CDOs

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Citigroup 14,022.6 1 13.2 23 Royal Bank of Scotland Group 9,670.3 2 9.1 17 Deutsche Bank AG 9,286.4 3 8.7 17 Merrill Lynch 8,529.2 4 8.0 9 Countrywide Securities Corp 8,181.0 5 7.7 6 Lehman Brothers 7,271.2 6 6.8 15 Morgan Stanley 7,263.2 7 6.8 7 JP Morgan 7,226.5 8 6.8 8 Barclays Capital 6,588.1 9 6.2 13 Bear Stearns & Co Inc 6,333.0 10 5.9 16 Industry Total 106,664.4 - 100.0 150 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 5,021.7 1 20.0 5 JP Morgan 3,059.8 2 12.2 4 Credit Suisse 2,514.8 3 10.0 3 Barclays Capital 2,469.8 4 9.8 2 Deutsche Bank AG 2,138.7 5 8.5 3 Morgan Stanley 2,089.8 6 8.3 2 Goldman Sachs & Co 1,755.7 7 7.0 2 Lehman Brothers 1,380.7 8 5.5 1 UBS 1,332.7 9 5.3 3 Wachovia Corp 1,126.5 10 4.5 1 Industry Total 25,079.8 - 100.0 12 Source: Thomson Financial

auto ABS 9% credit card ABS 10% enterprise finance 0% equipment ABS 1% real estate ABS 70% student loan ABS 10% trade receivables 0%

In what some are calling unusual in a market where teams often hop companies en masse, Calyon SG, a unit of French bank Credit Agricole, is in the midst of suing Mizuho Securities USA and several of its top CDO bankers for alleged damages to the company by doing just that.

A possible merger between Barclays Capital and ABN Amro is the fixed-income investment banking relationship that everyone is talking about, mainly because of the debt capital markets growth that the latter has achieved in the last decade. ABN Amro is now the type of firm that Barclays strove to evolve away from, observers said, which means a merger could present a case of turnaround deja vu for the English bank.

Being creatures of habit, consumers generally follow this hierarchy of debt repayment: mortgages, auto loans, and then credit cards. As if alarmed at subprime mortgage borrowers' acute negligence on what is supposed to be their debt servicing priority, Congress is hard at work on regulations to ensure that consumers make wiser choices regarding their third-most-important obligation.

The holding company NexCen Brands kicked off a major retail franchise buying spree when it acquired Athlete's Foot last November. After landing a $150 million revolving credit warehouse facility to help finance the purchase, NexCen brands and Baker & MacKenzie, its attorney, may have also developed a valuable tool to track requirements for identifying ownership of the trademarks pledged as collateral for the financing.

Market participants are drumming their fingers and waiting for guidance on if - or how much - negative performance in the subprime mortgage sector will affect CDO performance.

Tales of challenging pricing for home equity loan deals continued to circulate last week, as yet another subprime lender filed for bankruptcy and market participants were left questioning which securities were safe.

Given the building momentum behind the credit derivative counterparty and structured investment vehicle craze, one would think it were only a matter of time until the two structures merged, right? According to several sources close to the matter, at least five of the sector's participants are looking into creating companies, or branching out from current operations, to incorporate functions of both CDPCs and SIVs.

Student loan lender SLM Corp. is coming to market with a $2.2 billion transaction that, in a first for the lender, is secured by consolidated private student loans and direct-to-consumer (DTC) loans.

Canada is getting closer to the total elimination of the withholding tax on payments of interest to most non-residents of Canada. The Canadian federal government in its annual budget speech last Monday said that its on-going negotiations to amend the Canada/U.S. tax treaty are almost complete.

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues JP Morgan 3,281.4 1 29.3 7 HSBC Holdings PLC 1,458.7 2 13.0 2 Barclays Capital 1,348.8 3 12.1 2 Banc of America Securities LLC 1,347.1 4 12.0 3 ABN AMRO 1,117.0 5 10.0 2 Wachovia Corp 998.8 6 8.9 2 Royal Bank of Scotland Group 599.3 7 5.4 1 Credit Suisse 550.0 8 4.9 1 Morgan Stanley 492.3 9 4.4 1 Industry Total 11,193.2 - 100.0 12 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 15,571.9 1 20.9 17 Citigroup 14,010.8 2 18.8 16 UBS 6,873.0 3 9.2 10 Barclays Capital 6,103.0 4 8.2 4 Banc of America Securities LLC 4,886.4 5 6.6 4 Morgan Stanley 4,807.4 6 6.4 16 Deutsche Bank AG 4,567.3 7 6.1 7 JP Morgan 4,291.6 8 5.8 9 Bear Stearns & Co Inc 3,497.6 9 4.7 7 Wachovia Corp 2,872.9 10 3.9 6 Industry Total 74,641.8 - 100.0 110 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 5,769.9 1 28.7 7 Banc of America Securities LLC 5,127.4 2 25.5 8 Citigroup 3,125.0 3 15.5 3 Morgan Stanley 1,929.0 4 9.6 2 Deutsche Bank AG 1,425.0 5 7.1 8 Wachovia Corp 962.5 6 4.8 3 Barclays Capital 625.0 7 3.1 1 HSBC Holdings PLC 500.0 8* 2.5 1 Lehman Brothers 500.0 8* 2.5 4 Royal Bank of Scotland Group 87.5 10* 0.4 1 Credit Suisse 87.5 10* 0.4 1 Industry Total 20,138.8 - 100.0 31 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 275.0 1* 50.0 1 Citigroup 275.0 1* 50.0 1 Industry Total 550.0 - 100.0 1 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 13,847.2 1 15.0 21 Merrill Lynch 8,188.2 2 8.9 8 Countrywide Securities Corp 8,181.0 3 8.9 6 Deutsche Bank AG 7,349.9 4 8.0 14 Royal Bank of Scotland Group 6,923.5 5 7.5 11 Barclays Capital 6,061.1 6 6.6 12 Lehman Brothers 5,805.0 7 6.3 13 Morgan Stanley 5,741.6 8 6.2 5 Credit Suisse 5,106.2 9 5.5 8 JP Morgan 4,781.1 10 5.2 6 Industry Total 92,202.3 - 100.0 127 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 3,895.2 1 22.2 4 Credit Suisse 1,768.3 2 10.1 2 JP Morgan 1,733.3 3 9.9 3 Goldman Sachs & Co 1,555.7 4 8.9 2 Deutsche Bank AG 1,392.2 5 7.9 2 Lehman Brothers 1,380.7 6 7.9 1 Barclays Capital 1,343.3 7* 7.7 1 Morgan Stanley 1,343.3 7* 7.7 1 UBS 1,132.7 9 6.5 3 Royal Bank of Scotland Group 1,017.1 10 5.8 1 Industry Total 17,534.5 - 100.0 10 Source: Thomson Financial

auto ABS 10% credit card ABS 10% equipment ABS 1% real estate ABS 68% student loan ABS 12% trade receivables 0%

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues JP Morgan 3,281.4 1 29.3 7 HSBC Holdings PLC 1,458.7 2 13.0 2 Barclays Capital 1,348.8 3 12.1 2 Banc of America Securities LLC 1,347.1 4 12.0 3 ABN AMRO 1,117.0 5 10.0 2 Wachovia Corp 998.8 6 8.9 2 Royal Bank of Scotland Group 599.3 7 5.4 1 Credit Suisse 550.0 8 4.9 1 Morgan Stanley 492.3 9 4.4 1 Industry Total 11,193.2 - 100.0 12 Source: Thomson Financial