deutsche Bank AG 817.2 7 6.3 2 Goldman Sachs & Co 806.2 8 6.2 2 JP Morgan 317.2 9 2.5 1 Industry Total 12,950.9 - 100.0 11 Source: Thomson Financial

auto ABS 19% credit card ABS 5% global MBS 5% real estate ABS 59% student loan ABS 9% other 3%

With its strong presence in the auto sector, MBIA was the leading financial guarantor in the first quarter, having wrapped roughly $5.9 billion of primary ABS supply in the first three months of the year. Overall wrapped volume was up from the same period last year, accounting for 12.1% of total supply - led by the auto sector, which was bolstered by numerous auto rental fleet lease transactions - up from the 6.62% of wrapped volume in 1Q04.

ABS analysts at Citigroup Global Markets are reclassifying all 2004 and later vintage deals from Paramus, N.J.-based auto lender Long Beach Acceptance Corp. into the bank's Near Prime index. Those vintages had previously resided in Citigroup's subprime index, but, Long Beach has "significantly elevated the credit quality of its underwriting profile," according to Citigroup. Analysts now expect that elevation in underwriting profile will result in much improved losses, consistent with other near-prime lenders.

As the aftershock from this spring's auto-sector implosion continues to roil the market, questions are starting to swirl about the stability of rental-fleet securitizations. The deals most in question are those in which General Motors and Ford Motor Co. have promised to buy back vehicles from the rental companies, as the financial strength of those manufacturers will dictate whether they have the buying power to honor their repurchase agreements. While that strength seems to be deteriorating rapidly, rating agency officials said there is little to worry about - for now.

JPMorganChase announced last week its intention to wind down its $4.3 billion dollar Delaware Funding ABCP conduit. The firm will transfer the assets from Delaware Funding to its Park Avenue Funding, or Parko, conduit, according to Deborah Toennies, managing director at JPMorgan. Delaware Funding's outstanding obligations are expected to be fully paid down by the end of May.

The U.S. ABS primary market saw a solid amount of issuance last week with over $10 billion priced, including a $1 billion auto loan deal from American Honda Finance Corp. that sources say stabilized the sector and eased fears with its pricing.

General Parts Inc., one of the largest automotive wholesale distributors in the U.S., launched a credit tenant lease via Wachovia Securities last week, sources said.

Some positive news emerged last week on the proposed future flow transaction from water treatment company, Hyflux (see ASR, 10/11/04). Last August, Deutsche Bank Securities was appointed to evaluate the securitization of SingSpring, a wholly owned subsidiary of Hyflux, currently developing the first water desalination plant in Singapore. The plant is contracted to supply water to the Public Utilities Board for the next 20 years.

Year to date as of 04/21 Term (days) 04/15 04/18 04/19 04/20 04/21 1-week

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 4,207.7 1 16.6 8 Credit Suisse First Boston 3,449.5 2 13.6 7 Citigroup 3,206.3 3 12.6 5 Barclays Capital 3,195.9 4 12.6 6 Merrill Lynch & Co Inc 2,502.4 5 9.9 4 JP Morgan 2,270.2 6 9.0 4 Banc of America Securities LLC 2,001.3 7 7.9 4 Wachovia Corp 1,837.0 8 7.2 4 Goldman Sachs & Co 1,289.0 9 5.1 1 Lehman Brothers 780.3 10 3.1 1 Industry Total 25,356.3 - 100.0 24 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 Merrill Lynch & Co Inc 5,670.4 1 19.7 9 Morgan Stanley 3,864.6 2 13.4 13 Citigroup 3,526.6 3 12.3 8 UBS 3,142.6 4 10.9 7 Lehman Brothers 2,639.2 5 9.2 8 Bear Stearns & Co Inc 2,271.2 6 7.9 5 Groupe Caisses d'Epargne 1,742.0 7 6.1 2 Banc of America Securities LLC 1,454.9 8 5.1 6 Wachovia Corp 1,241.9 9 4.3 3 JP Morgan 987.3 10 3.4 2 Industry Total 28,787.8 - 100.0 72 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 1,775.0 1 24.6 7 Morgan Stanley 1,754.0 2 24.3 3 Citigroup 1,125.0 3 15.6 3 Barclays Capital 799.1 4 11.1 7 Credit Suisse First Boston 413.3 5 5.7 2 Lehman Brothers 375.0 6 5.2 1 Banc of America Securities LLC 374.1 7 5.2 5 Merrill Lynch & Co Inc 262.6 8 3.6 3 Deutsche Bank AG 249.1 9 3.5 4 Societe Generale 92.5 10 1.3 1 Industry Total 7,219.5 - 100.0 20 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 725.8 1 17.8 1 JP Morgan 725.8 1 17.8 1 Barclays Capital 725.8 1 17.8 1 Morgan Stanley 566.7 4 13.9 1 Deutsche Bank AG 566.7 4 13.9 1 HSBC Holdings PLC 566.7 4 13.9 1 Citigroup 212.0 7 5.2 1 Industry Total 4,089.5 - 100.0 3 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 Bear Stearns & Co Inc 18,933.6 1 10.6 27 Countrywide Securities Corp 18,051.7 2 10.1 18 Lehman Brothers 16,792.3 3 9.4 38 Morgan Stanley 16,762.0 4 9.4 18 Royal Bank of Scotland Group 16,619.6 5 9.3 25 Deutsche Bank AG 15,602.4 6 8.7 30 Credit Suisse First Boston 14,234.2 7 8.0 31 Merrill Lynch & Co Inc 9,844.1 8 5.5 11 Banc of America Securities LLC 8,671.1 9 4.9 19 Goldman Sachs & Co 7,070.5 10 4.0 12 Industry Total 178,654.7 - 100.0 279 Source: Thomson Financial

On Friday, April 8, as many in the financial world were fixated on the second round of The Master's, Ford Motor Co. was lowering its earnings outlook for the year and pulling in the reins on the $3 billion auto ABS deal it introduced to the market the previous day.