CDOs

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Credit Suisse First Boston 2,663.9 1 17.0 4 Citigroup 2,477.0 2 15.8 4 Barclays Capital 2,116.5 3 13.5 4 Deutsche Bank AG 2,027.7 4 12.9 3 Merrill Lynch & Co Inc 2,022.8 5 12.9 3 Wachovia Corp 1,580.0 6 10.1 3 Goldman Sachs & Co 1,289.0 7 8.2 1 JP Morgan 989.9 8 6.3 2 Banc of America Securities LLC 515.0 9 3.3 1 Industry Total 15,681.7 - 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 Merrill Lynch & Co Inc 3,944.8 1 30.9 5 Morgan Stanley 2,960.7 2 23.2 10 UBS 2,322.2 3 18.2 4 Credit Suisse First Boston 889.0 4 7.0 3 Lehman Brothers 751.1 5 5.9 3 JP Morgan 685.0 6 5.4 1 Wachovia Corp 681.0 7 5.3 2 Bear Stearns & Co Inc 370.3 8 2.9 1 Banc of America Securities LLC 169.0 9 1.3 2 Industry Total 12,773.1 - 100.0 29 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 1,579.0 1 58.9 1 Citigroup 875.0 2 32.6 1 Banc of America Securities LLC 61.2 3 2.3 2 ABN AMRO 43.6 4 1.6 1 Merrill Lynch & Co Inc 43.6 4 1.6 1 JP Morgan 43.6 4 1.6 1 Deutsche Bank AG 17.6 7 0.7 1 Barclays Capital 17.6 7 0.7 1 Industry Total 2,681.1 - 100.0 4 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 30.4 1 JP Morgan 725.8 1 30.4 1 Barclays Capital 725.8 1 30.4 1 Citigroup 212.0 4 8.9 1 Industry Total 2,389.5 - 100.0 2 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 10,810.8 1 11.3 17 Morgan Stanley 10,411.8 2 10.8 12 Royal Bank of Scotland Group 8,746.5 3 9.1 16 Lehman Brothers 8,566.3 4 8.9 22 Credit Suisse First Boston 8,509.2 5 8.9 21 Bear Stearns & Co Inc 8,467.3 6 8.8 16 Countrywide Securities Corp 7,336.0 7 7.6 7 Merrill Lynch & Co Inc 6,973.3 8 7.3 8 Citigroup 6,047.5 9 6.3 13 Banc of America Securities LLC 3,935.9 10 4.1 9 Industry Total 96,043.0 - 100.0 143 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 2,368.0 1 21.5 3 Citigroup 1,830.0 2 16.6 3 Credit Suisse First Boston 1,645.9 3 14.9 2 Morgan Stanley 1,540.6 4 14.0 1 UBS 1,447.2 5 13.1 3 Lehman Brothers 1,012.4 6 9.2 1 Deutsche Bank AG 817.2 7 7.4 2 JP Morgan 317.2 8 2.9 1 Goldman Sachs & Co 40.0 9 0.4 1 Industry Total 11,018.5 - 100.0 9 Source: Thomson Financial

auto ABS 18% credit card ABS 2% enterprise finance ABS 0% equipment ABS 1% global MBS 7% real estate ABS 60% stranded cost ABS 2% student loan ABS 9%

Even as spreads on home-equity ABS reach dizzyingly tight levels, analysts are still touting them as the best place to find relative value in the ABS market. As always, the question remains just how tight spreads can come in. The answer, for now, is quite a bit.

Memorial Sloan-Kettering Cancer Center is gearing up to sell a $250 million piece of its future foreign patent royalties from cancer treatment drug Neupogen/Neulasta. Among the likely bidders are several firms with a history of securitizing pharmaceutical royalty receivables.

To paraphrase the late crooner Frank Sinatra, Fitch Ratings expects 2005 will be "a very good year" for middle-market CLO issuance, as the agency is gearing up to rate more transactions in the relatively young asset class. Fitch warned, however, that anyone thinking of entering middle-market CLO land should make sure to bring the right tools for the job, as the asset class requires a different type of analysis than many asset managers and investors may be used to.

The primary U.S. ABS market made a return to loftier volume levels last week to price close to $9.5 billion as of Thursday's market close. The real estate sector made up the bulk of total volume with $6.5 billion in new issues.

Mitsubishi Motors' senior bonds may be one of the few places relative value still exists in the overbought ABS market, but questions about servicing and the strength of U.S. operations still loom for the auto manufacturer. If Mitsubishi can successfully dodge those concerns, analysts agree its ABS presents an attractive option in the auto sector.

Canadian interloper Dominion Bond Rating Service is primed to rate its first U.S. ABCP program, and will be staffing up during the coming weeks to prepare.

Canadian company Drug Royalty Corp. is showing the market $42 million in single-A rated notes backed by pharmaceutical patent royalties. What the market isn't seeing - the pre-sold triple-B and double-B rated tranches - makes this the first senior/subordinated offering backed by this type of asset.

Based on the results of a recent Structured Finance Market Opinion survey conducted by Standard & Poor's, securitization professionals named operational risk as the second most significant factor that is likely to affect the outcome of a deal, reinstating the fact that it continues to be a looming concern for players in the marketplace.

Year to date as of 03/03 Term (days) 02/25 02/28 03/01 03/02 03/03 1-week

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Credit Suisse First Boston 2,663.9 1 18.2 4 Barclays Capital 2,136.5 2 14.6 4 Citigroup 2,128.0 3 14.5 4 Deutsche Bank AG 2,027.7 4 13.8 3 Merrill Lynch & Co Inc 2,022.8 5 13.8 3 Goldman Sachs & Co 1,289.0 6 8.8 1 JP Morgan 1,096.0 7 7.5 3 Wachovia Corp 996.0 8 6.8 3 BNP Paribas SA 146.0 9 1.0 1 ABN AMRO 146.0 9 1.0 1 Industry Total 14,651.8 - 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 & Co Inc 2,938.8 1 32.5 4 Morgan Stanley 2,677.7 2 29.6 6 UBS 934.2 3 10.3 2 Lehman Brothers 751.1 4 8.3 3 JP Morgan 685.0 5 7.6 1 Credit Suisse First Boston 389.0 6 4.3 2 Bear Stearns & Co Inc 370.3 7 4.1 1 Wachovia Corp 300.0 8 3.3 1 Industry Total 9,046.1 - 100.0 19 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 1,579.0 1 87.4 1 Banc of America Securities LLC 61.2 2 3.4 2 ABN AMRO 43.6 3 2.4 1 Merrill Lynch & Co Inc 43.6 3 2.4 1 JP Morgan 43.6 3 2.4 1 Deutsche Bank AG 17.6 6 1.0 1 Barclays Capital 17.6 6 1.0 1 Industry Total 1,806.1 - 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 Lehman Brothers 725.8 1 30.4 1 JP Morgan 725.8 1 30.4 1 Barclays Capital 725.8 1 30.4 1 Citigroup 212.0 4 8.9 1 Industry Total 2,389.5 - 100.0 2 Source: Thomson Financial