CDOs

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues JP Morgan 9,560.6 1 16.9 13 Credit Suisse First Boston 6,864.1 2 12.1 12 Deutsche Bank AG 5,349.0 3 9.4 9 Citigroup 5,008.7 4 8.8 8 Morgan Stanley 4,823.9 5 8.5 8 Banc One Capital Markets 4,734.7 6 8.4 8 Barclays Capital 4,186.0 7 7.4 10 Banc of America Securities LLC 3,747.9 8 6.6 8 Bear Stearns & Co Inc 2,856.5 9 5.0 1 Wachovia Corp 2,089.1 10 3.7 8 Industry Total 56,640.6 - 100.0 69 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 Credit Suisse First Boston 5,447.8 1 15.8 15 Deutsche Bank AG 3,455.4 2 10.0 9 Citigroup 3,155.6 3 9.1 9 Wachovia Corp 3,036.6 4 8.8 11 Bear Stearns & Co Inc 2,514.8 5 7.3 10 Merrill Lynch & Co Inc 2,340.7 6 6.8 8 Morgan Stanley 2,306.8 7 6.7 7 UBS 2,245.0 8 6.5 5 Goldman Sachs & Co 1,730.5 9 5.0 6 Lehman Brothers 1,493.4 10 4.3 5 Industry Total 34,591.3 - 100.0 102 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 12,170.9 1 21.2 20 Banc One Capital Markets 11,256.6 2 19.6 21 JP Morgan 10,553.7 3 18.4 18 Barclays Capital 5,498.8 4 9.6 11 Morgan Stanley 3,954.5 5 6.9 5 Deutsche Bank AG 3,434.6 6 6.0 13 Banc of America Securities LLC 3,312.3 7 5.8 10 Credit Suisse First Boston 2,069.1 8 3.6 7 Lehman Brothers 2,048.1 9 3.6 7 Wachovia Corp 1,528.0 10 2.7 6 Industry Total 57,321.5 - 100.0 96 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 1,665.0 1 24.0 6 Banc of America Securities LLC 922.7 2 13.3 2 JP Morgan 875.0 3 12.6 4 Barclays Capital 710.7 4* 10.3 1 Lehman Brothers 710.7 4* 10.3 1 Merrill Lynch & Co Inc 521.2 6* 7.5 2 Societe Generale 521.2 6* 7.5 2 Citigroup 500.0 8* 7.2 1 Banc One Capital Markets 500.0 8* 7.2 1 Industry Total 6,926.5 - 100.0 10 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 30,236.5 1 12.7 74 Morgan Stanley 22,603.6 2 9.5 48 Citigroup 21,012.5 3 8.9 55 Royal Bank of Scotland Group 20,618.8 4 8.7 42 Deutsche Bank AG 17,912.7 5 7.6 40 JP Morgan 17,827.1 6 7.5 23 Bear Stearns & Co Inc 16,811.0 7 7.1 37 Countrywide Securities Corp 16,243.6 8 6.9 31 Credit Suisse First Boston 16,156.8 9 6.8 44 Banc of America Securities LLC 15,681.4 10 6.6 50 Industry Total 237,242.9 - 100.0 483 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 5,332.8 1 18.6 10 Morgan Stanley 4,244.2 2 14.8 8 Merrill Lynch & Co Inc 3,869.4 3 13.5 7 Deutsche Bank AG 3,841.8 4 13.4 7 Credit Suisse First Boston 3,583.8 5 12.5 7 UBS 2,368.0 6 8.2 5 JP Morgan 1,846.7 7 6.4 5 Banc of America Securities LLC 1,186.3 8 4.1 3 Lehman Brothers 956.3 9 3.3 2 Banc One Capital Markets 507.6 10 1.8 1 Industry Total 28,721.8 - 100.0 28 Source: Thomson Financial

Year to date as of Oct 29 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 3,229 2,202 1,027 3,229 2,202 457 361 208 Asset-Back Certs Auto Loans/Recs 59,273 45,010 14,262 55,800 3,472 17,100 30,758 11,232 125 35 Cash 599 249 350 599 599 Catastrophe Bond Commercial Loans 311 188 123 311 311 Corp Bond/Note 4,923 1,743 3,147 4,923 2,560 750 468 1,144 Corporate Loans 6,668 554 6,080 6,668 1,725 774 161 2,150 1,835 Credit Card Rec 54,922 16,493 38,429 54,070 851 15,176 5,408 29,837 2,000 2,500 Debentures 3,849 3,849 3,849 3,849 Equip Loans 177 177 177 177 Equip. Leases 7,770 4,224 3,546 5,326 2,443 2,903 3,983 809 75 FHLMC 2,231 2,231 2,231 2,231 FNMA 2,410 412 1,999 2,410 1,044 1,002 221 144 Floorplan Recs 6,636 2,132 4,504 6,610 26 2,132 1,271 3,234 Franchisee Loans 228 228 228 109 Health Care Rec Insurance Recs 622 622 622 622 Junk Bonds 4,429 450 3,980 4,429 1,066 1,743 1,621 Legal Fees Loans 2,998 2,998 2,998 2,998 Mnfrd Housing Ct 714 593 121 575 139 103 186 11 359 Motorcycle Loans 1,450 1,450 1,450 1,450 Mutual Fund Fees 342 116 226 342 342 Non-Jumbo Mtg Ln 55,786 18,910 34,711 48,544 7,242 24,001 12,414 17,689 1,256 275 Non-Perf Loans Oil Contracts Preferred Sec 2,061 651 1,385 2,061 854 108 177 921 Prv Issued Sec 1,863 1,123 615 162 1,701 1,863 Rental Car Rec. 3,625 2,400 1,225 500 3,125 1,500 230 1,895 Retail Contracts 750 750 750 197 404 149 Rev Cred/Home Eq 181,638 72,321 99,915 161,359 20,280 77,255 57,249 41,710 3,382 1,815 Sm Business Loan 845 845 845 391 454 Stranded Costs 500 500 500 500 Struc Fin Credit 21,308 3,535 17,736 21,308 10,425 747 2,717 4,418 2,920 Student Loans 30,972 1,900 23,295 26,544 4,428 8,538 5,502 8,244 6,224 1,352 Swap Agreement Tax Liens 86 86 86 86 Timeshare Loans 303 245 58 303 303 Tobacco Receives 154 154 154 154 Trade Recs 225 105 120 225 225 Truck Loans Leases 450 450 450 Note: Figures are preliminary and subject to change. Data includes U.S. deals and dollar Euro 144As.Source: Thomson Financial

Rev Cred/Home Eq 40% Auto Loans/Recs 13% Non-Jumbo Mtg Ln 12% Credit Card Rec 12% Student Loans 7% Other 17%

Holders of approximately $1 billion of First North American National Bank (FNANB) credit card ABS cheered last week's announcement that the $1.5 billion portfolio would be sold to FleetBoston Financial. While the move was viewed an undeniably positive for FNANB parent Circuit City, objective observers were questioning Fleet's motivation for acquiring the underperforming portfolio.

New-issue ABS volume soared last week, with $16 billion having priced and up to $2 billion left in the pipeline for this week. The auto sector led the way last week, pricing over $7 billion of supply split among loan, lease and floorplan receivables. There were also credit card, global MBS, student loan-backed deals to go with the standard flow of mortgage-related transactions, which totaled roughly $5.5 billion.

The decision to transfer the servicing rights of DVI Inc.'s deteriorating medical equipment portfolio has reportedly been made by debtor-in-possession provider Goldman Sachs. If all goes well, the servicing rights will be transferred to the winning bidder by Dec. 15, in an attempt to turn around the declining performance the collateral has experienced since the filing for bankruptcy in late August.

The pros and cons of CDO diversification has attracted a lot of attention.

With the recent hiring of Jim Regan to head its U.S. ABS secondary trading desk, the ABS puzzle is just about complete for ABN Amro. Since May, the Dutch underwriter has been quietly filling senior roles in its management team, poaching experienced ABS pros from various street firms one at a time, rather than an entire group in one fell swoop.

Grasping the brass ring of stable performance these days is as highly sought after as a World Series ring around Boston these days. But while no asset class is ever risk-free, the CBO market has been drawing a flock of investors in phenomenal numbers.

Year to date as of 10/23 Term (days) 10/17 10/20 10/21 10/22 10/23 1-week

2003 2002 2001 ABS (Public and 144A) 439,694 352,025 300,294 ABS (Public and 144A excluding CDOs) 406,677 311,993 261,702 ABS (Public Only) 353,567 280,565 225,210 ABS (144A Only) 86,128 71,460 75,084 Non-Agency MBS 262,550 194,814 142,838 Agency MBS 469,055 441,775 272,112 CMBS 56,119 40,612 47,850 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 7,871.8 1 15.2 11 Credit Suisse First Boston 5,805.2 2 11.2 10 Deutsche Bank AG 5,349.0 3 10.3 9 Morgan Stanley 4,823.9 4 9.3 8 BANK ONE Corp 4,734.7 5 9.2 8 Citigroup 4,576.3 6 8.9 7 Barclays Capital 3,555.3 7 6.9 9 Banc of America Securities LLC 3,512.5 8 6.8 7 Bear Stearns & Co Inc 2,856.5 9 5.5 1 Wachovia Corp 1,853.6 10 3.6 7 Industry Total 51,728.2 - 100.0 64 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 Credit Suisse First Boston 5,447.8 1 16.5 15 Deutsche Bank AG 3,455.4 2 10.5 9 Wachovia Corp 3,036.6 3 9.2 11 Citigroup 2,755.6 4 8.4 8 Bear Stearns & Co Inc 2,514.8 5 7.6 10 Morgan Stanley 2,306.8 6 7.0 7 Merrill Lynch & Co Inc 1,891.7 7 5.7 7 Goldman Sachs & Co 1,730.5 8 5.2 6 UBS 1,520.0 9 4.6 4 Lehman Brothers 1,493.4 10 4.5 5 Industry Total 33,017.3 - 100.0 99 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 12,170.9 1 22.2 20 BANK ONE Corp 11,256.6 2 20.5 21 JP Morgan 8,403.7 3 15.3 16 Barclays Capital 5,373.8 4 9.8 10 Morgan Stanley 3,954.5 5 7.2 5 Banc of America Securities LLC 3,312.3 6 6.0 10 Deutsche Bank AG 3,309.6 7 6.0 12 Credit Suisse First Boston 2,069.1 8 3.8 7 Lehman Brothers 2,048.1 9 3.7 7 Wachovia Corp 1,528.0 10 2.8 6 Industry Total 54,921.6 - 100.0 93 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 1,375.0 1 20.7 5 Banc of America Securities LLC 922.7 2 13.9 2 JP Morgan 875.0 3 13.2 4 Barclays Capital 710.7 4* 10.7 1 Lehman Brothers 710.7 4* 10.7 1 Merrill Lynch & Co Inc 521.2 6* 7.9 2 Societe Generale 521.2 6* 7.9 2 Citigroup 500.0 8* 7.5 1 BANK ONE Corp 500.0 8* 7.5 1 Industry Total 6,636.5 - 100.0 9 Source: Thomson Financial