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 1,540.6 1 54.2 1 Citigroup 650.0 2 22.9 1 UBS 650.0 2 22.9 1 Industry Total 2,840.6 - 100.0 2 Source: Thomson Financial

Year to date as of Jan 26 Coupon Type Market Average Life Buckets Asset Class Volume Pub/144A Fixed Rate Floating Rate Public 144A 0.0 to 0.9 1.0 to 2.9 3.0 to 5.9 6.0 to 7.9 8.0 to 11.0 Aircraft Leases 126 126 126 126 Auto Loans/Recs 41,391 36,622 4,769 35,132 6,259 16,580 18,742 6,069 Comm. Mtg 2,899 1,294 1,605 2,899 1,261 229 829 540 Commercial Loans Corp Bond/Note 3,846 1,696 2,150 3,846 2,569 746 45 485 Corporate Loans 5,352 286 5,066 5,352 2,480 395 370 1,192 914 Credit Card Rec 28,632 10,299 18,333 24,659 3,974 19,334 1,400 5,749 900 1,249 Debentures 2,122 2,122 2,122 2,122 Equip Loans Equip. Leases 4,744 4,469 275 4,164 580 2,293 1,388 554 221 289 Floorplan Recs 8,026 840 7,186 7,902 124 4,014 830 3,182 Franchisee Loans 194 194 194 Home Impr Loans Installment Recs 1,797 1,797 1,797 1,797 Junk Bonds Leveraged Loans 1,174 64 1,110 1,174 38 10 284 842 Mixed Collateral 1,881 7 1,874 1,881 1,500 306 22 53 Mnfrd Housing Ct 200 200 200 200 Motorcycle Loans 2,740 2,740 2,740 313 1,923 504 Mutual Fund Fees 501 331 170 501 501 Non-Jumbo Mtg Ln 68,520 31,864 33,291 65,728 2,793 41,621 14,956 10,760 849 319 Oil Receivables Preferred Sec 3,597 2,268 1,330 3,597 3,253 158 186 Prv Issued Sec 1,852 1,079 380 590 1,262 1,852 Rental Car Rec. 2,400 1,300 1,100 2,400 1,300 1,100 Rev Cred/Home Eq 216,332 125,057 77,504 186,006 30,325 143,388 44,757 25,956 1,606 553 Sm Business Loan 828 828 828 828 Struc Fin Credit 14,838 6,458 8,380 14,838 5,807 2,507 4,928 1,508 Student Loans 30,626 6,957 21,983 25,639 4,986 17,780 3,239 4,044 3,663 1,808 Tax Liens Ticket Rec Timeshare Loans 635 386 250 635 336 300 Tobacco Receives Trade Recs Unspecified/NA Note: Figures are preliminary and subject to change. Data includes U.S. deals and dollar Euro 144As.Source: Thomson Financial

Rev Cred/Home Eq 48% Non-Jumbo Mtg Ln 15% Auto Loans/Recs 9% Student Loans 7% Credit Card Rec 6% Other 15%

Year to date as of 01/20 Term (days) 01/14 01/17 01/18 01/19 01/20 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 2,162.6 1 22.5 3 Credit Suisse First Boston 2,035.0 2 21.2 2 Merrill Lynch & Co Inc 1,259.0 3 13.1 1 Goldman Sachs & Co 1,259.0 3 13.1 1 Citigroup 1,232.1 5 12.8 2 Barclays Capital 1,154.4 6 12.0 2 JP Morgan 500.0 7 5.2 1 Industry Total 9,602.0 - 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 - - - - - 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 - - - - - 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 - - - - - 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 Bear Stearns & Co Inc 1,723.0 1 12.3 2 Royal Bank of Scotland Group 1,720.6 2 12.3 2 Morgan Stanley 1,666.3 3 11.9 2 Credit Suisse First Boston 1,633.8 4 11.7 2 Deutsche Bank AG 1,516.1 5 10.8 3 JP Morgan 1,371.6 6 9.8 2 Washington Mutual Inc 1,123.6 7 8.0 1 Goldman Sachs & Co 1,123.6 7 8.0 1 UBS 949.9 9 6.8 1 Banc of America Securities LLC 626.5 10 4.5 2 Industry Total 13,981.2 - 100.0 14 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

Year to date as of Jan 19 Coupon Type Market Average Life Buckets Asset Class Volume Pub/144A Fixed Rate Floating Rate Public 144A 0.0 to 0.9 1.0 to 2.9 3.0 to 5.9 6.0 to 7.9 8.0 to 11.0 Aircraft Leases 126 126 126 126 Auto Loans/Recs 41,391 36,622 4,769 35,132 6,259 16,580 18,742 6,069 Comm. Mtg 2,899 1,294 1,605 2,899 1,261 229 829 540 Commercial Loans Corp Bond/Note 3,846 1,696 2,150 3,846 2,569 746 45 485 Corporate Loans 5,352 286 5,066 5,352 2,480 395 370 1,192 914 Credit Card Rec 28,632 10,299 18,333 24,659 3,974 19,334 1,400 5,749 900 1,249 Debentures 2,122 2,122 2,122 2,122 Equip Loans Equip. Leases 4,744 4,469 275 4,164 580 2,293 1,388 554 221 289 Floorplan Recs 8,026 840 7,186 7,902 124 4,014 830 3,182 Franchisee Loans 194 194 194 Home Impr Loans Installment Recs 1,797 1,797 1,797 1,797 Junk Bonds Leveraged Loans 1,174 64 1,110 1,174 38 10 284 842 Mixed Collateral 1,881 7 1,874 1,881 1,500 306 22 53 Mnfrd Housing Ct 200 200 200 200 Motorcycle Loans 2,740 2,740 2,740 313 1,923 504 Mutual Fund Fees 501 331 170 501 501 Non-Jumbo Mtg Ln 68,520 31,864 33,291 65,728 2,793 41,621 14,956 10,760 849 319 Oil Receivables Preferred Sec 3,597 2,268 1,330 3,597 3,253 158 186 Prv Issued Sec 1,852 1,079 380 590 1,262 1,852 Rental Car Rec. 2,400 1,300 1,100 2,400 1,300 1,100 Rev Cred/Home Eq 216,332 125,057 77,504 186,006 30,325 143,388 44,757 25,956 1,606 553 Sm Business Loan 828 828 828 828 Struc Fin Credit 14,838 6,458 8,380 14,838 5,807 2,507 4,928 1,508 Student Loans 30,626 6,957 21,983 25,639 4,986 17,780 3,239 4,044 3,663 1,808 Tax Liens Ticket Rec Timeshare Loans 635 386 250 635 336 300 Tobacco Receives Trade Recs Unspecified/NA Note: Figures are preliminary and subject to change. Data includes U.S. deals and dollar Euro 144As.Source: Thomson Financial

Rev Cred/Home Eq 48% Non-Jumbo Mtg Ln 15% Auto Loans/Recs 9% Student Loans 7% Credit Card Rec 6% Other 15%

When it comes to New Year's resolutions, Standard & Poor's commissioned a mighty goal for itself. The rating agency announced it is in the process of rolling out a benchmark for ABS CDOs, a collateral class exploding in terms of issuance volume.

Friedman Billings Ramsey is expected to file an S-1 shelf filing with the Securities and Exchange Commission for a home equity ABS dealer shelf in coming weeks, the first for the Arlington, Va.-based firm, sources said.

In a move that has been expected for the past three years, Sallie Mae has completed its transition out of GSE status to become a non-government entity. The move was originally slated for completion in September 2008, but the hyperactive ABS market of the past few years enabled Sallie Mae to finish the job early.

George Graham and William Grady have joined Ramius Capital Group, a New York-based hedge fund with $7 billion in assets under management, effective at the start of the year. The pair, which jointly founded Gryfon Partners in November 2002, become managing directors and will run a new investment unit, named RCG Resolution.

The U.S. ABS primary market priced roughly $6.2 billion in new issue as of last Thursday's market close, about half of the volume churned out the preceding week. The auto sector had another active week pricing over $2.8 billion. Despite being fed $8 billion in auto supply the week prior, investors showed no signs of being sated (see story, p. 9).

The Athlete's Foot Stores' recent bankruptcy filing is not expected to have a material impact on the shoe retailer's securitization backed by franchise fee revenues, sources familiar with the situation said. However, analysts at Moody's Investors Service are not taking any risks, and have placed the bonds on review for a possible downgrade.

Automobile ABS put the pedal to the metal early this year as the sector saw one of its biggest starts in recent history. In the first two weeks of the year, nearly $11 billion was issued and 2005 is widely expected to outpace 2004, though by how much is anyone's guess. One thing is for sure, it will take a monster truck-sized calendar to satisfy investor demand and loosen the historically tight spreads, and that is not expected to happen any time soon.

Year to date as of 01/13 Term (days) 01/07 01/10 01/11 01/12 01/13 1-week