CDOs

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Morgan Stanley 250.0 1 50.0 1 JP Morgan 250.0 1 50.0 1 Industry Total 500.0 - 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 - - - - - Industry Total - - - - 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 3,635.0 1 21.7 6 Morgan Stanley 2,277.0 2 13.6 5 Credit Suisse 1,952.7 3 11.7 7 Banc of America Securities LLC 1,898.8 4 11.3 5 Royal Bank of Scotland Group 1,579.1 5 9.4 3 Merrill Lynch & Co Inc 1,307.2 6 7.8 1 Barclays Capital 1,307.2 6 7.8 1 Citigroup 1,183.1 8 7.1 4 JP Morgan 840.1 9 5.0 1 General Motors Corp 784.9 10 4.7 4 Industry Total 16,765.1 - 100.0 26 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 3,788.8 1 100.0 3 Industry Total 3,788.8 - 100.0 3 Source: Thomson Financial

auto ABS 6% credit card ABS 5% equipment 0% real estate ABS 85% student loan ABS 4%

Asset-backed commercial paper issuance could pass the $1 trillion mark in 2006 while outstandings are expected to increase 10%, according to an econometric model generated by Standard & Poor's and a recent survey of nine leading conduit sponsors.

LAS VEGAS - Attendees at the opening session of the American Securitization Forum's conference last week were given the chance to express views on several industry topics by using handheld voting devices. In game show style, panel members at ASF 2006 asked various questions of audience members and displayed the results.

Ironing out language-related wrinkles in credit default swap deal documentation along with last month's launch of a new U.S. ABS index means an obscure area of the CDO market may be ready for substantial growth.

LAS VEGAS - Additional CDO volume is expected this year compared with 2005, according to attendees at the ASF 2006 conference held here last week.

LAS VEGAS - After one of the most watched events in the credit card industry unfolded in the last half of 2005 with the implementation of the Bankruptcy Reform Act, credit card ABS performance appears to be holding up well and sources expect spreads to continue to remain tight.

LAS VEGAS - This year's release of tradable indices for asset-backed securities credit default swaps - deemed the wild, wild West of ABS - is not only considered a turning point for the rapidly growing CDS of ABS sector, but is thought to be one of the most, if not the, monumental developments in the market, according to attendees at the ASF 2006 conference held here last week.

Thanks in part to a low default rate, 2005 was a strong year ratings-wise for collateralized bond obligations and collateralized loan obligations, according to a recent report by Standard & Poor's.

LAS VEGAS - The private student loan ABS market is expected to continue its growth in 2006.

The American Securitization Forum is expecting a record 3,600 attendees at its annual conference, ASF 2006, in Las Vegas this week.

UBS is adding to its securitization team worldwide as part of a larger initiative to significantly ramp up its asset-backed activity.

More than $5 billion in tobacco settlement ABS came to the market last year compared with no issuance in 2004. The resurgence of issuance is being fueled by a string of positive litigation rulings and low interest rates, among other factors.

The home equity ABS credit default swap index - called the ABX.HE - is expected by analysts to remain volatile, at least in the near term.

The U.S. ABS primary market generated a whopping $26 billion as issuers and banks rushed to get deals done before market participants head to Las Vegas for the American Securitization Forum's 2006 ABS conference this week.

Moody's Investors Service is ramping up its servicer ratings group with a significant increase in the number of companies it covers.

Ameriquest Capital Holdings Corp. last week settled the second-largest predatory lending suit in U.S. history that had the largest subprime loan originator's upper management embroiled for more than a year.