MSGXML 1.1 3455787962 2005-11-18-15.34.08.000000 VINCENT MCCAMBRIDGE NET SED LTD IN VINMC1@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM LATE DAY CONVEXITY SPECIAL: W/T {FHR 3052 BN Mtge YT 100// <GO>} ~89-7 4.5 / 20YR 4.5 LCF SEQ LAST 14% OF CASHFLOW IN DEAL TAKE OUT OVER 4 POINTS VS FNCL 4.5S +9 LOAS ON BN'S VS +3 LOAS ON FNCL 4.5S 2875972709 2005-11-18-15.39.08.000000 CARL RICHARDSON PIT GLOBAL MAR CERICH1@bloomberg.net JAMES BUCKLEY 3815 NEW INVST BANK 525752 2922634 JBUCKLEY13@bloomberg.net LA HAISON 3815 NEW INVST BANK 141002 4404786 LHAISON4@bloomberg.net CA *DES:CA HLTH-A-STANFORD CPN:5 MTY:11/15/2013 13044FME CA *DES:CA HLTH-A-STANFORD CPN:5 MTY:11/15/2013 13044FME wo/o 1mm @ 4.10 bonds out firm w account @ 4.11 1815169401 2005-11-18-15.42.14.000000 JACKIE PFISTER WELLS INVST INSTIT.B JPFRANCE@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net ***TRADED*** JIMMY OR JACQ: CLD YOU PLS GET A BID (DUE AT 2:15) ***TRADED*** JIMMY OR JACQ: CLD YOU PLS GET A BID (DUE AT 2:15) FOR 1MM OF THIS FAM STEP-UP? THANKS. *** DES FNMA CPN 5 MTY 10/26/16 ED630553 4483328709 2005-11-18-15.42.24.000000 JACKIE PFISTER WELLS INVST INSTIT.B JPFRANCE@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net ***TRADED*** JIMMY OR JACQ: CLD YOU PLS GET A BID (DUE AT 2:15) ***TRADED*** JIMMY OR JACQ: CLD YOU PLS GET A BID (DUE AT 2:15) FOR 1MM OF THIS FAM STEP-UP? THANKS. *** DES FNMA CPN 5 MTY 10/26/16 ED630553 1448714728 2005-11-18-15.58.52.000000 TODD HUCKINS YOUNG & YOUNGBERG LL YOUNGTODD@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM NY *DES:NY ENVIR-F-POOLED FI CPN:5 MTY: 7/15/2011 64985WR3 NY *DES:NY ENVIR-F-POOLED FI CPN:5 MTY: 7/15/2011 64985WR3 pls bid 150m for Trainer, thanks. Reply: 106.505 91183673 2005-11-18-15.59.19.000000 MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM TODD HUCKINS YOUNG & YOUNGBERG LL YOUNGTODD@bloomberg.net NY *DES:NY ENVIR-F-POOLED FI CPN:5 MTY: 7/15/2011 64985WR3 NY *DES:NY ENVIR-F-POOLED FI CPN:5 MTY: 7/15/2011 64985WR3 pls bid 150m for Trainer, thanks. Reply: 106.505 Reply: Sold. Coming from Pershing. 4236313139 2005-11-18-16.00.17.000000 SHANE MORDEN STEPHENS INC. SCMORDEN@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net TIME FOR THIS BALLOON 6 TO GO - HIGHEST BID WINS. 1.1MM CF {FN 803745 Mtge YT 101-00 <GO>} 163 WAM CORP SETTLE 1864706686 2005-11-18-16.04.22.000000 MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM BILL GLOBE 939 NEW INVST BANK 525752 2157878 BGLOBE 1@bloomberg.net SELLS 150 (M) NYSWTR 5 07/15/11 64985WR30 DTD: 7/24/03 *TRADE TICKET*TRDR:MICHAEL MARTINI> COLD INVST & *11/18/05 SELLS 150 (M) NYSWTR 5 07/15/11 64985WR30 DTD: 7/24/03 SETTLEMENT on 11/23/05 FCPNDT: 1/15/04 PRICE 100.0000000 or YIELD 4.9990 (to 7/15/11 @ 100.0000) After Concession [ 0.0000 pts]: Price 100.000000 / Yield 4.9990 NOTES: tw sells to stone and youngberg from 44l-009702 {64985WR3 Muni DES<GO>} * NY ENVIR-F-POOLE * *** PRINCIPAL: $ 150,000.00 *** *** CONCESSION: 0.00 *** *** PRINCIPAL NET CONCESSION: 150,000.00 *** *** ACCRUED (128 days): 2,666.67 *** 1864706686 2005-11-18-16.04.22.000000 MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM BILL GLOBE 939 NEW INVST BANK 525752 2157878 BGLOBE 1@bloomberg.net SELLS 150 (M) NYSWTR 5 07/15/11 64985WR30 DTD: 7/24/03 *TRADE TICKET*TRDR:MICHAEL MARTINI> COLD INVST & *11/18/05 SELLS 150 (M) NYSWTR 5 07/15/11 64985WR30 DTD: 7/24/03 SETTLEMENT on 11/23/05 FCPNDT: 1/15/04 PRICE 100.0000000 or YIELD 4.9990 (to 7/15/11 @ 100.0000) After Concession [ 0.0000 pts]: Price 100.000000 / Yield 4.9990 NOTES: tw sells to stone and youngberg from 44l-009702 {64985WR3 Muni DES<GO>} * NY ENVIR-F-POOLE * *** PRINCIPAL: $ 150,000.00 *** *** CONCESSION: 0.00 *** *** PRINCIPAL NET CONCESSION: 150,000.00 *** *** ACCRUED (128 days): 2,666.67 *** 472584485 2005-11-18-16.05.14.000000 MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM BILL GLOBE 939 NEW INVST BANK 525752 2157878 BGLOBE 1@bloomberg.net SELLS 150 (M) NYSWTR 5 07/15/11 64985WR30 DTD: 7/24/03 *TRADE TICKET*TRDR:MICHAEL MARTINI> COLD INVST & *11/18/05 SELLS 150 (M) NYSWTR 5 07/15/11 64985WR30 DTD: 7/24/03 SETTLEMENT on 11/23/05 FCPNDT: 1/15/04 PRICE 106.5050000 or YIELD 3.7110 (to 7/15/11 @ 100.0000) After Concession [ 0.0000 pts]: Price 106.505000 / Yield 3.7110 NOTES: tw sells to stone and youngberg from 44l-009702 revised price {64985WR3 Muni DES<GO>} * NY ENVIR-F-POOLE * *** PRINCIPAL: $ 159,757.50 *** *** CONCESSION: 0.00 *** *** PRINCIPAL NET CONCESSION: 159,757.50 *** *** ACCRUED (128 days): 2,666.67 *** 472584485 2005-11-18-16.05.14.000000 MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM BILL GLOBE 939 NEW INVST BANK 525752 2157878 BGLOBE 1@bloomberg.net SELLS 150 (M) NYSWTR 5 07/15/11 64985WR30 DTD: 7/24/03 *TRADE TICKET*TRDR:MICHAEL MARTINI> COLD INVST & *11/18/05 SELLS 150 (M) NYSWTR 5 07/15/11 64985WR30 DTD: 7/24/03 SETTLEMENT on 11/23/05 FCPNDT: 1/15/04 PRICE 106.5050000 or YIELD 3.7110 (to 7/15/11 @ 100.0000) After Concession [ 0.0000 pts]: Price 106.505000 / Yield 3.7110 NOTES: tw sells to stone and youngberg from 44l-009702 revised price {64985WR3 Muni DES<GO>} * NY ENVIR-F-POOLE * *** PRINCIPAL: $ 159,757.50 *** *** CONCESSION: 0.00 *** *** PRINCIPAL NET CONCESSION: 159,757.50 *** *** ACCRUED (128 days): 2,666.67 *** 2900276183 2005-11-18-16.06.31.000000 MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM BILL GLOBE 939 NEW INVST BANK 525752 2157878 BGLOBE 1@bloomberg.net SELLS 150 (M) NYSWTR 5 07/15/11 64985WR30 DTD: 7/24/03 *TRADE TICKET*TRDR:MICHAEL MARTINI> COLD INVST & *11/18/05 SELLS 150 (M) NYSWTR 5 07/15/11 64985WR30 DTD: 7/24/03 SETTLEMENT on 11/23/05 FCPNDT: 1/15/04 PRICE 106.5050000 or YIELD 3.7110 (to 7/15/11 @ 100.0000) After Concession [ 0.0000 pts]: Price 106.505000 / Yield 3.7110 NOTES: tw sells to stone and youngberg from 44l-009702 {64985WR3 Muni DES<GO>} * NY ENVIR-F-POOLE * *** PRINCIPAL: $ 159,757.50 *** *** CONCESSION: 0.00 *** *** PRINCIPAL NET CONCESSION: 159,757.50 *** *** ACCRUED (128 days): 2,666.67 *** 2900276183 2005-11-18-16.06.31.000000 MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM BILL GLOBE 939 NEW INVST BANK 525752 2157878 BGLOBE 1@bloomberg.net SELLS 150 (M) NYSWTR 5 07/15/11 64985WR30 DTD: 7/24/03 *TRADE TICKET*TRDR:MICHAEL MARTINI> COLD INVST & *11/18/05 SELLS 150 (M) NYSWTR 5 07/15/11 64985WR30 DTD: 7/24/03 SETTLEMENT on 11/23/05 FCPNDT: 1/15/04 PRICE 106.5050000 or YIELD 3.7110 (to 7/15/11 @ 100.0000) After Concession [ 0.0000 pts]: Price 106.505000 / Yield 3.7110 NOTES: tw sells to stone and youngberg from 44l-009702 {64985WR3 Muni DES<GO>} * NY ENVIR-F-POOLE * *** PRINCIPAL: $ 159,757.50 *** *** CONCESSION: 0.00 *** *** PRINCIPAL NET CONCESSION: 159,757.50 *** *** ACCRUED (128 days): 2,666.67 *** 3720530574 2005-11-18-16.07.04.000000 TODD HUCKINS YOUNG & YOUNGBERG LL YOUNGTODD@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM NY *DES:NY ENVIR-F-POOLED FI CPN:5 MTY: 7/15/2011 64985WR3 NY *DES:NY ENVIR-F-POOLED FI CPN:5 MTY: 7/15/2011 64985WR3 pls bid 150m for Trainer, thanks. Reply: 106.505 Reply: Sold. Coming from Pershing. Reply: you just come to me, or is there a cv.? 4099298880 2005-11-18-16.07.53.000000 TODD HUCKINS YOUNG & YOUNGBERG LL YOUNGTODD@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM BUYS 150 (M) NYSWTR 5 07/15/11 64985WR30 DTD: 7/24/03 *TRADE TICKET*TRDR:TODD HUCKINS>YOUNG & YOUNGBERG LLC *11/18/05 BUYS 150 (M) NYSWTR 5 07/15/11 64985WR30 DTD: 7/24/03 SETTLEMENT on 11/23/05 FCPNDT: 1/15/04 PRICE 106.5050000 or YIELD 3.7110 (to 7/15/11 @ 100.0000) After Concession [ 0.0000 pts]: Price 106.505000 / Yield 3.7110 NOTES: {64985WR3 Muni DES<GO>} * NY ENVIR-F-POOLE * *** PRINCIPAL: $ 159,757.50 *** *** CONCESSION: 0.00 *** *** PRINCIPAL NET CONCESSION: 159,757.50 *** *** ACCRUED (128 days): 2,666.67 *** 4099298880 2005-11-18-16.07.53.000000 TODD HUCKINS YOUNG & YOUNGBERG LL YOUNGTODD@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM BUYS 150 (M) NYSWTR 5 07/15/11 64985WR30 DTD: 7/24/03 *TRADE TICKET*TRDR:TODD HUCKINS>YOUNG & YOUNGBERG LLC *11/18/05 BUYS 150 (M) NYSWTR 5 07/15/11 64985WR30 DTD: 7/24/03 SETTLEMENT on 11/23/05 FCPNDT: 1/15/04 PRICE 106.5050000 or YIELD 3.7110 (to 7/15/11 @ 100.0000) After Concession [ 0.0000 pts]: Price 106.505000 / Yield 3.7110 NOTES: {64985WR3 Muni DES<GO>} * NY ENVIR-F-POOLE * *** PRINCIPAL: $ 159,757.50 *** *** CONCESSION: 0.00 *** *** PRINCIPAL NET CONCESSION: 159,757.50 *** *** ACCRUED (128 days): 2,666.67 *** 4067477674 2005-11-18-16.15.53.000000 MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM TODD HUCKINS YOUNG & YOUNGBERG LL YOUNGTODD@bloomberg.net NY *DES:NY ENVIR-F-POOLED FI CPN:5 MTY: 7/15/2011 64985WR3 NY *DES:NY ENVIR-F-POOLED FI CPN:5 MTY: 7/15/2011 64985WR3 pls bid 150m for Trainer, thanks. Reply: 106.505 Reply: Sold. Coming from Pershing. Reply: you just come to me, or is there a cv.? Reply: just you. Thanks 3148231776 2005-11-18-16.20.23.000000 ROBETTE JOHNS STEEL LTD DEAN RJOHNS3@bloomberg.net BILL GLOBE 939 NEW INVST BANK 525752 2157878 BGLOBE 1@bloomberg.net BUYS 50 (M) MSRPWR 5.1 07/01/09 553751GT9 DTD: 2/ 1/97 *TRADE TICKET*TRDR:ROBETTE JOHNS>STEEL LTD DW INC *11/18/05 BUYS 50 (M) MSRPWR 5.1 07/01/09 553751GT9 DTD: 2/ 1/97 SETTLEMENT on 11/23/05 FCPNDT: 7/ 1/97 PRICE 104.0570000 or YIELD 3.1000 (to 7/ 1/07 @ 101.0000) After Concession [ 0.0000 pts]: Price 104.057000 / Yield 3.1000 NOTES: BOT FROM STEEL LTD FOR 607 SOUTH PARK LLC {553751GT Muni DES<GO>} * M-S-R PWR REF-SE * *** PRINCIPAL: $ 52,028.50 *** *** CONCESSION: 0.00 *** *** PRINCIPAL NET CONCESSION: 52,028.50 *** *** ACCRUED (142 days): 1,005.83 *** 665424 3148231776 2005-11-18-16.20.23.000000 ROBETTE JOHNS STEEL LTD DEAN RJOHNS3@bloomberg.net BILL GLOBE 939 NEW INVST BANK 525752 2157878 BGLOBE 1@bloomberg.net BUYS 50 (M) MSRPWR 5.1 07/01/09 553751GT9 DTD: 2/ 1/97 *TRADE TICKET*TRDR:ROBETTE JOHNS>STEEL LTD DW INC *11/18/05 BUYS 50 (M) MSRPWR 5.1 07/01/09 553751GT9 DTD: 2/ 1/97 SETTLEMENT on 11/23/05 FCPNDT: 7/ 1/97 PRICE 104.0570000 or YIELD 3.1000 (to 7/ 1/07 @ 101.0000) After Concession [ 0.0000 pts]: Price 104.057000 / Yield 3.1000 NOTES: BOT FROM STEEL LTD FOR 607 SOUTH PARK LLC {553751GT Muni DES<GO>} * M-S-R PWR REF-SE * *** PRINCIPAL: $ 52,028.50 *** *** CONCESSION: 0.00 *** *** PRINCIPAL NET CONCESSION: 52,028.50 *** *** ACCRUED (142 days): 1,005.83 *** 665424 3174755295 2005-11-18-16.26.42.000000 NANCY POLLACK FTN FINANCIAL NDPOLLACK@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net 2185692029 2005-11-18-16.47.27.000000 SHANE MORDEN STEPHENS INC. SCMORDEN@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net TIME FOR THIS BALLOON 6 TO GO - HIGHEST BID WINS. *TRADED* 1.1MM CF FN 803745 CORP SETTLE 2531754452 2005-11-18-16.55.56.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net Agency Commentary Despite a push toward slightly higher rates agencies put in yet another terrible performance cheapening about 1.5bps vs tsy and .5bps vs libor. The market is still trapped with very ner vous longs at these lower yield environments. Flows were still tilted toward the sell side, however most customer feel we are at cheap evaluation levels, but express concern if the 10yr rates stay below 4.50 and continue to drop. FNMA 3bb 5yr remains the focus of the mkt with price talk still +36.5 area, the issue will price on Tuesday morning. In general I expect a reversal next week as supply clears the mkt, and a expectation t hat rates will push higher. 664852 2323729371 2005-11-18-16.55.56.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net LA HAISON 939 NEW INVST BANK 141002 4404786 LHAISON4@bloomberg.net Agency Commentary Despite a push toward slightly higher rates agencies put in yet another terrible performance cheapening about 1.5bps vs tsy and .5bps vs libor. The market is still trapped with very ner vous longs at these lower yield environments. Flows were still tilted toward the sell side, however most customer feel we are at cheap evaluation levels, but express concern if the 10yr rates stay below 4.50 and continue to drop. FNMA 3bb 5yr remains the focus of the mkt with price talk still +36.5 area, the issue will price on Tuesday morning. In general I expect a reversal next week as supply clears the mkt, and a expectation t hat rates will push higher. 664852 3219009873 2005-11-18-17.49.41.000000 DAVID WRIGHT NEW CAPITAL INC DWRIGHT8@bloomberg.net DAVID CASPAR 939 COLD INVST & C 443442 2070403 DAVIDCASPAR@bloomberg.net m 665172 2930938767 2005-11-18-18.08.36.000000 CHRIS WHITING FOOF/ SAN FRANC CWHITING@bloomberg.net DAVID P COMO 939 COLD INVST & C 288123 199490 DCOMO@bloomberg.net Free Bloomberg Trial? If you find yourself temporarily out of work, have used our service in the past and want to remain in touch with developments in the Financial Markets while seeking new employment, Bloomberg can provide you with Free Access to our Service. You must provide your own PC with internet connectivity If interested, pls either call Bloomberg at 1-212-318-2000 and request the San Francisco sales team. 4267554451 2005-11-18-18.08.35.000000 CHRIS WHITING FOOF/ SAN FRANC CWHITING@bloomberg.net DAVID P COMO 939 COLD INVST & C 288123 199490 DCOMO@bloomberg.net Free Bloomberg Trial? If you find yourself temporarily out of work, have used our service in the past and want to remain in touch with developments in the Financial Markets while seeking new employment, Bloomberg can provide you with Free Access to our Service. You must provide your own PC with internet connectivity If interested, pls either call Bloomberg at 1-212-318-2000 and request the San Francisco sales team. 1569723206 2005-11-21-07.13.19.000000 TED WALKER FTN FINANCIAL FISHBAIT@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net ** 5 YR 3 YR ** FROM FHLB AUCTION 3.8MM+ FHLB 5.125 12/9/10-12/08 CC 100 -1.50 SETTLE 12/9 **THIS ISSUE SWAPS @5.01... {3144XDYW5 Corp DES<GO>} 505687287 2005-11-21-07.27.04.000000 TED WALKER FTN FINANCIAL FISHBAIT@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net **FROM HAY'S BIDS** WOW!! CHECK THE OAS!!! 1MM FHLB 4.625 7/24/13-1/06 QRTLY {31449YFC1 Corp DES<GO>} @ 75 OAS 95-13 5.36 YTM 8.586MM FHLMC 5.625 4/21/15-1/06 QRTLY {3128X2BL8 Corp DES<GO>} @75 OAS 98-23 5.80 YTM 149850954 2005-11-21-07.40.12.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM ********* BOFA BBB INSURANCE: AOC & WSH OPEN 11/19/2005 We managed to pick up some WSH paper last week on back of cash raising for new issues... AOC plans to sell their underwriting biz was non-event, and we continue to see better buyers of TRUPS WSH 5.125 10 87-83 **Seller of 10-15mm MMC 1y @ 20 WSH 5.625 15 130-126 AOC CDS 3yr 5yr 7yr 10yr AOC 6.200 07 60-65 (DJ) 14-24* 30-44 39-49 51-61* AOC 7.375 12 91-87* MMC CDS AOC 8.205 27 217-212 3yr 5yr 7yr 10yr 664852 3411376620 2005-11-21-07.41.52.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM ********* BOFA BBB INSURANCE: ACE & XL OPEN 11/21/2005 Reinsurers are in vogue again, as consolidation conts a la Swiss Re-GE Re... We managed to pick up some ACE 5.875 14 last week, and are still looking for those TRUPS... ACE 6.000 07 60-55 MKT/DJ ACE CDS ACE 5.875 14 103-98 MKT 3yr 5yr 7yr 10y ACE 9.700 30 205-200 MKT 16-26* 30-44 40-48* 50-60* XL 6.500 12 107-100 MKT/RT XL CDS XL 5.250 14 125-117 MKT/RT 3yr 5yr 7yr 10y 664852 1916238227 2005-11-21-07.43.17.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM Opening 1-2bp tighter after widening close to 15bp last week. ******************** TXU Corp/Energy/Oncor ******************* Opening 1-2bp tighter after widening close to 15bp last week. TXU 4.80 09 180-75 5yr - slr 8+mm TXU Corp 5y cds 129-34 5.55 14 206-01 10yr - mkt 6 1/2 24 255-50 30yr - slr 5mm 6.55 34 256-51 30yr - mkt TXU 7 13 156-51 10yr - mkt TXU Engy 5y cds 101-06 TXU 6 3/8 12 93-88 10yr - mkt Unsec opco 6 3/8 15 111-06 30yr - slr 4+mm 7 22 142-37 30yr - mkt 7 32 146-41 30yr - slr 5mm 7 1/4 44 147-42 30yr - mkt 664852 566789724 2005-11-21-07.43.36.000000 FRED STUART MCDONALD INVESTMENTS FSTUART2@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM 1MM DOWN, 7MM TO GO...NICE GINNIE CMO *WIDER* 7MM {GNR 04-72 DC Mtge YT 111/C/185 <GO>} ** +11.3 LOAS VS GN 5 ON LEH LIVE -24 ** BACK 3/4PT FROM GN 5'S -12/32'S TO G2 5'S PICK 12BPS IN YIELD, 15BPS IN SPREAD AND 2YRS SHORTER IN AVG. LIFE 664928 537200137 2005-11-21-07.44.02.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM ********* BOFA BBB INSURANCE: CNA & LTR OPEN 11/21/2005 Looking for some color on LTR 5.25 16 which all of a sudden has gone bid-without? We had a seller of some CNA 14 last week, had buyers of CNA 18, and seller of some CNA 23 vs 6/15 protection.. CNAFNL 6.600 08 75-70 MKT CNA CDS CNAFNL 5.850 14 142-138 MKT 3yr 5yr 7yr 10y CNAFNL 6.950 18 174-164 BUY 28-38* 48-53 61-71 79-89 CNAFNL 7.250 23 179-169 BUY LTR CDS LTR 5.250 16 107-102 MKT 3yr 5yr 7yr 10y 664852 1602080740 2005-11-21-07.44.27.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM OPENING ATT RUN: Using Old Coupon New Coupon $$$$ T 6 09 90-80 v 5y 90-80 $102.05-$102.36 T 7.3 11 235-230 v 5y 86-81 $111.09-$111.35 T 8 31 300-295 v 30y 157-152 $123.23-$123.90 These are all markets. Important comps are SBC 6 1/4 11 which are 91-86 v 5y, and SBC 6.15 34 which are 161-158, and SBC 4 1/8 09 80-75. T 11s and T 31s trade through their SBC counterpart even 664852 2279248684 2005-11-21-07.44.46.000000 FRED STUART MCDONALD INVESTMENTS FSTUART2@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM EIR LAST 3YR DEAL 3 + 8......THESE ARE 7 BPS CHEAP FOR PREMIUM ACCSS 01-2A1 3.7YR PRIVATE STUDENT LOANS 3L+15, ACCSS PRICED TH EIR LAST 3YR DEAL 3 + 8......THESE ARE 7 BPS CHEAP FOR PREMIUM 5MM 664928 425142191 2005-11-21-07.45.11.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM ********* BOFA BBB INSURANCE: LIBMUT & LMGI OPEN 11/21/2005 Looks like TS Gamma will miss the U.S. and should hopefully mark the end of an epic hurricane season... LIBMUT protection has been more busy than cash, think CDS is floored, cash can grind.. LIBMUT 5.750 14 157-152 MKT LIBMUT CDS LIBMUT 8.500 25 200-190 QTE 3yr 5yr 7yr 10y LIBMUT 7.875 26 192-182 MKT 22-32* 37-41 50-60* 62-68* LIBMUT 7.000 34 224-219 MKT LMGI CDS LIBMUT 6.500 35 218-213 MKT 3yr 5yr 7yr 10y 664852 1471479468 2005-11-21-07.48.04.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM Houston Baa2/BBB (stb/stb) 2nd Mtg ********************* Centerpoint Energy ********************* Houston Baa2/BBB (stb/stb) 2nd Mtg CNP 5.70 13 86-81 10yr mkt 5 3/4 14 91-86 10yr mkt 6.95 44 122-17 30yr qte Resources Baa3/BBB (stb/stb) Notes 5yr cds: 36-41 CNP 6 1/2 08 75-70 3yr byr 5mm 7 3/4 11 105-00 5 2/11 qte 7 7/8 13 110-05 10yr byr 5mm Holdco Ba1/BBB- (stb/stb) Notes 5yr cds: 54-59 CNP 5 7/8 08 85-80 3yr byr 5mm 7 1/4 10 107-02 5yr 5x5 6.85 15 127-22 10yr 5x5 664852 2914544505 2005-11-21-07.49.29.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM more details from unidentified sources: 3 private equity ALBERTSON'S UPDATE: another deal.com article this morning citing more details from unidentified sources: 3 private equity groups interested, Kroger/CVS/C&S Wholesale/Supervalu all interested in supermkt assets, KR only interested in Jewel, CVS/Walgreen/Rite Aid may be bidding for drug stores. No price cited, also cited Dec 7th deadline, concerns with underfunded pension, and potential restrictive bond covenants... bonds/CDS have been 20 wider over past week, opening another 5-10 wider.. ABS 7.50 11 350-445 2/11 M 7.45 29 420-410 30yr M 8 31 430-420 30yr M ABS 5yr CDS 295-305 M 664852 3287617483 2005-11-21-07.54.51.000000 JEFF GLASCOTT INTER FIN SECURITIES LLC JGLASCOTT@bloomberg.net WILLIAM MARDEN 939 COLD INVST & C 443442 925000 WWM3@bloomberg.net president Trichet speaks at 9am NY time. Quiet overnight. A bit of buying from trading accounts. ECB president Trichet speaks at 9am NY time. RATES COLOR OR LACK THERE OF 2303961040 2005-11-21-07.55.54.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM 295-305... 5 wider ALBERTSON'S UPDATE: ABS 31 435-425, ABS 29 425-415... CDS 295-305... 5 wider 664852 4463665527 2005-11-21-07.56.55.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM light activity last couple days ***** FIRSTENERGY UPDATE ****************************** BAS ** light activity last couple days Holdco (Baa3/BBB-) Ohio Edison (Baa2/BBB- unsec) FE 6.45 11 90-85 M FE 5.647 09 85-75 Q 7 3/8 31 153-48* M- bs 20mm 5.45 15 100-90 M Clev Elec (Baa3/BBB- unsec) Met Ed (Baa1/BBB unsec) FE 5.65 13 100-90* M- bs 5+mm FE 4.45 10 83-78* M- bs 10mm Clev Elec (Baa2/BBB fmb) 4.95 13 85-75 M FE 7.88 17 105-95 M 4 7/8 14 95-85 M Penn Elec (Baa2/BBB unsec) Jersey Cent (Baa1/BBB+ fmb) FE 5 1/8 14 95-90 MS 2mm FE 5 5/8 16 *90-80 M- bb 10mm 664852 1938851202 2005-11-21-07.57.27.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM unchanged on light activity friday ***** PROGRESS ENERGY UPDATE ************************** BAS ** unchanged on light activity friday Holdco (Baa2/BBB-) Carolina 1st Mtg (A3/BBB) PGN 7.10 11 102-97 M PGN 5 1/8 13 75-70* M- bs 5mm 6.85 12*112-07 M- bb 5mm 5.15 15 87-82* M- bs 5mm 7.75 31 182-75 M- bb 5mm 6 1/8 44 122-17 M 7 31 180-73 M- bb 5mm 5.70 35 117-12 M- bb 4mm Florida 1st Mtg (A2/BBB) Carolina unsec (Baa1/BBB) PGN 4 1/2 10 *65-60 M- bb 6mm PGN 6 1/2 12 *80-75 M- bb 6mm 4.80 13 75-70 M- bs 4mm 5.10 15 87-82 M- bs 1mm 5.90 44 117-12 M 664852 2644680376 2005-11-21-07.58.23.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM BANK OF AMERICA BELLSOUTH RUN: BLS 4.2 09 66-62 BLS 5Y 30-44 6 11 86-81 v 5y 4 3/4 12 82-78 v 10y 5.2 14 *96-92 5.2 16 110-105 7 25 164-159 6 3/8 28 164-159 7 7/8 30 170-165 6 7/8 31 163-158 6.55 34 158-155* 6 34 *150-147 664852 1905380298 2005-11-21-07.58.44.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM >>> BAS '08 SELL AXES <<< $ 5.000MM CD 6.25 1/15/08 BAA1/BBB+ +82/3YR~SWAPS+39 $ 5.060MM CTX 4.75 1/15/08 BAA2/BBB +78/3YR~SWAPS+34 $ 5.000MM K 2.875 6/01/08 BAA1/BBB+ +51/3YR~SWAPS+ 7 $13.630MM KRB 4.625 9/15/08 BAA2/BBB +53/3YR~SWAPS+ 8 $ 7.720MM MAR 7 1/15/08 BAA2/BBB+ +72/2YR~SWAPS+28 $ 5.870MM PRICOA 3.9 12/15/08 AA3/AA- +50/3YR~SWAPS+ 5 $17.820MM TGT 3.375 3/01/08 A2/A+ +35/3YR~SWAPS- 8 $ 6.000MM TXT 6.375 11/15/08 A3/A- +52/3YR~SWAPS+ 7 $ 5.500MM WEC 5.5 12/01/08 A3/BBB+ +53/3YR~SWAPS+ 7 664852 445668479 2005-11-21-07.59.38.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM BANK OF AMERICA SBC RUN: SBC 4 1/8 09 *80-76 v 5y SBC 5Y: 40-43 5.3 10 90-86 6 1/4 11 *92-87 v 5y 5 7/8 2/12 91-88 5 7/8 8/12 94-91 5.1 14 105-102 5 5/8 16 120-115 6.45 34 165-161 6.15 34 *161-158 664852 3084988571 2005-11-21-08.00.08.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM $32.710MM BAC 7 1/8% 9/15/06 Baa3/BBB EDSF -6 ~~~ BAS '06 SELL AXES... $32.710MM BAC 7 1/8% 9/15/06 Baa3/BBB EDSF -6 $ 9.600MM CEG 5 1/4% 12/15/06 A2/BBB+ EDSF +4 $ 9.059MM COP 5.45% 10/15/06 A1/A- EDSF -3 $12.547MM D 3.66% 11/15/06 Baa1/BBB+ EDSF +12 $10.844MM FE 5 1/2% 11/15/06 Baa3/BBB- EDSF +14 $12.860MM GIS 2 5/8% 10/24/06 Baa2/BBB+ EDSF +6 $ 8.090MM MEGAB 6.95% 9/01/06 Baa3/BBB- EDSF +30 $15.110MM NOC 7% 3/01/06 Baa2/BBB+ EDSF +4 $20.500MM SUNW 7 1/2% 8/15/06 Ba1/BB+ EDSF +21 $20.000MM TSN 7 1/4% 10/01/06 Baa3/BBB EDSF +30 $18.246MM WLP 6 3/8% 6/15/06 Baa1/BBB+ EDSF +4 664852 320886377 2005-11-21-08.00.30.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM Friday, an acct sold me a block of D 7.195 '14 vs an HSBC deal. ********************* Dominion Resources ********************* Friday, an acct sold me a block of D 7.195 '14 vs an HSBC deal. D 8 1/8 6/10 +92-87 slr 5mm CNG 6 1/4 11/11 +83-78 byr 5mm 4 3/4 12/10 +91-86 byr 7+mm 5 12/14 +98-93 mkt 5mm 6 1/4 6/12 +97-92 mkt 6 7/8 10/26 +142-37 byr 5mm 5.7 9/12 +97-92 mkt 6.8 12/27 +142-37 byr 5mm 5 3/13 +105-00 mkt VEP 4 1/2 12/10 +79-74 slr 20mm 7.195 14 +119-14 slr 29+mm 4 3/4 3/13 +82-77 byr 5mm 5.15 7/15 +117-14 mkt 5 1/4 12/15 +98-93 mkt 5mm 5 1/4 44/15p +112-07 qte 6.3 3/44 +162-57 slr 5mm 5.95 6/35 +157-54 mkt 5yr cds 44-49 664852 1531148776 2005-11-21-08.00.43.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM BT 8 3/8 10 *80-76 KPN 8 3/8 10 95-90 VOD 7 3/4 10 *77-72 *********** BAS EUROPEAN TELECOM RUN, 7:40 AM **************** BT 8 3/8 10 *80-76 KPN 8 3/8 10 95-90 VOD 7 3/4 10 *77-72 8 7/8 30 167-162 8 3/8 30 187-182 5 13 79-70* 5 3/8 15 89-86 DT 8 10 72-68 5 15 91-87 5 1/4 13 *96-92 TITIM 4 10 91-88 4 5/8 18 108-103 8 1/4 30 155-152* NEW 4 7/8 10 94-92* 7 7/8 30*144-129 9 1/4 32 177-172 5 1/4 13 109-106 6 1/4 32 123-119 4.95 14 115-112 NEW 5 1/4 15 120-117 TELEFO 10 97-92* FT 7 3/4 11 72-69* 5y 6 3/8 44 171-168 30 170-165* 8.5 31 *137-134 6 34 168-165 664852 3650367921 2005-11-21-08.00.55.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM ABBEY 8.963 6/30'49 157/152 10.176 6/30'49 145/140 *Yankee Banks TIER I* 11/21 HSBC 4.610 6/14'49 120/115 ABBEY 8.963 6/30'49 157/152 10.176 6/30'49 145/140 AAB 6.523 12/12'49 97/92 INTNED 8.439 12/10'49 91/86 ANZ 5.36 12/13'49 115/110 NAB 5.486 3/15'49 117/112 BACR 8.55 9/11'49 85/80 NBHSS 5.424 4/15'49 117/112 6.86 6/32'49 151/146 RABOBK 5.26 13/13'49 101/96 6.278 12/34'49 183/178 5.254 10/16'49 112/107 BNP 9.003 10/10'49 85/80 RBS 5.512 9/14'49 120/115 5.186 6/15'49 118/113 7.648 9/31'49 155/150 CBA 5.805 6/15'49 114/109 SEB 4.958 10/14'49 122/117 DRSDNR 8.151 6/29'49 183/178 5.471 3/15'49 127/122 HB0S 5.92 10/15'49 152/146 INTER FIN 8.622 10/10'49 84/79 664852 3696938076 2005-11-21-08.01.44.000000 GARY KOBES GLOBE NET/NY,WFC GKOBES@bloomberg.net LA HAISON 939 NEW INVST BANK 141002 4404786 LHAISON4@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net GOOD MORNING ... INTERMEDIATE " BANK & FINANCE " 11/21/05 3500M BOKF 5 06/15 @+97 5MM+ SOV 4.80 10 @+89 t5 5MM+ GS 4.75 07/13 @+83 t10 8MM GS 5.5 11/14 @+89 t10 5MM+ QBEMAN 4.692 11/08 @+102 t3 5MM+ NWIDE 5 15 @+78 t10 5150M WM 5.25 17 @+120 t10 5MM+ SLMA 5 13 @+76 t10 2360M SLMA 5.125 08/12 @+71 t10 PLS ADVISE OF INTEREST !!!!!!!!!! 27909 1751889679 2005-11-21-08.01.50.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM BANK OF AMERICA VERIZON GLOBAL FUNDING RUN: VZ 7 1/4 10 91-87 5Y CDS: 40-43 6 7/8 12 91-88 7 3/8 12 *93-89 4 3/8 13 95-90 4.9 15 103-99 7 3/4 30 175-170 7 3/4 32 176-171 5.85 35 163-160 664852 2264811988 2005-11-21-08.02.01.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM Levels based on delta exchange BAS Investment Grade 5, 7 & 10 Year CDX5 Tranches Nov 21-Opens Levels based on delta exchange 5 year(CDX 12/10) 7 year(CDX 12/12) 10 year(CDX 12/15) Index 51 60 73 0-3% 43 1/4%-43 3/4% +5% 57 1/4%-58% + 5% 62%-63% + 5% 3-7% 122-127 392-302 670-685 7-10% 26 1/2-29 1/2 55-60 138-144 10-15% 13-15 29-44 66-70 15-30% 5 1/2-7 1/2 11-14 21 1/2-24 1/2 664852 2450818553 2005-11-21-08.02.15.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM AAB 4.65 6/18 91/86 4 5/8 4/14 87/82 *Yankee Banks TIER II* 11/21 HSBC 5 1/4 12/12 70/65 AAB 4.65 6/18 91/86 4 5/8 4/14 87/82 BNP 6.95 7/13 69/64 5 5/8 8/35 130/125 4.80 6/15 79/74 INTNED 5 1/8 5/15 75/70 CBA 4.65 6/18 90/85 NBHSS 5 1/4 11/12 69/64 CRDSUI 6 1/2 1/12 74/69 NWIDE 4 1/4 2/10 64/59 5 1/2 8/13 82/77 RBS 5.00 11/13 68/63 5 1/8 3/15 95/91 5.05 1/15 80/75 7 1/8 7/32 111/106 4.70 7/18 95/90 DB 5 3/8 3/15 80/75 SANTAN 7 5/8 9/10 69/64 HBOS 4 1/4 5/13 63/58 6 3/8 2/11 75/70 5 3/8 11/13 103/98 7 1/4 11/15 81/76 6.0 11/44 109/104 STANLN 8.0 5/31 129/124 664852 1802761014 2005-11-21-08.02.35.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM continued to widen friday... month-end selling? i'm still buying ***** DUKE & CINERGY UPDATE *************************** BAS ** continued to widen friday... month-end selling? i'm still buying Duke Capital (Baa3/BBB-) Duke Energy (Baa1/BBB) DUK 4.37 09 85-75 M DUK 7 3/8 10 83-78 M 7.50 09 95-85 M 6 1/4 12 *82-77 M- bb 8mm 6.25 13 113-08 M- bb 5mm 5 5/8 12 82-77 M 5.50 14 118-13 M- bb 5mm fmb5.30 15 73-68 M- bb 4mm 5.668 14 122-17 M- bb 5mm 6.45 32 140-35 M 6 3/4 18 150-45 Q PSI/Cin G&E (Baa1/BBB) 8 19 155-50 M CIN 5.70 12 82-77* M- bs 20mm 6.75 32 155-50 M- 3x2 5 13 92-82 M- bs 2mm 5.40 44 140-35* M- bs 15mm 6.12 35 145-40 M 664852 1046198219 2005-11-21-08.03.31.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM Lifted on TXU '14 and '24. Better by 5bp this morning. ******************** TXU Corp/Energy/Oncor ******************* Lifted on TXU '14 and '24. Better by 5bp this morning. TXU 4.80 09 177-72 5yr - slr 8+mm TXU Corp 5y cds 124-29 5.55 14 202-97 10yr - mkt 6 1/2 24 251-46 30yr - mkt 6.55 34 252-47 30yr - mkt TXU 7 13 154-49 10yr - mkt TXU Engy 5y cds 99-104 TXU 6 3/8 12 92-87 10yr - mkt Unsec opco 6 3/8 15 110-05 30yr - slr 4+mm 7 22 141-36 30yr - mkt 7 32 145-40 30yr - slr 5mm 7 1/4 44 146-41 30yr - mkt 664852 1386354082 2005-11-21-08.04.30.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM BANK OF AMERICA SPRINT/NEXTEL RUN: S 6 3/8 09 *78-75 SPRINT 5Y CDS: 35-38 7 5/8 11 95-92* 8 3/8 12 94-91 NEXTEL: LIBOR OAS 10Y+ 6.9 19 145-140* S 6 7/8 13 103 7/8-104 1/8* 64-59 160-155 6 7/8 28 *159-156 S 5.95 14 99 3/4-100 63-58 150-145 8 3/4 32 *170-167 S 7 3/8 15 105 1/4-105 1/2 60-55 173-168 FON NXTL 664852 3628095972 2005-11-21-08.04.38.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM $ 6.060MM AIG/ASIF 3.85 11/26/07 AA2/AA+ +48/2YR~SWAPS+ 4 >>> BAS '07 SELL AXES <<< $ 6.060MM AIG/ASIF 3.85 11/26/07 AA2/AA+ +48/2YR~SWAPS+ 4 $ 6.000MM AVP 6.55 8/01/07 A2/A +43/2YR~SWAPS+ 0 $25.549MM CORE 4.659 11/30/07 A3/A- +60/2YR~SWAPS+15 $14.901MM CRE 7.375 7/01/07 BAA2/BBB +65/2YR~SWAPS+23 $10.069MM GCI 5.5 4/01/07 A2/A +60/2YR~SWAPS+18 $ 6.400MM KFT 5.25 6/01/07 A3/BBB+ +50/2YR~SWAPS+ 7 $ 5.000MM KIM 7.9 12/07/07 BAA1/A- +65/2YR~SWAPS+22 $ 5.350MM NWL 6 3/15/07 BAA2/BBB+ +65/2YR~SWAPS+25 $ 6.000MM PGN 6.81 7/01/07 A3/BBB +60/2YR~SWAPS+18 $10.275MM SUG 2.75 3/15/07 BAA3/BBB +51/2YR~SWAPS+11 $ 8.500MM TXT 5.875 6/01/07 A3/A- +45/2YR~SWAPS+ 3 664852 296193605 2005-11-21-08.05.35.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM better...updated markets... OPENING ATT RUN: trading actively in the street...few bps better...updated markets... Using Old Coupon New Coupon $$$$ T 6 09 87-77 v 5y 87-77 $102.15-$102.46 T 7.3 11 231-226 v 5y 82-77 $111.29-$111.55 T 8 31 297-294 v 30y 155-150 $123.62-$124.02 664852 4079266910 2005-11-21-08.05.57.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM better...updated markets... UPDATED ATT RUN: trading actively in the street...few bps better...updated markets... Using Old Coupon New Coupon $$$$ T 6 09 87-77 v 5y 87-77 $102.15-$102.46 T 7.3 11 231-226 v 5y 82-77 $111.29-$111.55 T 8 31 297-294 v 30y 155-150 $123.62-$124.02 664852 3573401821 2005-11-21-08.06.10.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM unchanged on light activity ***** DTE ENERGY UPDATE ******************************* BAS ** unchanged on light activity DTE Energy (Baa2/BBB-) Detroit Ed FA 1st Mtg (A3/BBB+) DTE 6.65 09 85-75 M DTE 6 1/8 10 70-65* M- bs 5mm 7.05 11 95-90* M- bs 5mm 5.20 12 73-68 M 6 3/8 44*165-60 M- bb 8.45mm 5.40 14 80-75 M- bs 2+mm 4.80 15 88-83 M 6.35 32 130-25* M- bs 5mm 5.45 35*127-22 M- bb 6mm 5.70 37 130-25 M MichConGas FA 1st Mtg (A3/BBB) DTE 5.70 44 130-20 M 664852 1785531761 2005-11-21-08.06.44.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM light activity continues ***** EXELON & PEG POWER UPDATE *********************** BAS ** light activity continues Exelon Corp (Baa2/BBB) PSEG Power (Baa1/BBB) EXC 4.45 10 92-87* M- bs 20mm PEG 3 3/4 09 75-65 M- bb 2mm 6.75 11 95-90 M- works 7 3/4 11 97-92* M- bs 3mm 4.90 15 115-10* M- bs 15mm 6.95 12 107-02 M 5 5/8 35*153-48 M- bb 10mm 5 14 115-10 M Exelon Genco (Baa1/BBB+) 5 1/2 15 125-20 M- bb 2mm EXC 6.95 11 90-85 M- traded 8 5/8 31*175-65 M- bb 5mm 5.35 14 100-95 M Pub Svc E&G (A3/A- 1st Mtg) Com Ed (A3/A- 1st Mtg) PEG 5 1/4 35 110-00 M CWE 6.15 12 100-90 M- traded 664852 3898474061 2005-11-21-08.11.50.000000 GARY KOBES GLOBE NET/NY,WFC GKOBES@bloomberg.net LA HAISON 939 NEW INVST BANK 141002 4404786 LHAISON4@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net * NOW 18MM * GLOBE NET 5YR CPI DEAL *VARIABLE PRICE REOFFER ISSUER: GLOBE NET & CO. * PRINTED 18MM * STRUCTURE: SENIOR DEBT MATURITY: 12/02/10 * CAN GROW SUBJ SIZE: TBD TO PHONE CALL * RATINGS: AA3/A+ COUPON: 7.00% FOR YEAR ONE *CUSIP 59018YWK3 COUPON (YRS 2-5): VARIABLE AT CPI TIMES 150% PAYS/RE-SETS: MONTHLY/MONTHLY (MIN ORDERS LOOK-BACK: STANDARD 3 MONTH LOOK-BACK OF 100M PLS) SETTLES 12/02/05 27909 1588672360 2005-11-21-08.16.11.000000 GARY KOBES GLOBE NET/NY,WFC GKOBES@bloomberg.net LA HAISON 939 NEW INVST BANK 141002 4404786 LHAISON4@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net ** NEWELL RUBBERMAID & SERVICE MASTER ** CAN OFFER 4.267MM SVM 6.95 8/15/2007 Z-25 /65 VS T2 3MM SVM 7.875 8/15/2009 Z-40 /85 VS T3 4.67MM NWL 4.625 12/2009 +95 VS T5 Z-45 2.3MM NWL 4.0 10 +102 VS T5 Z-56 3.006MM NWL 6.75 3/15/12 +112 VS T10 Z-70 AND ... 5MM+ RAI 7 3/4 5/15/06 @ $101.20 ( Z+55 = 5.15% ) 27909 1509291851 2005-11-21-08.17.08.000000 FRED STUART MCDONALD INVESTMENTS FSTUART2@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM Keybanc Capital Mkts CMO offerings 11/21/05 AL O/F DESCRIPTION 0.6 2+mm {SASC 03-26A 3A3 Mtge YTR 99-7 <GO>} 3.98 seas 5/1 1.8 8mm {FNR 02-67 PC Mtge YT 72/C/180 <GO>} 5.5/5.5 bpac 1.8 24+mm {MSM 05-6AR 4A1 Mtge YT 56/N/25CPB 11/30 <GO>} seq 2.6 7+mm {FNR 05-46 TA Mtge YT 70/C/175 <GO>} 4.5/15y5 seq 3.4 8+mm {FHR 3002 CA Mtge YT 145/C/167 <GO>} 5/5.5 tac2 vadm 4.7 11+mm {GNR 01-48 PC Mtge YT 103-9 <GO>} 6.5/6.5 bpac 5.0 10mm {FHR 2989 CN Mtge YT 72/C/156 <GO>} 4.5/20yr4.5 nas 5.5 23+mm {GSR 05-6F 3A17 Mtge YT 110/C/300 <GO>} 5.5% vadm Levels are subject so please call trading desk 664928 3886287021 2005-11-21-08.17.44.000000 FRED STUART MCDONALD INVESTMENTS FSTUART2@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM * Keybanc Capital Mkts CMO offerings 11/21/05 Page 2 * AL O/F DESCRIPTION 6.0 8+mm {FHR 3062 LU Mtge YT 87/C/165 <GO>} 5.5/5.5 vadm 6.0 13+mm {CHASE 05-S3 A12 Mtge YT 137/C/300 <GO>} 5.5% nas 6.3 12+mm {GSR 05-2F 1A5 Mtge YT 144/C/300 <GO>} 5.5% vadm 6.6 7mm {GNR 04-72 DC Mtge YT 111/C/185 <GO>} 5/5.5 bpac 9.1 25mm {FNR 03-86 OE Mtge YT 113/C/150 <GO>} 5/5 bpac Levels are subject so please call trading desk 664928 1896067868 2005-11-21-08.18.24.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM Wider about 10 bps this morning on Deal.Com article giving more ***** ALBERTSON'S UPDATE ****************************** BAS ** Wider about 10 bps this morning on Deal.Com article giving more details on LBO... CDS we are 300-310 ABS 6.95 09 260-230 5yr M 8.35 10 440-300 5yr M 7 1/2 11 355-340 2/11 M 7 1/4 13 390-370 10yr M 6 5/8 28 410-390 30yr Q 7.45 29 430-420 30yr M 8 31 440-430 30yr M - buyer 3mm American Stores ABS 7.90 17 370-340 10yr Q ABS 8 26 400-375 30yr Q 7.10 28 390-365 30yr Q 664852 3692181046 2005-11-21-08.24.16.000000 JEFF GLASCOTT INTER FIN SECURITIES LLC JGLASCOTT@bloomberg.net WILLIAM MARDEN 939 COLD INVST & C 443442 925000 WWM3@bloomberg.net TIVE TONE. WE ARE A SMALL BUYER OF FN 5 MTGS OPENING UP 1 TO 1 1/2 TIGHTER VS SWAPS IN THIN MKT WITH POSI- TIVE TONE. WE ARE A SMALL BUYER OF FN 5 466625671 2005-11-21-08.29.39.000000 SEAN KIRK UNITED CAPITAL MARKE SEANX@bloomberg.net WILLIAM MARDEN 939 COLD INVST & C 443442 925000 WWM3@bloomberg.net BASE 120 110 100 90 80 someone snap up this cheap block size! 55/27mm AFT A2 @ $91.5 BASE 120 110 100 90 80 YIELD 10.45% 10.16% 9.25% 7.36% 4.51% DM 560 530 435 240 -52 PW 0% 0% 0% 9% 34% M. DUR 1.7 1.8 2.2 3.1 4.4 - 90-16 bid - this deal has had a very high expense year (50+mm) which has caused delay in amortization. this is a great pool of assets. the more expenses spent now, the less spent later. - this deal also has positive asset from swap (10mm). this deal will net cashflow like gangbusters throughout 2006. - fair value. 175-200 dm 1130260839 2005-11-21-08.29.39.000000 SEAN KIRK UNITED CAPITAL MARKE SEANX@bloomberg.net JOHN KNOX 939 COLD INVST & C 290562 8104 JKNOX@bloomberg.net BASE 120 110 100 90 80 someone snap up this cheap block size! 55/27mm AFT A2 @ $91.5 BASE 120 110 100 90 80 YIELD 10.45% 10.16% 9.25% 7.36% 4.51% DM 560 530 435 240 -52 PW 0% 0% 0% 9% 34% M. DUR 1.7 1.8 2.2 3.1 4.4 - 90-16 bid - this deal has had a very high expense year (50+mm) which has caused delay in amortization. this is a great pool of assets. the more expenses spent now, the less spent later. - this deal also has positive asset from swap (10mm). this deal will net cashflow like gangbusters throughout 2006. - fair value. 175-200 dm 4082887754 2005-11-21-08.29.55.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM KR paper continues to widen, street feels heavy and haven't seen ***** KROGER UPDATE *********************************** BAS ** KR paper continues to widen, street feels heavy and haven't seen many end-buyers lately. deal.com citing interest in Jewel KR 7 1/4 09 140-130 5yr M- bs 1.5mm assets of ABS but spreads 8.05 10 150-140 5yr M- bb 1mm unchanged to start 6.80 11 155-145*2/11 M- bs 10mm 6 3/4 12 160-150*10yr M- bs 15mm 6.20 12 160-150*10yr M- bs 5mm 5 1/2 13 165-155 10yr M- bb 3mm 4.95 15 170-160 10yr M 7 1/2 31 245-235 30yr M- traded KR 7.70 29 265-255 30yr Q 8 29 270-260 30yr M- potential seller 664852 843767468 2005-11-21-08.36.10.000000 CARL RICHARDSON PIT GLOBAL MAR CERICH1@bloomberg.net JAMES BUCKLEY 939 NEW INVST BANK 525752 2922634 JBUCKLEY13@bloomberg.net LA HAISON 939 NEW INVST BANK 141002 4404786 LHAISON4@bloomberg.net CA *DES:GOLDEN TOB-A-ENHANCE CPN:5 MTY: 6/01/2045 38122NGG CA *DES:GOLDEN TOB-A-ENHANCE CPN:5 MTY: 6/01/2045 38122NGG wo/o 2.5mm @ $100 2667790826 2005-11-21-08.36.48.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM BANK OF AMERICA VERIZON OPCO RUN: Ticker Cpn Maturity Bid Ask BIsp AIsp bps back (comp) of global 12s VZ NE 6.5 9-15-2011 160 150 110 100 +64 5y VZ PA 5.65 11-15-2011*135 125 86 76 +40 "" VZ NJ 5.875 1-17-2012 132 122 87 77 +41 10y VZ MD 6.125 03-01-2012 137 127* 92 82 +45 "" VZ NY 6.875 04-01-2012 170 160 125 115 +79 "" VZ VA 4.625 03-15-2013 132 122* 85 75 +39 "" VZ NE 7.875 11-15-2029 220 210* (35s) +57 30y VZ NY 7.375 04-01-2032*252 242 (35s) +92 "" VZ MD 5.125 06-15-2044 195 185 (35s) +30 "" 664852 1006050125 2005-11-21-08.36.55.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM BANK OF AMERICA ALLTEL RUN: AT 7 12 87-82 v 10Y CDS: 36-39* 6 1/2 13 104-99* 7 7/8 32 169-164* 664852 1842516545 2005-11-21-08.40.01.000000 JEFF GLASCOTT INTER FIN SECURITIES LLC JGLASCOTT@bloomberg.net WILLIAM MARDEN 939 COLD INVST & C 443442 925000 WWM3@bloomberg.net ## NEW AGENCY PAC FLOATER OFFERING ## FHR 3071 FX 50MM AT 99-27 11/25 SETTLE 5YR PAC FLOATER 7 CAP L+30 NEW WALA 5.5s Sales, we have been very active in the 5yr pac floater sector this week. These bonds are a comfortably a year shorter than the pacs that the rest of the street has been showing out and this offer is in the context of where we traded well over 100mm bonds this week. Please take a look. Give the desk a call if you want more color/info before showing to your accounts. ##DOUBLE SALES CREDIT## 3258380576 2005-11-21-08.41.51.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM touch wider with KR continuing to grind wider lately. very light ***** SAFEWAY UPDATE ********************************** BAS ** touch wider with KR continuing to grind wider lately. very light activity in cash lately, CDS we are 87-92 still SWY 7 1/2 09 135-125 5yr M- bs 1mm 4.95 10 145-135 5yr M 6 1/2 11 150-140 2/11 M- bs 2mm 5.80 12 150-140 10yr M 5 5/8 14 155-145 10yr M- bb 1mm 7 1/4 31 235-225 30yr M 664852 2623909017 2005-11-21-08.42.14.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM 5,000m AEE 5.3 8/37 at +110 vs 30yr A1/BBB+ Flway 1st mtge Focus utility offerings. 11/21/05. Better by 1-2bp. 5,000m AEE 5.3 8/37 at +110 vs 30yr A1/BBB+ Flway 1st mtge 10,000m AEP 4.4 12/10 at +74 vs 5yr A3/BBB Unsecured opco 9,000m AEP 5 1/2 2/13 at +87 vs 10yr Baa2/BBB Unsecured opco 12,285m BRK 6 3/4 3/11 at +73 vs 10yr Baa1/BBB+ Intermediate HC 20,570m D 4 1/2 12/10 at +74 vs 5yr A3/BBB+ Unsecured opco 29,191m D 7.195 9/14 at +114 vs 10yr Baa1/BBB+ Holdco 8,000m PNW 6 1/2 3/12 at +84 vs 10yr Baa1/BBB Unsecured opco 10,000m POM 7.45 8/32 at +163 vs 30yr Baa2/BBB Holdco 3,750m PPL 7 3/8 12/28 at +185 vs 30yr Baa3/BBB- UK Rec 5,000m SCOTPO 5 1/4 6/35at +107 vs 30yr A3/A- Flway 1st mtge 11,175m SO 6 1/4 7/12 at +85 vs 10yr Baa1/BBB+ Nonreg sub 9,000m SRE 7.95 3/10 at +94 vs 5yr Baa1/BBB+ Holdco 664852 3579250929 2005-11-21-08.43.41.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM BANK OF AMERICA MOTOROLA RUN: MOT 7 5/8 10 58-53 5yr 5Y CDS: 23-28 8 11 68-63 5yr 6 1/2 25 118-113* 7 1/2 25 120-115 6 1/2 28 117-112 664852 168619083 2005-11-21-08.43.55.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM light activity, opening unchanged ***** WAL-MART & TARGET UPDATE ************************ BAS ** light activity, opening unchanged Wal-Mart (Aa2/AA) Target (A2/A+) WMT 6 7/8 09 54-51 5yr M TGT 5 3/8 09 50-45 5yr M-bb 2mm 4 10 54-51 5yr M 7 1/2 10 53-48 5yr M-bb 2mm 4 1/8 10 56-53 5yr M 6.35 11 57-52 2/11 M 4 3/4 10 56-53 5yr M 5 7/8 12 52-47 10yr M-bb 3mm 4 1/8 11 60-55 2/11 M 4 13 50-45 10yr M 4.55 13 60-55 10yr M-bb 2mm 7 31 92-87 30yr M 4 1/2 15 70-65 10yr M 6.35 32 92-87 30yr M 7.55 30100-95 30yr M DH 6.65 28 92-87 30yr M-bs 2mm 5.25 35 98-95 30yr M-traded 664852 3950951964 2005-11-21-08.44.34.000000 TED WALKER FTN FINANCIAL FISHBAIT@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net **WIDEST OAS IN MARKET ON 5% STEP-UP** 250M FHLB 5.0 4/30/18-1/06 QRTLY {3144MXZM4 Corp DES<GO>} 5.0 TIL 4/11 6.0 TIL 4/16 8.0 THEREAFTER @90 OAS 96-00 5.87 YTW 4/11 6.16 YTM **SOY..THERE ARE ONLY 250M** 3875244950 2005-11-21-08.45.53.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM unchanged on light activity ***** LOWES & HOME DEPOT UPDATE *********************** BAS ** unchanged on light activity LOW 8 1/4 10 52-47 5yr M- offer 4977m 5 15 66-63*10yr M- offer 10mm 6 7/8 28 100-95 30yr M 6 1/2 29 100-95 30yr M 5 1/2 35 97-94 30yr M HD 3 3/4 09 47-42 5yr M 4 5/8 10 47-42 5yr M 664852 2942527670 2005-11-21-08.48.37.000000 CARL RICHARDSON PIT GLOBAL MAR CERICH1@bloomberg.net JAMES BUCKLEY 939 NEW INVST BANK 525752 2922634 JBUCKLEY13@bloomberg.net LA HAISON 939 NEW INVST BANK 141002 4404786 LHAISON4@bloomberg.net 7.6mm vernon 5 9/35 @ 4.70 924402ar1 wo/o 3.8mm long bch 5 8/40 @ 4.75 54240tbp7 7.6mm vernon 5 9/35 @ 4.70 924402ar1 1mm gst 5 6/35 @ 4.65 38122ngd8 5mm s.gate 5 10/32 @ 4.59 837899aw3 815m rancho 4.50 9/32 @ 4.78 752123hh5 5+mm san diego 5 5/31 @ 4.52 79904nav2 6.4mm corona 5 9/28 @ 4.60 219672eq1 1.6mm glendale 5 9/27 @ 4.42 378460my2 2.2mm san diego 5 5/27 @ 4.50 797415gc4 965m santa cruz 4.625 9/29 @ 4.73 801825es5 1549194403 2005-11-21-08.50.07.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM opening unchanged on light activity ***** FEDERATED & MAY DEPT UPDATE ********************* BAS ** opening unchanged on light activity Federated (Baa1/BBB) May Dept (Baa1/BBB) FD 6.30 09 85-75 5yr MB 2mm FD 5.95 08 80-70* 3yr MS 8+mm 6 5/8 11 95-85 2/11 MS 1mm 4.80 09 85-75* 5yr MS 9mm 7.45 17 165-55 10yr Q 7 5/8 13 137-27 10yr Q-traded 6.79 27 190-80*30yr MS 2.5mm 5 3/4 14 122-17 10yr M 7 28 185-80 30yr MS 2mm more 6.65 24 178-73 30yr M 664852 3619378346 2005-11-21-08.52.00.000000 ELAINE PANG TOP SECURITI PANGELAINE@bloomberg.net JOHN KNOX 939 COLD INVST & C 290562 8104 JKNOX@bloomberg.net WILLIAM MARDEN 939 COLD INVST & C 443442 925000 WWM3@bloomberg.net DAVID CASPAR 939 COLD INVST & C 443442 2070403 DAVIDCASPAR@bloomberg.net YB CWALT 05-57CB SUPER STABLE MEZZ BONDS **CHEAP** YB O/F PRICE LOAS 4.23mm {CWALT 05-57CB 3A4 mtge YTI120/C/100PPC <GO>} 99-18 +44 N+74 FN5.5 -5 4.54mm {CWALT 05-57CB 4A8 mtge YTI120/C/100PPC <GO>} 99-18 N+75 **These bonds are virtually identical...Both created off of 100% conforming, 100% IO collateral..pick about 15bps vs non mezz version...Cheapest well structured bonds in market. 665420 2169961208 2005-11-21-08.52.08.000000 LYLE WONG SOUTHWEST SECURITES, LYLEW@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM NEGOTIATED ISSUES Week of November 21, 2005 NEGOTIATED ISSUES Pricing Apprx Credit week of Amount Description Pxing dte Mt Enhance Rating December 5,975M Blanco ISD U/T Refdg TX BQ 06-21 PSF Baa1 / - / - December 9,159M Tuloso-Midway ISD U/T Refdg TX BQ 06-26 PSF Day to Day 2,400M Tolar ISD TX BQ 665820 1143227535 2005-11-21-08.53.44.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ARCHYOUNG-SMITH OPERATING TRUST ***** $200MM 5 YEAR ***** ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Jt Books.....BAS/C CoMgr.....Lehman,JPM,RBS,MS,DB,STI Issuer.......Archstone Smith Operating Trust "ASN" Rating.......Baa1/BBB+/BBB+ stable/stable/stable Maturity.....5 year Size.........$200mm 664852 242154622 2005-11-21-08.54.19.000000 NANCY POLLACK FTN FINANCIAL NDPOLLACK@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net DANBNK 5.914 14-PERP AT +90 10 YR AA3/A 3274776909 2005-11-21-08.54.28.000000 DAVID BOVE FAM SECURITIES G DBOVE@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net FAM **STEP-UP INVENTORY** 6050M FHLB STEP 11/28/08-2/06 Q 99-30 3144XDU25 >ANNUAL TRI-STEP 4.75 - 5.50 - 6.25< I=5.47% 1015M FHLB STEP 09/29/10-3/06 Q 98-16 reg 3144XD5E7 >ONE-TIME STEP 4.35% 2YRS, THEN 5.35% til MAT< I=4.92% 5MM+ FHLB STEP 12/09/15-3/06 Q 99-22 3144XDY88 >QUAD-STEP 5.25%, 6.25%, 7.25%, & 8.25%< I=6.57% 1600M FHLB STEP 10/28/20-4/06 Q 99-26 3144XDW98 668624 3057014493 2005-11-21-08.55.22.000000 NANCY POLLACK FTN FINANCIAL NDPOLLACK@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net a few yankee industrials ...al,cnq,su 5166m AL 7 1/4 3/31 at +143/lb baa1/bbb+ 5835m CNQ 7.20 1/32 at +144/lb baa1/bbb+ 1275m SU 7.15 2/32 at +95/lb a3/a- 1393238849 2005-11-21-08.55.44.000000 NANCY POLLACK FTN FINANCIAL NDPOLLACK@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net Reit offers 11/21 spg 6 3/8 11/07 at +60/3yr 2.5mm pld 5 1/4 11/10 at +85/5yr 5mm eop 7.65 12/10 at +107/5yr 2.9mm kim 5.304 2/11 at +85/5yr 5mm sfi 5 1/8 4/11 at +144/5yr 5mm eop 7.0 7/11 at +110/5yr 5mm ra 5 7/8 8/14 at +125/10yr 1.6mm spg 4.90 1/14 at +105/10yr 5mm hpt 5 1/8 2/15 at +131/10yr 1mm 1947413713 2005-11-21-08.57.13.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM Archstone-Smith Trust Baa1/BBB+ (s/s) 11/21/05 Prior to the new deal announcement ... ASN 14 104/99 ASN 15 110/105 664852 853560650 2005-11-21-08.57.28.000000 NANCY POLLACK FTN FINANCIAL NDPOLLACK@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net AA3/A+ 3000M MWD 3.875 1/15/09 +58 5YR BANK AND FINANCE OFFERINGS PAGE 1 AA3/A+ 3000M MWD 3.875 1/15/09 +58 5YR A1/AA- 1500M AIG 3.50 4/01/09 +69 5YR A1/A 2885M MI 4.375 8/01/09 +54 5YR AA3/A+ 1300M NCC 4.15 8/01/09 +52 5YR A1/A+ 2500M AIG 5.375 9/01/09 +68 5YR AA1/AA- 5000M BAC 4.50 8/01/10 +55 5YR A2/A 6100M CIT 5.20 11/03/10 +76 5YR AA1/AA- 5000M C 4.625 8/03/10 +57 5YR A2/A 2000M CIT 4.25 2/01/10 +70 5YR AA3/A+ 2500M GS 4.50 6/15/10 +68 5YR AA1/AA- 2000M WFC 4.20 1/15/10 +53 5YR AA3/A+ 5000M MER 4.79 8/04/10 +67 5YR 1712518983 2005-11-21-08.57.40.000000 NANCY POLLACK FTN FINANCIAL NDPOLLACK@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net AA3/A+ 2500M CRDSUI 4.875 8/15/10 +67 5YR BANK AND FINANCE OFFERINGS PAGE 2 AA3/A+ 2500M CRDSUI 4.875 8/15/10 +67 5YR AA1/AA- 5000M WFC 4.625 8/09/100 +54 5YR A1/A 3000M JPM 6.75 2/01/11 +76 5YR AA3/A+ 5000M MWD 5.05 1/21/11 +75 5YR A3/A- 2000M WM 6.875 6/15/11 +77 10YR A2/A- 10000M RF 6.375 6/15/12 +67 10YR AA2/A+ 2000M C 5.625 8/27/12 +59 10YR AA1/AA- 2000M C 6 2/21/12 +53 10YR A1/A 1462M JPM 6.625 3/15/12 +72 10YR A3/A- 1750M PRU 4.75 4/01/14 +76 10YR A1/A 2000M MWD 4.75 4/01/14 +102 10YR AA2/A+ 5000M WFC 5 11/15/14 +70 10YR 3413754411 2005-11-21-08.57.53.000000 NANCY POLLACK FTN FINANCIAL NDPOLLACK@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net A1/A+ 2250M AIG 4.875 7/15/12 +86 8/12 BANK AND FINANCE OFFERINGS PAGE 3 A1/A+ 2250M AIG 4.875 7/15/12 +86 8/12 AA2/A+ 3200M C 5.625 8/27/12 +59 10YR AA3/A+ 2000M MWD 4.75 4/01/14 +103 10YR AAA/AAA 2000M BRK 4.85 1/15/15 +67 10YR AA3/A+ 5000M GS 5.125 1/15/15 +90 10YR A3/A- 1000M WM 5.125 1/15/15 +108 10YR AA3/A+ 2500M CRDSUI 5.125 8/15/15 +91 10YR A1/A 5000M BSC 5.30 10/30/15 +96 10YR AA2/AA- 5000M BAC 4.75 8/01/15 +73 10YR AA3/A+ 5000M MER 5 1/15/15 +80 10YR A1/A 2000M HSBC 5 6/30/15 +98 10YR AAA/AAA 5000M GE 4.875 3/04/15 +65 10YR 2012179763 2005-11-21-08.59.59.000000 NANCY POLLACK FTN FINANCIAL NDPOLLACK@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net cng 7 7/8 11 86-82 5yr seller updated axes: 5mm on all-int ute/cme/tel cng 7 7/8 11 86-82 5yr seller cox 4 5/8 13 138-134 10y seller dis 6 3/8 12 88-85 10y buyer cmcsa 7 1/8 13 128-124 10y seller cmcsa 5.30 14 122-118 10y buyer nruc 5.75 09 60-55 5yr buyer vz 7.25 10 92-88 5yr buyer exc 4.70 15 91-86 10y seller nws 5.30 14 101-98 10y buyer cox 7 1/8 12 146-142 10y seller bls 4.20 09 67-63 5yr seller bls 7.75 10 83-78 5yr buyer 1078490666 2005-11-21-09.00.44.000000 NANCY POLLACK FTN FINANCIAL NDPOLLACK@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net 5MM PHM 7.875 32 +235 BEST OF...LONG INDL ROUNDER LOTS 5MM PHM 7.875 32 +235 2.353MM ADM 7 31 +105 3.032MM BPLN 4.2 18 +70 2.769MM BUD 6.75 27 +90 3.399MM CVX 7.5 29 +77 1.010MM DIAG 4.85 18 +90 1MM IBM 6.5 28 +90 1.536MM IBM 5.87532 +88 1.090MM LOW 6.5 29 +95 1.74MM PG 6.45 26 +80 3.543MM TGT 6.65 28 +85 1.39MM UTX 5.4 35 +85 1527276883 2005-11-21-09.00.48.000000 GARY SIMS STEEL KEEGAN & CO., GARYSIMS@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net *** NEW DEAL 2 1/4YR / 3MO 35MM FHLB 5.00 2/28/08 - 2/28/06 CALL 100 L .75* +62 2 YR 11/30 SETTLE CO MGR: WACH *REDUCED FEES 664860 3665417938 2005-11-21-09.00.48.000000 GARY SIMS STEEL KEEGAN & CO., GARYSIMS@bloomberg.net LA HAISON 939 NEW INVST BANK 141002 4404786 LHAISON4@bloomberg.net JAMES BUCKLEY 939 NEW INVST BANK 525752 2922634 JBUCKLEY13@bloomberg.net *** NEW DEAL 2 1/4YR / 3MO 35MM FHLB 5.00 2/28/08 - 2/28/06 CALL 100 L .75* +62 2 YR 11/30 SETTLE CO MGR: WACH *REDUCED FEES 664860 3205143914 2005-11-21-09.00.59.000000 NANCY POLLACK FTN FINANCIAL NDPOLLACK@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net utility odd pieces: 550k brk 6.449 09 @66 5yr secured z21 baa1/bbb+ 913k pcg 3.60 09 @59 5yr baa1/bbb 760k d 5 1/8 09 @82 5yr baa1/bbb+ 855k kse 7 7/8 10 @60 5yr a2/a+ 370k aep 5 3/8 10 @72 5yr baa2/bbb 230k aep 4.85 10 @74 5yr baa1/bbb 283k nfg 7.50 10 @85 5yr baa1/bbb+ 163k d 4.75 10 @82 5yr baa1/bbb+ 448k ppl 6.40 11 @84 10yr baa2/bbb 293k duk 6.25 12 @75 10yr baa1/bbb 175k scg 6.25 12 @75 10yr a3/bbb+ 1054930426 2005-11-21-09.01.22.000000 DAVID BOVE FAM SECURITIES G DBOVE@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net FAM **FIXED-RATEs** 6720M FHLB 4.80 09/08/10-9/08* 99-00 reg 3144XCW90 845M FHLB 5.05 04/11/11-4/06q 99-04 reg 3144XDC74 2540M FHLB 5.40 11/08/12-11/07* 99-22 reg 3144XDMN8 680M FHLB 5.20 08/13/13-CC 98-09 reg 3144X0BN8 10MM+ FHLB 5.45 10/06/15-10/06 98-08 reg 3144XDBH3 5MM+ FHLMC 5.25 07/27/17-7/06q 96-16 reg 3128X4EA5 668624 2402365259 2005-11-21-09.03.14.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM REIT WEEK: 11/14/05-11/18/05 11/21/05 Reit spreads leaked wider by another 3-5 bpts last week. Spreads were once again pressured by an active new issue calander which saw 5 new deals come to market. Trading activity slowed after 2 weeks of heavy volume. Kimco Realty Corp. [KIM] Baa1/A- issued $250mm in parts: $150mm of 10yr notes @ T+110 & $100mm of 5+yr notes @ T+88. Commercial Net Lease Realty [NNN] Baa3/BBB- issued $150mm of 10yr notes @ T+158. Mack-Cali Realty [CLI] Baa2/BBB issued $100mm of 10yr no tes @ T+129. AMB Property L.P. [AMB] Baa1/BBB issued $175mm of 664852 8002215 2005-11-21-09.03.18.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM -RESIDENTIAL-- PPS 10 115/110 HTG 09 113/103 SKT 15 163/158 *REIT SECTOR QUOTES* 11/18/05 PG#1 -RESIDENTIAL-- PPS 10 115/110 HTG 09 113/103 SKT 15 163/158 ASN 14 104/99 PPS 12 144/128 HTG 14 145/135 SPG 10 95/90 ASN 15 109/104 UDR 09 89/84 KIM 10 89/85 SPG 11 103/98 AVB 12 89/84 UDR 15 120/115 KIM 15 110/106 SPG 15 122/117 AVB 14 99/94 ----RETAIL---- NNN 15 158/153 WRI 11 97/92 BRE 10 100/95 DDR 10 110/105 NXL 09 94/89 WRI 14 94/89 BRE 13 109/104 DDR 12 127/122 NXL 15 130/125 WSTFD 10 87/82 CPT 10 94/89 DDR 15 130/125 O 15 124/119 WSTFD 14 100/95 CPT 15 119/114 EQY 15 140/135 O 17 138/144 --DIVERSIFIED-- EQR 09 75/70 FRT 09 98/93 PNP 15 125/120 CLP 15 150/145 EQR 14 103/98 GGP 09 173/163 REG 12 95/90 SHU 13 128/118 664852 3143650950 2005-11-21-09.03.24.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM --INDUSTRIAL-- ----OFFICE---- EOP 10 104/99 LRY 09 90/85 *REIT SECTOR QUOTES* 11/18/05 PG#2 --INDUSTRIAL-- ----OFFICE---- EOP 10 104/99 LRY 09 90/85 AMB 10 93/89 ARI 11 109/104c EOP 11 117/112 LRY 15 123/118 CNT 09 92/87 ARI 15 117/112 EOP 13 109/104 VNO 09 95/85 CNT 11 111/106 BDN 09 115/105 EOP 14 122/117 VNO 10 107/97 FR 09 105/100 BDN 14 140/130 EOP 31 185/180 --HEALTHCARE-- FR 14 140/135 BXP 13 94/89 HRP 14 130/125 HCP 10 114/109 FR 28 210/200 BXP 15 105/100 HRP 16 147/142 HCP 17 160/150 PLD 10 92/87 CLI 11 117/112 RA 09 103/98 HR 11 160/150 PLD 15 118/113 CLI 14 120/115 RA 14 140/135 HR 14 163/153 ----HOTEL----- CRE 09 98/93 --OFFICE/INDUST- HCN 13 157/147 HPT 13 122/117 CRE 11 127/122c DRE 10 81/76 HCN 15 168/158 664852 1978570080 2005-11-21-09.06.31.000000 NANCY POLLACK FTN FINANCIAL NDPOLLACK@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net 1000M BUD 4.375 1/15/2013 @ 40 / 10 Year A1 / A+ ** Intermediate Industrial Offers ** 1000M BUD 4.375 1/15/2013 @ 40 / 10 Year A1 / A+ 4500M BUD 4.95 1/15/2014 @ 47 / 10 Year A1 / A+ 8000M BUD 4.625 2/1/2015 @ 59 / 10 Year A1 / A+ 1000M COKE 5 11/15/2012 @ 75 / 10 Year Baa2 / BBB 1250M CTAS 6 6/1/2012 @ 50 / 10 Year A2 / A 1500M CVS 4 9/15/2009 @ 65 / 5 Year A3 / A- 1650M DIAG 4.375 5/3/2010 @ 55 / 5 Year A3 / A- 1000M FDC 4.7 8/1/2013 @ 95 / 10 Year A1 / A+ 4400M GCI 6.375 4/1/2012 @ 105 / 10 Year A2 / A 781424120 2005-11-21-09.06.45.000000 NANCY POLLACK FTN FINANCIAL NDPOLLACK@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net 3000 AUST 6 1/4 5/08 @ +13/3YR YANKEE OFFERS: 3000 AUST 6 1/4 5/08 @ +13/3YR 1500 BACR 6.278-PERP @ +177/30YR 5000 BAPLC 5.2 8/15 @ +103/10YR 3000 CDEL 6 3/8 11/12 @ +65/10YR 5000 DANBNK 5.914-PERP @ +90/10YR 2594893997 2005-11-21-09.08.32.000000 JASON REED STEPHENS INC. JASONREED@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net CA *DES:CALIFORNIA CPN:7 MTY: 2/01/2009 130624EK CA *DES:CALIFORNIA CPN:7 MTY: 2/01/2009 130624EK 125m offered @ 3.44 St GO offer 2213258297 2005-11-21-09.10.02.000000 SHANE MORDEN STEPHENS INC. SCMORDEN@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net new offer - Seasoned jumbo 5.5 2.1mm cf {g2 3515 Mtge yt 99-18 <go>} 22 wala offered -7 to tba gnma 1 5.5 in dec with this discount i like the seasoning 1493543522 2005-11-21-09.11.11.000000 ROGER SHERMAN STEEL LTD & CO. MSSHERMAN@bloomberg.net JOHN KNOX 939 COLD INVST & C 290562 8104 JKNOX@bloomberg.net LEAD: MS CO's: CALYON, DB, HSBC **ANNOUNCED** ~$790MM DCMT 05-3 100% POT LEAD: MS CO's: CALYON, DB, HSBC CL SIZE M/S/F WAL EXP MAT L/F BM Talk Status A $750.00 Aaa/AAA/AAA 2.96 11/17/08 5/16/11 1mL+ B $39.474 A2/A/A+ 3.04 12/15/08 5/16/11 1mL+ **Expected Settle: 11/30, flat **First Coupon: 12/15 **Timing: Docs available shortly **Expected launch and price Tuesday 665424 303544369 2005-11-21-09.16.03.000000 BRANDON SMITH SUNTRUST CAPITAL MAR BSMITH14@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net MID-STATE INVESTOR DUE DILIGENCE CALL FOR MONDAY 11/21 @ 2:30EST DIAL IN NUMBERS: US (TOLL FREE) 888-677-1632 INTERNATIONAL 630-395-0023 PASS CODE: MID-STATE LEADER: STEVE PENA 3939317177 2005-11-21-09.16.42.000000 JEFF GLASCOTT INTER FIN SECURITIES LLC JGLASCOTT@bloomberg.net WILLIAM MARDEN 939 COLD INVST & C 443442 925000 WWM3@bloomberg.net ly small amount of real $$ buying this morning but some of this Quiet overnight. Mortgages 2/32's tighter. We've seen a relative ly small amount of real $$ buying this morning but some of this is follow thru from Friday's buying. Weekend origination was light and street is short and chasing them (dealer positions went down 8.7 BN week of Nov 9). Although they tightened Friday, nominal current coup yields still look attractive, particularly if we stay in a 4.55 to 4.45 range. FN 5's and 5 1/2's still look cheap to higher coups. 15's are suffering w/ 30's performing so well. They're about 3/32's weaker week over week. Look for them to struggle unless the market breaks back down thru 4.55. 102271999 2005-11-21-09.17.12.000000 SAM ALIMAM STEEL LTD & CO. SALIMAM2@bloomberg.net JAMES BUCKLEY 939 NEW INVST BANK 525752 2922634 JBUCKLEY13@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net LA HAISON 939 NEW INVST BANK 141002 4404786 LHAISON4@bloomberg.net NY *DES:NY URB DEV-REF-TAX-B CPN:3 1/4 MTY: 3/15/2007 6500347H NY *DES:NY URB DEV-REF-TAX-B CPN:3 1/4 MTY: 3/15/2007 6500347H 640m @ 3.17 665424 1268398166 2005-11-21-09.18.38.000000 JOHN MOYNIHAN EDWARDS (A.G.) & SON JMOYNIHAN@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net OR *DES:OR DEPT ADMIN-REF-C CPN:5 MTY: 5/01/2011 68607HWP OR *DES:OR DEPT ADMIN-REF-C CPN:5 MTY: 5/01/2011 68607HWP O/O 2.6MM AT 3.64 665148 4488487224 2005-11-21-09.18.39.000000 SCOTT RIRIE TOP SECURITI SRIRIE1@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net SHORT BULLET TO MOVE 250M FFCB 3.00 7/28/08 +36 3YR 665420 2849459258 2005-11-21-09.18.53.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM spreads seem to have found stabilization for now, light activity ***** IG HOMEBUILDER UPDATE *************************** BAS ** spreads seem to have found stabilization for now, light activity CTX 4.55 10 122-17 5yr MS 5mm MDC 5 1/2 13 175-65 10yr Q 5.45 12 142-37 8/12 MB 5mm 5 3/8 14 190-80*10yr MS 8mm 5.70 14 160-50 10yr M 5 3/8 15 200-90 10yr M 5 1/4 15 167-62 10yr M PHM 8 1/8 11 155-45*2/11 MS 6mm LEN 5 1/8 10 132-27 5yr M 7 7/8 11 155-45 8/11 MB 2mm 5.95 13 150-40 10yr MS 3mm 5 1/4 14 170-60 10yr M 5 1/2 14 165-55 10yr MB 4mm 5.20 15 180-75 10yr M 5.60 15 175-70 10yr M 6 35 245-35 30yr MB 5mm RYL 5 3/8 12 175-65 2/12 M TOL 6 7/8 12 150-40 10yr MS 2mm 5 3/8 15 195-85 10yr MS 5mm 5.95 13 165-55 10yr MB 3mm NVR 5 10 150-40 5yr MS 3mm 5.15 15 180-70 10yr M 664852 2292087972 2005-11-21-09.19.56.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM now, 10 orders, largest order is $30MM. please let me know if ARCHYOUNG NEW ISSUE UPDATE: book is at $200MM in size right now, 10 orders, largest order is $30MM. please let me know if you have any interest 664852 3022715275 2005-11-21-09.21.30.000000 MIKE HENRY GLOBE NET/WFC, S MIHENRY@bloomberg.net DAVID CASPAR 939 COLD INVST & C 443442 2070403 DAVIDCASPAR@bloomberg.net ME U AND MLMI 05-NCB B-2 27909 779903598 2005-11-21-09.22.09.000000 VINCENT MCCAMBRIDGE NET SED LTD IN VINMC1@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM NEW PREMIUM Z W/T {FNR 02-44 Z Mtge YT 144// <GO>} ~103-22 6.5/6.5 LCF SEQ Z 307 WAM 6.5S 134K WAVG CUR BAL @ 30CPR STILL LOCKED OUT UNTIL 08/06 CAY ADJUSTED +1 2/32 VS FNCL 6.5 DEC SIMILAR WAM P/T ARE TRADING +6 - Z'S ARE +28 VS SIM WAM OUT CAY COLLATERAL BY ~3+/32 PER MONTH 4062948215 2005-11-21-09.23.29.000000 ROGER SHERMAN STEEL LTD & CO. MSSHERMAN@bloomberg.net JOHN KNOX 939 COLD INVST & C 290562 8104 JKNOX@bloomberg.net B 7MM, S 5MM AXS 7 1/2 '15 MKT 284/280 NOW 5MM (CAME @ +300) 665424 4417930555 2005-11-21-09.25.28.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM Traded DHI 5 3/8 12 friday lvs us 178-168 buyer of 5mm... feels ***** DR HORTON & KB HOMES UPDATE ********************* BAS ** Traded DHI 5 3/8 12 friday lvs us 178-168 buyer of 5mm... feels more balanced at these wider spreads buyers vs sellers DHI 5 09 120-110 5yr M KBH 6 3/8 11 220-210 8/11 MS 5mm 8 09 145-135 5yr M 5 3/4 14 250-245 10yr MS 2mm 4 7/8 10 150-140 5yr MS 5mm 5 7/8 15 255-245 10yr MS 3mm 7 7/8 11 178-168 8/11 M 6 1/4 15 265-255 10yr MS 3mm 5 3/8 12 178-168 2/12 MB 5mm 6 7/8 13 188-178 10yr M 6 1/8 14 193-183 10yr M 5 5/8 14 193-183 10yr MS 5mm 5 1/4 15 195-185 10yr MB 5mm 5 5/8 16 205-195 10yr MS 2mm 664852 2547464665 2005-11-21-09.26.56.000000 DAVID CASPAR 939 COLD INVST & C 443442 2070403 DAVIDCASPAR@bloomberg.net ELAINE PANG TOP SECURITI PANGELAINE@bloomberg.net Elaine - Bill asked me to pick up the CWL 05-IM3 deal. Where 1956495712 2005-11-21-09.30.38.000000 ROGER SHERMAN STEEL LTD & CO. MSSHERMAN@bloomberg.net JOHN KNOX 939 COLD INVST & C 290562 8104 JKNOX@bloomberg.net industrial swaps: works on 5-10mm acct sells dow 6 12 73/10 sells gd 4 1/4 13 54/10 buys al 5 15 96/10 buys de 7 12 55/10 acct sells hd 4 5/8 10 45/10 sell lmt 8.2 09 50/5 buys ba 5.4 09 55/5 buy wmi 7 3/8 10 80/5 acct sells rtn 5 3/8 13 73/10 sell bni 4 7/8 15 75/10 buys baplc 6.4 11 87/c buy hrs 5 15 105/10 acct sells tekcn 5 3/8 15 125/10 sell mas 4.8 15 120/10 665424 2396257885 2005-11-21-09.31.22.000000 STACEY KLUGE PIT GLOBAL MAR SKLUGE@bloomberg.net DAVID CASPAR 939 COLD INVST & C 443442 2070403 DAVIDCASPAR@bloomberg.net spec 4016124260 2005-11-21-09.31.26.000000 CARL RICHARDSON PIT GLOBAL MAR CERICH1@bloomberg.net JAMES BUCKLEY 939 NEW INVST BANK 525752 2922634 JBUCKLEY13@bloomberg.net LA HAISON 939 NEW INVST BANK 141002 4404786 LHAISON4@bloomberg.net 1.1mm erb 5 7/17 @ 3.75 13067jbw0 wo/o 6.8mm bart 5 7/18 @ 4.10 797669mr6 1.1mm erb 5 7/17 @ 3.75 13067jbw0 1mm la usd 5.50 R10/06 3.00 544648ge2 890m san bernardino 5.25 11/13 @ 3.85 796815wp9 10+mm erb 5 7/11 @ 3.54 13067jaw1 5+mm erb 5.25 1/11 @ 3.54 13067jau5 3746922502 2005-11-21-09.31.51.000000 ROGER SHERMAN STEEL LTD & CO. MSSHERMAN@bloomberg.net JOHN KNOX 939 COLD INVST & C 290562 8104 JKNOX@bloomberg.net 15mm utx 6.35 3/11 56/5 cds 17/22 6-15 yr Industrial Offers 15mm utx 6.35 3/11 56/5 cds 17/22 6mm mas 5 7/8 7/12 102/10 cds 57/67 10mm falcf 7 1/4 7/12 120/10 cds 70/75 10mm de 7 3/12 56/10 cds 18/23 5mm tol 6 7/8 11/12 140/10 cds 90/100 8mm cnrcn 4.4 3/13 55/10 cds 20/25 10mm al 5 6/15 95/10 cds 38/43 5mm hrs 5 10/15 105/10 5mm n 5.7 10/15 140/10 cds 70/75 10mm falcf 5 1/2 6/17 160/10 cds 68/73 5mm emn 6.3 11/18 155/10 cds 60/65 665424 1846046496 2005-11-21-09.32.12.000000 KIM WATERS LEGG MASON WOOD WALK KFWATERS@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM I'M BAAACCCKKKKKK! 666140 881690672 2005-11-21-09.32.15.000000 ROGER SHERMAN STEEL LTD & CO. MSSHERMAN@bloomberg.net JOHN KNOX 939 COLD INVST & C 290562 8104 JKNOX@bloomberg.net 5000 cd 6 1/4 1/15/08 92/2 z+49 cds 110/120 2-5 YR Industrial Offers: 5000 cd 6 1/4 1/15/08 92/2 z+49 cds 110/120 10000 kr 7.45 3/1/08 100/3 z+58 cds 90/100 8000 cat 3.7 8/15/08 47/3 z+3l cds 18/23 7000 unp 7 1/4 11/1/08 55/3 z+10 cds 35/40 12000 fd 6 5/8 9/1/08 72/3 z+27 cds 44/49 7000 cargil 3 5/8 3/4/09 52/5 z+10 cds 22/27 15000 de 4.4 7/15/09 52/5 z+9 cds 18/23 10000 ba 5.4 11/30/09 54/5 z+8 cds 16/21 10000 dd 4 1/8 5/1/10 57/5 z+10 cds 23/28 TRADED txt 4.6 5/3/10 61/5 z+15 cds 22/27 9000 ctx 4.55 11/1/10 114/10 z+67 cds 68/73 665424 1193921860 2005-11-21-09.32.46.000000 ELAINE PANG TOP SECURITI PANGELAINE@bloomberg.net DAVID CASPAR 939 COLD INVST & C 443442 2070403 DAVIDCASPAR@bloomberg.net do we stand on this? Also, can u send me comp mats on the deal? Elaine - Bill asked me to pick up the CWL 05-IM3 deal. Where do we stand on this? Also, can u send me comp mats on the deal? Reply: its almost .7x done, i'm waiting for u guys to be firm..but there is more to the story...calling u now 665420 551164446 2005-11-21-09.34.18.000000 VINCENT MCCAMBRIDGE NET SED LTD IN VINMC1@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM SUPER STABLE 3YR SINKING FUND BOND, PICK 24 LOAS VS DWARFS: 25MM+ {CWALT 05-57CB 4A3 Mtge YT 100//100PPC <GO>} ~ 100-3+ 5.5 / 6.02 GWAC SINKING FUND STRUCTURE 100% IO - SUPER SR STRUCTURE W/DOUBLE SUBORDINATION 230K WAVG BAL 727 WAVG FICO 70.9% WAVG LTV 21% CAL VERY CLEAN COLLATERAL - GREAT TRADE VS DWARF 5.5S TAKE OUT 14/32 IN DOLLAR PRICE PICK 8BPS IN YIELD + 15 LOAS 2.65 EDURA -.29 CVXY ON CWALT - 9 LOAS 2.92 EUDRA -1.3 CVXY ON FNCI 5.5 2946037717 2005-11-21-09.34.19.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM ARCHYOUNG WILL GO SUBJECT SHORTLY...book is ~$400MM 664852 714365636 2005-11-21-09.34.38.000000 NEAL MATHISEN DELAROSA, E.J. TDELAROSA@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net HI SAM - WE HAVE 200M OF THESE FOR STLMT TODAY HI SAM - WE HAVE 200M OF THESE FOR STLMT TODAY 464201718 2005-11-21-09.35.48.000000 TED WALKER FTN FINANCIAL FISHBAIT@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net LONGER AGENCIES FROM HAY 2850 FFCB 5.6 06/22/20-6/07 81 OAS {31441SG98 Corp DES<GO>} 2MM FHLB 5.48 03/2/20-05 82 OAS {3144XARX7 Corp DES<GO>} 4665 FHLB 5.6 01/03/20-1/07 86 OAS {3144X9WP1 Corp DES<GO>} SETT 12-5 1MM FNMA 5 07/02/18-06 83 OAS {3136F3YS9 Corp DES<GO>} 3716326967 2005-11-21-09.37.39.000000 JEFF MILLER TWIN SEC, INC JMILLER2@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM GRACE EMILIO 939 COLD INVST & C 290562 1720623 GEMILIOTW@bloomberg.net SEQS ALL LEVELS SHOULD BE COMPELLING **wl** YEAR END BAL SHEET PUSH FRONT SEQUENTIALS SEQS ALL LEVELS SHOULD BE COMPELLING 27MM SASC 05-3 1A5 5.0/5.98 2.7YR 5.0/5.98 2.7YR +170/C 10PPC 43.950mm RAST 05-A14 A5 5.50/6.16 1.9yr 180//100ppc 65.000mm RAST 05-A14 A3 5.50/6.16 2.1yr 160//100ppc 14.753mm RAST 05-A7 A3 5.50/6.12 2.3yr 160//100ppc 23.761mm SASC 05-16 2A1 5.50/5.76 2.9yr ***SOLD**pc 58.012mm SASC 05-15 2A5 5.50/6.04 2.9yr 155//100ppc 71.685mm SASC 05-15 2A4 5.75/6.04 2.9yr ***SOLD***c 77.960mm LMT 05-1 2A1 5.50/5.89 3.3yr ***SOLD***a ALL LEVELS ARE 5 TO 20BP WIDER 665740 1156002552 2005-11-21-09.37.39.000000 JEFF MILLER TWIN SEC, INC JMILLER2@bloomberg.net WILLIAM MARDEN 939 COLD INVST & C 443442 925000 WWM3@bloomberg.net JOHN KNOX 939 COLD INVST & C 290562 8104 JKNOX@bloomberg.net DAVID CASPAR 939 COLD INVST & C 443442 2070403 DAVIDCASPAR@bloomberg.net SEQS ALL LEVELS SHOULD BE COMPELLING **wl** YEAR END BAL SHEET PUSH FRONT SEQUENTIALS SEQS ALL LEVELS SHOULD BE COMPELLING 27MM SASC 05-3 1A5 5.0/5.98 2.7YR 5.0/5.98 2.7YR +170/C 10PPC 43.950mm RAST 05-A14 A5 5.50/6.16 1.9yr 180//100ppc 65.000mm RAST 05-A14 A3 5.50/6.16 2.1yr 160//100ppc 14.753mm RAST 05-A7 A3 5.50/6.12 2.3yr 160//100ppc 23.761mm SASC 05-16 2A1 5.50/5.76 2.9yr ***SOLD**pc 58.012mm SASC 05-15 2A5 5.50/6.04 2.9yr 155//100ppc 71.685mm SASC 05-15 2A4 5.75/6.04 2.9yr ***SOLD***c 77.960mm LMT 05-1 2A1 5.50/5.89 3.3yr ***SOLD***a ALL LEVELS ARE 5 TO 20BP WIDER 665740 3011840304 2005-11-21-09.38.03.000000 JEFF MILLER TWIN SEC, INC JMILLER2@bloomberg.net WILLIAM MARDEN 939 COLD INVST & C 443442 925000 WWM3@bloomberg.net SEQS ALL LEVELS SHOULD BE COMPELLING Bill - **wl** YEAR END BAL SHEET PUSH FRONT SEQUENTIALS SEQS ALL LEVELS SHOULD BE COMPELLING 27MM SASC 05-3 1A5 5.0/5.98 2.7YR 5.0/5.98 2.7YR +170/C 10PPC 43.950mm RAST 05-A14 A5 5.50/6.16 1.9yr 180//100ppc 65.000mm RAST 05-A14 A3 5.50/6.16 2.1yr 160//100ppc 14.753mm RAST 05-A7 A3 5.50/6.12 2.3yr 160//100ppc 58.012mm SASC 05-15 2A5 5.50/6.04 2.9yr 155//100ppc ALL LEVELS ARE 5 TO 20BP WIDER 665740 874588303 2005-11-21-09.39.36.000000 JEFF GLASCOTT INTER FIN SECURITIES LLC JGLASCOTT@bloomberg.net WILLIAM MARDEN 939 COLD INVST & C 443442 925000 WWM3@bloomberg.net ## NEW AGENCY FLOATER OFF SEAS 7s ## 3487261_sg365567.gif ## NEW AGENCY FLOATER OFF SEAS 7s ## offering PRLM US-50 FA @ 100-00 (will be FNR name) ~100mm - 7 cap, L+28 - 4yr base > 6yr up300 - backed by seasoned 7s collat paying consistently in the mid/high 30s. - last month's print was 34cpr. bond is a 2.4yr at that speed. - the 7s collat should exhibit less extension in a higher rate environment that current coupon or discount collat - SSAP: "FN7FLT" **DOUBLE SALES CREDIT** 1213247766 2005-11-21-09.40.03.000000 MICHAEL JENNINGS YOUNG & YOUNGBERG LL MJENNINGS2@bloomberg.net LA HAISON 939 NEW INVST BANK 141002 4404786 LHAISON4@bloomberg.net I O/O 490M GMAC 5.625 5/15/09 AT 93.250 7.88YTM 2254466721 2005-11-21-09.42.39.000000 WILLIAM MARDEN 939 COLD INVST & C 443442 925000 WWM3@bloomberg.net JEFF MILLER TWIN SEC, INC JMILLER2@bloomberg.net SEQS ALL LEVELS SHOULD BE COMPELLING THANKS...wl** YEAR END BAL SHEET PUSH FRONT SEQUENTIALS SEQS ALL LEVELS SHOULD BE COMPELLING 27MM SASC 05-3 1A5 5.0/5.98 2.7YR 5.0/5.98 2.7YR +170/C 10PPC 43.950mm RAST 05-A14 A5 5.50/6.16 1.9yr 180//100ppc 65.000mm RAST 05-A14 A3 5.50/6.16 2.1yr 160//100ppc 14.753mm RAST 05-A7 A3 5.50/6.12 2.3yr 160//100ppc 58.012mm SASC 05-15 2A5 5.50/6.04 2.9yr 155//100ppc ALL LEVELS ARE 5 TO 20BP WIDER 3812863157 2005-11-21-09.42.56.000000 CHRIS ROSENTHAL INTER FIN FINANCIAL SERVIC AYNRAND1@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM TOUGH GUY...SAME SITCH? CAL 350M ISH 09/11 ? 1130529781 2005-11-21-09.43.21.000000 FRED STUART MCDONALD INVESTMENTS FSTUART2@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM BUYER 100MM FN 6% DEC/JAN ROLL 4 3/8 BID AXES: OUTRIGHT BUYER 25-50MM FN 5.5%'S OR 6%'S BUYER 100MM FN 6% DEC/JAN ROLL 4 3/8 BID 664928 1415738999 2005-11-21-09.43.30.000000 SHANE MORDEN STEPHENS INC. SCMORDEN@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net SEAS 15YR 5%'s: GOOD SUB FOR 10YR BUYERS* T+3 5.9MM CF FN 754089 155 WAM 24CPR 6MO SPEED +12+ 424M CF FN 698088 146 WAM 20CPR 6MO SPEED +12+ 2.1MM CF FG E98707 150 WAM 100% FLORIDA +12+ 690M CF FG B17545 164 WAM 19.5 CPR 6MO +05+ DWF 5'S DEC $98-20+ 777934548 2005-11-21-09.43.52.000000 FRED STUART MCDONALD INVESTMENTS FSTUART2@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM ACTIVITY. THE TALK FOR THIS WEEK IS FOR A TIGHT RANGE-BOUND MORTGAGES OPENING UNCHANGED TO + TIGHTER IN LIGHT HOLIDAY WEEK ACTIVITY. THE TALK FOR THIS WEEK IS FOR A TIGHT RANGE-BOUND TRADE (FIGURE 4.53%-4.43% ON 10YR TREASURY) WITH MORTGAGE SPREADS NOT MOVING TO FAR IN EITHER DIRECTION. WOULD SUGGEST THAT MORTGAGES COULD DO BETTER AS NEXT WEEK BRINGS MONTH-END EXTENSION NEEDS. IF THE MARKET STAYS WITHIN THE RANGE, 30YRS SHOULD OUTPERFORM 15YS AS THE LATTER LOOK RICH AT THIS TIME (DW 5%'S -10 OAS VS. FN 5.5%'S -5 OAS). AXES: OUTRIGHT BUYER 25-50MM FN 5.5%'S OR 6%'S BUYER 100MM FN 6% DEC/JAN ROLL 4 3/8 BID 664928 3588081953 2005-11-21-09.44.04.000000 JOHN KISTLER NOMURA SECURITIES IN JKISTLER@bloomberg.net WILLIAM MARDEN 939 COLD INVST & C 443442 925000 WWM3@bloomberg.net Bonds are first come, first served. Fltng Rate Subs will be NAA-2005-AR6* - 11/30 settle - **Monday Update 1** Snr Classes Bonds are first come, first served. Fltng Rate Subs will be launched this morning. Cls Size Type NMrgn WAL MTR Px-ing Status IA $63.4 PT 3.085 1.81 44 N+37, ~100-22 Open IIA $77.4 PT 2.440 2.43 57 N+58, ~100-22 Open IIIA1 $65.5 PT 2.479 2.43 57 --not offered-- n.o. IIIA2 $6.8 PTMz 2.479 2.43 57 N+70, ~100-25+ Open IVA1 $340.9 Fltr n/a 2.44 1 26, w/10% Mz / 11% Px'd IVA2 $37.9 FltrMz n/a 2.44 1 33, 11% eff. cap Open ...or 34 as afc Px-ing speed: G1, G2 & G3 - 25 cpr; G4 - 30 cpr. S&P/Moody's *Info. is approximate. See 11/17/05 Computational Materials. 3107449089 2005-11-21-09.44.06.000000 MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM CHRIS ROSENTHAL INTER FIN FINANCIAL SERVIC AYNRAND1@bloomberg.net Reply: TOUGH GUY...SAME SITCH? CAL 350M ISH 09/11 ? Reply: I have more. I will call later. 3224038351 2005-11-21-09.45.04.000000 VINCENT MCCAMBRIDGE NET SED LTD IN VINMC1@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM FLOATER THAT NEEDS TO GO AWAY TODAY: 60MM {FHR 2106 FG Mtge YT 100-20 <GO>} L + 45 8.5 CAP STRIP FLOATER OFF SEASONED 6.5S 477785721 2005-11-21-09.45.58.000000 ROGER SHERMAN STEEL LTD & CO. MSSHERMAN@bloomberg.net JOHN KNOX 939 COLD INVST & C 290562 8104 JKNOX@bloomberg.net HSBC 5.25 11 priced +90 now 87/84 recent HSBC deals: HSBC 5.911 15 priced +145 now 141/138 HSBC 5.25 11 priced +90 now 87/84 665424 130237021 2005-11-21-09.47.34.000000 CARL RICHARDSON PIT GLOBAL MAR CERICH1@bloomberg.net JAMES BUCKLEY 939 NEW INVST BANK 525752 2922634 JBUCKLEY13@bloomberg.net LA HAISON 939 NEW INVST BANK 141002 4404786 LHAISON4@bloomberg.net 1010m la usd 5.5r10/06 @ 3.00 544648ge2 wo/o 700m sanger 5.70 1/06 @ 3.00 80083pba3 1010m la usd 5.5r10/06 @ 3.00 544648ge2 320m sac 4.50 11/08 @ 3.18 786059kn4 260m cal 4.00 2/09 @ 3.27 13062pnd0 550m sanfran 4 7/09 @ 3.25 797679ae7 2.5mm cal infa 5 10/09 @ 3.28 13044wpl1 445m la 3 6/10 @ 3.48 544358g57 1mm cal 5.25 12/10 @ 3.50 13062rxr4 700m concord 4.125 7/14 @ 3.82 206141hf3 450m cal ed 5 11/15 @ 4.43 130175a51 1596661238 2005-11-21-09.50.38.000000 VINCENT MCCAMBRIDGE NET SED LTD IN VINMC1@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM seller of 500 Mike seller of 500 {avb 6.625 9-15-11 corp DES<GO>} can pay 92 off 5 year {avb 6.625 9-15-11 corp yas * 92 m<GO>} 1593554600 2005-11-21-09.53.59.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM ARCHYOUNG IS SUBJECT...our book is north of $600MM 664852 4422225205 2005-11-21-09.54.53.000000 KIM WATERS LEGG MASON WOOD WALK KFWATERS@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM HOW 'BOUT THIS ONE FNR 05-88 WD +125 MAYBE WIDER? 2345118_sg356593.gif HOW 'BOUT THIS ONE FNR 05-88 WD +125 MAYBE WIDER? 666140 3712996527 2005-11-21-09.55.13.000000 TIMOTHY BROWN TOP SECURITI TIMBROWN@bloomberg.net WILLIAM MARDEN 939 COLD INVST & C 443442 925000 WWM3@bloomberg.net ****Derivative Offerings, (FN 5.50% Dec. $98-19+).... $8,181,819 FHR 3057 SA @ $96-16 * Short,5.5% Inverse. $5,321,250 FHR 3076 SA @ $97-16 * Short,Very Callable, 5.5%. $6,000,000 FHR 3057 LU @ $75-30 * Low$,9wala 5%,Current Pay. $4,000,000 FHR 3057 LT @ $81-16 * Low$,9wala 5%,Current Pay. $2,000,000 FHR 3057 LO @ $69-16 * SuperPO,9wala 5%. 665420 1287660750 2005-11-21-09.56.00.000000 SCOTT RIRIE TOP SECURITI SRIRIE1@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net ODD LOTS 100 OAS OR HIGHER TO MOVE... 17M {3128X0F95 corp OAS1 O 100 <GO>} FHLMC 5.25% 3/05/18 10M {3144MXCJ6 corp OAS1 O 110 <GO>} FHLB 5.24% 03/26/18 11/05 100M {3144MYYK7 corp OAS1 O 100 <GO>} FHLB 5.15% 6/04/18 11/05 105M {31449XEC4 corp OAS1 O 100 <GO>} FHLB 5.08% 6/24/18 11/05 60M {3136F3F43 corp OAS1 O 100 <GO>} FNMA 5.08% 6/24/18 12/05 15M {3136F2LJ5 corp OAS1 O 100 <GO>} FNMA 5.125% 09/27/18 11/05 40M {3128X12P1 corp OAS1 O 100 <GO>} FHLMC 5.00% 10/22/18 11/05 15M {3144F1PK7 corp OAS1 O 100 <GO>} FHLMC 5.125% 12/15/19 12/7 665420 2679618676 2005-11-21-09.56.44.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM In general publishers have been quiet, have seen a slight *** BAS Knight Ridder (KRI) 9:50 - Update *** In general publishers have been quiet, have seen a slight rally in CDS so far today but could be short lived. We are better sellers of 17's - can offer 5mm at 278 Bonds CDS Curve 9 7/8 '09 210/220 Q 7 1/8 '11 235/225 MS 5mm 3y 95/115 4 5/8 '14 235/225 MS 4mm 5y 175/185 5 3/4 '17 285/278 MS 5mm 7y 200/215 S 5mm 6 7/8 '29 340/440 M 10y 225/240 664852 2605526039 2005-11-21-09.58.00.000000 E.J. DELAROSA DELAROSA, E.J. DELAROSA@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net CUSTOMER BID WANTED BY 7:30AM PT 2MM CAL ERB 3.5 MAN PUT 7/08@100 N/C Aa3/AA- FOR THE BID CUSTOMER BID WANTED BY 7:30AM PT {13067JBT7 Muni DES <GO>} PLEASE LET ME KNOW IF YOU HAVE ANY INTEREST, THANKS. 4090035951 2005-11-21-09.58.02.000000 E.J. DELAROSA DELAROSA, E.J. DELAROSA@bloomberg.net LA HAISON 939 NEW INVST BANK 141002 4404786 LHAISON4@bloomberg.net CUSTOMER BID WANTED BY 7:30AM PT 2MM CAL ERB 3.5 MAN PUT 7/08@100 N/C Aa3/AA- FOR THE BID CUSTOMER BID WANTED BY 7:30AM PT {13067JBT7 Muni DES <GO>} PLEASE LET ME KNOW IF YOU HAVE ANY INTEREST, THANKS. 796187939 2005-11-21-09.58.02.000000 E.J. DELAROSA DELAROSA, E.J. DELAROSA@bloomberg.net JAMES BUCKLEY 939 NEW INVST BANK 525752 2922634 JBUCKLEY13@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net CUSTOMER BID WANTED BY 7:30AM PT 2MM CAL ERB 3.5 MAN PUT 7/08@100 N/C Aa3/AA- FOR THE BID CUSTOMER BID WANTED BY 7:30AM PT {13067JBT7 Muni DES <GO>} PLEASE LET ME KNOW IF YOU HAVE ANY INTEREST, THANKS. 935634493 2005-11-21-09.58.57.000000 E.J. DELAROSA DELAROSA, E.J. DELAROSA@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net CUSTOMER BIDS WANTED BY 8:30AM PT 2.5MM CAL GO 5.25 2/1/14 13@100 A2/A FOR THE BID CUSTOMER BIDS WANTED BY 8:30AM PT {13062N5X1 Muni DES <GO>} PLEASE LET ME KNOW IF YOU HAVE ANY INTEREST, THANKS. 4026523029 2005-11-21-09.58.58.000000 E.J. DELAROSA DELAROSA, E.J. DELAROSA@bloomberg.net LA HAISON 939 NEW INVST BANK 141002 4404786 LHAISON4@bloomberg.net CUSTOMER BIDS WANTED BY 8:30AM PT 2.5MM CAL GO 5.25 2/1/14 13@100 A2/A FOR THE BID CUSTOMER BIDS WANTED BY 8:30AM PT {13062N5X1 Muni DES <GO>} PLEASE LET ME KNOW IF YOU HAVE ANY INTEREST, THANKS. 2060375889 2005-11-21-09.58.58.000000 E.J. DELAROSA DELAROSA, E.J. DELAROSA@bloomberg.net JAMES BUCKLEY 939 NEW INVST BANK 525752 2922634 JBUCKLEY13@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net CUSTOMER BIDS WANTED BY 8:30AM PT 2.5MM CAL GO 5.25 2/1/14 13@100 A2/A FOR THE BID CUSTOMER BIDS WANTED BY 8:30AM PT {13062N5X1 Muni DES <GO>} PLEASE LET ME KNOW IF YOU HAVE ANY INTEREST, THANKS. 27312759 2005-11-21-09.59.54.000000 JEFF GLASCOTT INTER FIN SECURITIES LLC JGLASCOTT@bloomberg.net WILLIAM MARDEN 939 COLD INVST & C 443442 925000 WWM3@bloomberg.net BILL- SHORT CWALT SEQ 100+MM CWALT 05-74 1AA +145/C/100PPC FOR 11/30 SETTLE ***SSAP:CWA0574*** 30YR ALT-A COLL 6.28% GWAC 41% CAL $650K ALS 696 FICO 71% LTV 20% FIXED IO 2285117514 2005-11-21-10.00.58.000000 TOM JOHNSON GENERAL TRADING PAR STPC1@bloomberg.net SHANE MORDEN STEPHENS INC. SCMORDEN@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net DEEEP DISC LONG PAC: 340M FNR 04-90 D 4/6 $85-16 ~100// 5.52% YLD @ BASE {FNR 04-90 D Mtge YT85-16 <GO>} 3141030055 2005-11-21-10.02.28.000000 MARK DEBBS EDWARDS (A.G.) & SON MDEBBS@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM DEAL ** CO 11/21/2005 Colo Ed Fac Auth Denver U DN:131-99938 DEAL ** CO 11/21/2005 Colo Ed Fac Auth Denver U DN:131-99938 [NOTE: Deal access MUST be sent from DEAL function: 97<GO> 6<GO> to forward DEAL access.] here is what we are proposing to the issuer official release shortly let me know if u care thks mark 665148 2341600630 2005-11-21-10.09.01.000000 SHANE MORDEN STEPHENS INC. SCMORDEN@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net 2yr 30margin / 7cap Libor floater $99-14 58dm I haven't seen a 2yr floater offered cheaper Looking to move along 1.5mm {fnr 05-14 fn Mtge yt 99-14 <Go>} *** vs where other 30margin / 7cap there is a lot of room for salesman to mark up!! 84932254 2005-11-21-10.09.41.000000 VINCENT MCCAMBRIDGE NET SED LTD IN VINMC1@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM NEW GNR VADM, BOB CROWE SELLS 3MM HAVE 2MM+ TO GO 2.6MM {GNR 02-44 VD Mtge YT 83// <GO>} ~102-10 6 / 30YR 6 SEQ VADM '18 LEGAL FINAL TAKE OUT 26/32 VS MIDGET 6S PICK 18 BPS IN YIELD -9 LOAS ON VD'S VS -18 LOAS ON MIDGET 6S 726782030 2005-11-21-10.11.06.000000 JASON REED STEPHENS INC. JASONREED@bloomberg.net LA HAISON 939 NEW INVST BANK 141002 4404786 LHAISON4@bloomberg.net PA *DES:COATESVILLE SD CPN:5 1/8 MTY: 4/01/2017 190684GX PA *DES:COATESVILLE SD CPN:5 1/8 MTY: 4/01/2017 190684GX 500m out for the bid due 11am EST GO pre-re '07 AAA insured w/ A1 under 3886860917 2005-11-21-10.20.18.000000 JOHN KISTLER NOMURA SECURITIES IN JKISTLER@bloomberg.net WILLIAM MARDEN 939 COLD INVST & C 443442 925000 WWM3@bloomberg.net Will launch syndicate style this morning. NAA 2005-AR6 - ***PRE-LAUNCH*** FLOATING RATE SINTER FIN* Will launch syndicate style this morning. Cls Size(mm) Size%/C.E. WAL* Mdys/S&P Px-Talk Status M-1 $44.312 [5.08 4.71] 5.25 [Aa2/AA] TBDa - M-2 $10.672 [1.63/3.09] 5.24 [A1/A+] TBDa - M-3 $7.484 [1.14/1.94] 5.19 [A3/A-] TBDa - M-4 $4.463 [0.68/1.26] 4.84 [Baa1/BBB+] TBDa - M-5 $4.729 [0.72/ .54] 3.91 [Baa2/BBB-] TBDa - OC $3.555 [0.54/ n/a] (min. OC 0.50) n/a n/a *Bonds run @ 25 cpr to 10% call. Subs priced @PAR. 11/30 settle. *Size variance: +/- 10%. *Info. is approximate. See 11/17/05 Computational Materials. 3439762802 2005-11-21-10.20.21.000000 JOHN KISTLER NOMURA SECURITIES IN JKISTLER@bloomberg.net WILLIAM MARDEN 939 COLD INVST & C 443442 925000 WWM3@bloomberg.net Will launch syndicate style this morning. NAA 2005-AR6 - ***PRE-LAUNCH*** FLOATING RATE SINTER FIN* Will launch syndicate style this morning. Cls Size(mm) Size%/C.E. WAL* Mdys/S&P Px-Talk Status M-1 $44.312 [5.08 4.71] 5.25 [Aa2/AA] TBDa - M-2 $10.672 [1.63/3.09] 5.24 [A1/A+] TBDa - M-3 $7.484 [1.14/1.94] 5.19 [A3/A-] TBDa - M-4 $4.463 [0.68/1.26] 4.84 [Baa1/BBB+] TBDa - M-5 $4.729 [0.72/ .54] 3.91 [Baa2/BBB-] TBDa - OC $3.555 [0.54/ n/a] (min. OC 0.50) n/a n/a *Bonds run @ 25 cpr to 10% call. Subs priced @PAR. 11/30 settle. *Size variance: +/- 10%. *Info. is approximate. See 11/17/05 Computational Materials. 2571214008 2005-11-21-10.21.40.000000 FRANK PORTUGAL FAM SECURITIES G FPORTUGAL2@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM FHLB 3YR/3MO QTR TRI-STEP 4.75%- 5.5%- 6.25% FHLB 11/28/08 - 2/06 QTRLY 99-30 ANNUAL STEPS 4.75% - 5.50% - 6.25% {3144XDU25 Corp DES <GO>} I@PAR=5.47% 6050M TO GO 100M X 5M 15MM ISSUE 668624 3878435449 2005-11-21-10.21.40.000000 FRANK PORTUGAL FAM SECURITIES G FPORTUGAL2@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net FHLB 3YR/3MO QTR TRI-STEP 4.75%- 5.5%- 6.25% FHLB 11/28/08 - 2/06 QTRLY 99-30 ANNUAL STEPS 4.75% - 5.50% - 6.25% {3144XDU25 Corp DES <GO>} I@PAR=5.47% 6050M TO GO 100M X 5M 15MM ISSUE 668624 4205461217 2005-11-21-10.21.40.000000 FRANK PORTUGAL FAM SECURITIES G FPORTUGAL2@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net FHLB 3YR/3MO QTR TRI-STEP 4.75%- 5.5%- 6.25% FHLB 11/28/08 - 2/06 QTRLY 99-30 ANNUAL STEPS 4.75% - 5.50% - 6.25% {3144XDU25 Corp DES <GO>} I@PAR=5.47% 6050M TO GO 100M X 5M 15MM ISSUE 668624 3240404721 2005-11-21-10.26.18.000000 JEFF GLASCOTT INTER FIN SECURITIES LLC JGLASCOTT@bloomberg.net WILLIAM MARDEN 939 COLD INVST & C 443442 925000 WWM3@bloomberg.net BILL- SHORT WL OFFERINGS $ 72+MM AHM 05-2 5A3 @ +113/C/100PPC 5.08% Coup, 2.7yr $ 20+MM AHM 05-3 3A3 @ +115/C/100PPC 4.97% Coup, 2.9yr $ 17+MM CWALT 05-30CB 1A5 @ +135/C/100PPC 5% Coup, 2.7yr $ 25MM CWALT 05-6CB 1A3 @ +130/C/100PPC 5 1/4% Coup, 3.1yr $ 57+MM GSMPS 03-3 A2 @ +60/N/25CPR 7 1/2% Coup, FHA/VA $ 5+MM MALT 03-7 5A1 @ 0/E/45CPR 6 1/4% Coup, Alt-A - Paid only 7% Cpr in October $ 19+MM RAMP 04-SL4 A4 @ 0/E/35CPR 7% Coup, Seas P/T $ 100MM CMSI 04-5 1A3 @ +120/C/300 5 1/4% Coup, 2yr Seq $ 6+MM MSSTR 05-2 1A1 @ +95/C/25CPR 5 1/8% Coup, TAC - High Gwac, Seasoned Collateral, +2 Yield Book Oas 1895218814 2005-11-21-10.27.41.000000 MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM KIM WATERS LEGG MASON WOOD WALK KFWATERS@bloomberg.net HOW 'BOUT THIS ONE FNR 05-88 WD +125 MAYBE WIDER? 2345118_sg356593.gif HOW 'BOUT THIS ONE FNR 05-88 WD +125 MAYBE WIDER? Reply: See if there are any 6% coupons. 1396829808 2005-11-21-10.28.22.000000 FRED STUART MCDONALD INVESTMENTS FSTUART2@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM various wala fn6s. 36.5mm+ @ +01+. 9,000,899 FN 735061 FNCL 6.00 6.386 343 17 5,246,831 FN 735501 FNCL 6.00 6.488 350 9 3,000,300 FN 774954 FNCL 6.00 6.610 449 19 4,000,400 FN 781776 FNCL 6.00 6.343 345 14 4,000,398 FN 796243 FNCL 6.00 6.250 346 13 6,350,597 FN 807966 FNCL 6.00 6.318 348 11 5,000,000 FN 847817 FNCL 6.00 6.430 360 0 ~100-24+. 664928 2288880055 2005-11-21-10.31.12.000000 SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net NICHOLAS CAPEZZUTO NEW CAPITAL INC NCAPEZZUTO@bloomberg.net The following trade was accepted: seq# 28 ACCEPT: FHDN 0 12/21/5 5.000M (NEW CAP) The following trade was accepted: seq# 28 Customer: NEW INVST BANK Bloomberg User Name: SAM SCHONER Phone Number: 1-415-262-4118 Sales Person: NICHOLAS CAPEZZUTO Trade Date: 11/21/5 Settle Date: 11/22/5 Trade Type: Client BUY Face Amt: 5.000M Coupon Rate: 0 Price: 3.960 Maturity: 12/21/5 Yield: 3.973 DTC Cusip: 314485QU3 Currency: USD Cust Account:FIRSTREP 3895101434 2005-11-21-10.31.14.000000 SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net JOHN VALECCE NEW CAPITAL INC NEETER@bloomberg.net The following trade was accepted: seq# 28 ACCEPT: FHDN 0 12/21/5 5.000M (NEW CAP) The following trade was accepted: seq# 28 Customer: NEW INVST BANK Bloomberg User Name: SAM SCHONER Phone Number: 1-415-262-4118 Sales Person: JOHN VALECCE Trade Date: 11/21/5 Settle Date: 11/22/5 Trade Type: Client BUY Face Amt: 5.000M Coupon Rate: 0 Price: 3.960 Maturity: 12/21/5 Yield: 3.973 DTC Cusip: 314485QU3 Currency: USD Cust Account:FIRSTREP 1370976866 2005-11-21-10.35.17.000000 NANCY POLLACK FTN FINANCIAL NDPOLLACK@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net 250 AAB 6.523-PERP /90 |1500 RBS 7.648-PERP /145 YANKEE BANKS... **END ACCOUNTS ONLY** 250 AAB 6.523-PERP /90 |1500 RBS 7.648-PERP /145 1000 ANZ 4.484-PERP 92/ |500 SANTAN 6 3/8 2/11 /70 500 BACR 6.86-PERP 153/ |1500 SANTAN 7 1/4 11/15 /75 1500 BACR 6.278-PERP /177 | 5000 DANBNK 5.914-PERP /90 | 500 HBOS 6.0 11/44 /103 | 2500 HSBC 5.911 35-15 /137 | 1200 NAB 5.486-PERP 117/ | 500 RBS 5.0 11/13 67/ | 500 RBS 5.0 10/14 /67 | 250 RBS 5.05 1/15 78/ | 155 RBS 4.7 7/18 /87 | 3157900580 2005-11-21-10.35.56.000000 SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net NICHOLAS CAPEZZUTO NEW CAPITAL INC NCAPEZZUTO@bloomberg.net The following trade was rejected: seq# 31 REJECT: FNDN 0 2/1/6 6.257M (NEW CAP) The following trade was rejected: seq# 31 Customer: NEW INVST BANK Bloomberg User Name: SAM SCHONER Phone Number: 1-415-262-4118 Sales Person: NICHOLAS CAPEZZUTO Trade Date: 11/21/5 Settle Date: 11/22/5 Trade Type: Client BUY Face Amt: 6.257M Coupon Rate: 0 Price: 4.100 Maturity: 2/1/6 Yield: 4.144 DTC Cusip: 313589SN4 Currency: USD Cust Account:FIRSTREP 2283451057 2005-11-21-10.35.58.000000 SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net JOHN VALECCE NEW CAPITAL INC NEETER@bloomberg.net The following trade was rejected: seq# 31 REJECT: FNDN 0 2/1/6 6.257M (NEW CAP) The following trade was rejected: seq# 31 Customer: NEW INVST BANK Bloomberg User Name: SAM SCHONER Phone Number: 1-415-262-4118 Sales Person: JOHN VALECCE Trade Date: 11/21/5 Settle Date: 11/22/5 Trade Type: Client BUY Face Amt: 6.257M Coupon Rate: 0 Price: 4.100 Maturity: 2/1/6 Yield: 4.144 DTC Cusip: 313589SN4 Currency: USD Cust Account:FIRSTREP 1969487326 2005-11-21-10.38.02.000000 JEFF MILLER TWIN SEC, INC JMILLER2@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM GRACE EMILIO 939 COLD INVST & C 290562 1720623 GEMILIOTW@bloomberg.net 25MM RAST 05-A14 A1 5.5/5.837 9.5YR +142/10YR SUPER SENIOR **WL** NAS BONDS CHEAPER LEVELS TO CLEAR BAL SHEET 25MM RAST 05-A14 A1 5.5/5.837 9.5YR +142/10YR SUPER SENIOR 8MM SASC 05-17 1A5 5.5/5.75 10.9YR +145/10YR 15MM SASC 05-16 1A3 5.5/5.74 10.7YR +142/10YR SUPER SENIOR 15MM LMT 05-1 4A9 5.5/5.85 10.8YR +142/10YR SUPER SENIOR 15MM CWALT 05-22T A5 5.5/6.11 9.1YR +145/10YR 16MM SASC 05-6 2A18 5.5/5.8 10.1YR +145/10YR 24 WALA 20MM LMT 05-1 2A4 5.5/5.89 10.8YR +142/10YR SUPER SENIOR 24MM SASC 05-14 2A1 5.75/6.07 9.99YR +145/10YR SUPER SENIOR 26MM SASC 05-15 2A1 5.75/6.04 10.2YR +145/10YR SUPER SENIOR 665740 3662585055 2005-11-21-10.38.02.000000 JEFF MILLER TWIN SEC, INC JMILLER2@bloomberg.net WILLIAM MARDEN 939 COLD INVST & C 443442 925000 WWM3@bloomberg.net JOHN KNOX 939 COLD INVST & C 290562 8104 JKNOX@bloomberg.net DAVID CASPAR 939 COLD INVST & C 443442 2070403 DAVIDCASPAR@bloomberg.net 25MM RAST 05-A14 A1 5.5/5.837 9.5YR +142/10YR SUPER SENIOR **WL** NAS BONDS CHEAPER LEVELS TO CLEAR BAL SHEET 25MM RAST 05-A14 A1 5.5/5.837 9.5YR +142/10YR SUPER SENIOR 8MM SASC 05-17 1A5 5.5/5.75 10.9YR +145/10YR 15MM SASC 05-16 1A3 5.5/5.74 10.7YR +142/10YR SUPER SENIOR 15MM LMT 05-1 4A9 5.5/5.85 10.8YR +142/10YR SUPER SENIOR 15MM CWALT 05-22T A5 5.5/6.11 9.1YR +145/10YR 16MM SASC 05-6 2A18 5.5/5.8 10.1YR +145/10YR 24 WALA 20MM LMT 05-1 2A4 5.5/5.89 10.8YR +142/10YR SUPER SENIOR 24MM SASC 05-14 2A1 5.75/6.07 9.99YR +145/10YR SUPER SENIOR 26MM SASC 05-15 2A1 5.75/6.04 10.2YR +145/10YR SUPER SENIOR 665740 2220428301 2005-11-21-10.39.59.000000 MARK DEBBS EDWARDS (A.G.) & SON MDEBBS@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM favorite) 11/1/14 call at par Oak park Il go comp deal today AA under MBIA ( not your favorite) 11/1/14 call at par 400m 4.4 11/23 @ 4.50 415 4.5 11/24 @ 4.54 4.45 4.5 11/25 @ 4.58 we are running acct mark 665148 3536059987 2005-11-21-10.41.36.000000 RONNET GLEZER SILVER & CO. ROROG2@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM Hi sorry I missed your call. You looking at FNR 05-71 DA? 4189046357 2005-11-21-10.42.08.000000 VINCENT MCCAMBRIDGE NET SED LTD IN VINMC1@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM NEW INVERSE <WE OWN> 1449M FHR 3081 (CALL 4 TABLE) 9.15% CPN YIELD= 10.56% 28.28-4.59XLIBOR 6.15% STRIKE $96-28 OFF {FHR 3081 YC Mtge YT170//200PSA<GO>} 12/30 SET 2582465145 2005-11-21-10.42.20.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net * NEW FNMA 5YR BENCHMARK * UPDATE * Issuer: FNMA Size: $3bb Maturity: 12/15/10 Pricing: 11/22/05 Settle: 11/23/05 Price Talk: +38.0/ct5 ~ L-11.00 WITH RECENT PRESSURE ON SPREADS, SPREAD TALK HAS BEEN WIDENED TO +38/ct5, NOW 0.5BP CHEAPER ON LIBOR AS WELL. WE ARE OPEN FOR ORDERS, PLEASE CALL WITH INTEREST/FEEDBACK 664852 4015316067 2005-11-21-10.42.20.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net LA HAISON 939 NEW INVST BANK 141002 4404786 LHAISON4@bloomberg.net * NEW FNMA 5YR BENCHMARK * UPDATE * Issuer: FNMA Size: $3bb Maturity: 12/15/10 Pricing: 11/22/05 Settle: 11/23/05 Price Talk: +38.0/ct5 ~ L-11.00 WITH RECENT PRESSURE ON SPREADS, SPREAD TALK HAS BEEN WIDENED TO +38/ct5, NOW 0.5BP CHEAPER ON LIBOR AS WELL. WE ARE OPEN FOR ORDERS, PLEASE CALL WITH INTEREST/FEEDBACK 664852 3885329576 2005-11-21-10.42.46.000000 E.J. DELAROSA DELAROSA, E.J. DELAROSA@bloomberg.net LA HAISON 939 NEW INVST BANK 141002 4404786 LHAISON4@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net 36,275M CAL DWR WEEKLIES AVAILABLE FOR CASH: Aaa/VMIG1 AAA/A-1+ FSA W/ SPA DEXIA {13066YAN9 Muni DES <GO>} PLEASE LET ME KNOW IF YOU HAVE ANY INTEREST, THANKS. 3470530606 2005-11-21-10.43.13.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ARCHYOUNG-SMITH OPERATING TRUST ***** Price Guidance***** ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Jt Books.....BAS/C CoMgr.....Lehman,JPM,RBS,MS,DB,STI Issuer.......Archstone Smith Operating Trust "ASN" Rating.......Baa1/BBB+/BBB+ stable/stable/stable Maturity.....5 year Size.........$200mm P/G..........+90-93 664852 2648762591 2005-11-21-10.44.10.000000 SHANE MORDEN STEPHENS INC. SCMORDEN@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net NEW 10YR 5% OFFERING: 2+MM FG J00380 +26+ T+3 W.P. {FG J00380 Mtge YT 100-16+<GO>} T+3 WILL OFFER +24 FOR DEC DWARF 5'S $98-22 2864448106 2005-11-21-10.45.09.000000 NANCY POLLACK FTN FINANCIAL NDPOLLACK@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net new: 2mm Dominion Resources (D) 6.25 12 @90 10yr *end accts 1756132603 2005-11-21-10.45.50.000000 MARK DEBBS EDWARDS (A.G.) & SON MDEBBS@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM DEAL ** CO 11/21/2005 Colo Ed Fac Auth Denver U DN:131-99938 DEAL ** CO 11/21/2005 Colo Ed Fac Auth Denver U DN:131-99938 [NOTE: Deal access MUST be sent from DEAL function: 97<GO> 6<GO> to forward DEAL access.] official release we are snr mgr in case u care mark 665148 1117108266 2005-11-21-10.46.32.000000 ANUPAMA CHAKRAVARTTI INETER BANK SECURI ACHAKRAVARTT@bloomberg.net WILLIAM MARDEN 939 COLD INVST & C 443442 925000 WWM3@bloomberg.net GRACE EMILIO 939 COLD INVST & C 290562 1720623 GEMILIOTW@bloomberg.net DAVID CASPAR 939 COLD INVST & C 443442 2070403 DAVIDCASPAR@bloomberg.net * cmbs - bwic 11am BBB+/Baa1 $10mm 12513EAU8 CD 05-CD1 G (Baa1/BBB+) 2149797172 2005-11-21-10.47.53.000000 JANE ALEXANDER DELAROSA, E.J. JALEXANDEREJ@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net TRDR:JANE ALEXANDER>DELAROSA, E.J. CUSIP: 13067JFC0 * TRADE TICKET : CASDEV 0 07/01/23 * As of: 11/21/05 TRDR:JANE ALEXANDER>DELAROSA, E.J. CUSIP: 13067JFC0 BUYS : 200 (M) PRICE: 100.0000000 CUENT COUPON: 3.0000 DISCOUNT MARGIN: -0.0009 (yield to 7/ 1/23 at 100.0000) ASSUMED INDEX: 3.00000 INDEX AT NEXT PAY: 3.0000 SETTLEMENT on 11/21/05 ACCRUED FACTOR: 0.00153123 NOTES: FSRP {13067JFC Muni DES<GO>} * CA ECON VAR-C-16 * ** PRINCIPAL: $ 200,000.00 ** ** ACCRUED ( 20 days): 306.25 ** 3563725966 2005-11-21-10.48.20.000000 JEFF GLASCOTT INTER FIN SECURITIES LLC JGLASCOTT@bloomberg.net WILLIAM MARDEN 939 COLD INVST & C 443442 925000 WWM3@bloomberg.net SHORT 15YR/20YR SEQ'S - 11/18 15+mm {FHR 2910 BD mtge YT 74/C/148 <GO>} 4.5/15YR 4.5 3.91YR 18+mm {FHR 2866 HL mtge YT 73/C/148 <GO>} 4/15YR 4.5 4.03YR 28mm {FHR 2915 DC mtge YT 75/C/148 <GO>} 4.5/15YR 4.5 4.11YR 8+mm FHR 2929 KE mtge YT ***SOLD*** 106mm {FNR 02-89 CA mtg YT 61/C/169 <GO>} 5/15YR 5 2.27YR 54+mm {FNR 05-38 DA mtge YT 82/C/170 <GO>} 5/15YR 5 3.73YR 11+mm {FHR 2926 AB mtge YT 85/C/170 <GO>} 5/15YR 5 4.05YR 40mm {FHR 2719 WD mtge YT 77/C/150 <GO>} 4.5/20Y 4.5 3.71YR 2746442645 2005-11-21-10.49.17.000000 LA MALAEVA TOP SECURITI LM461@bloomberg.net GRACE EMILIO 939 COLD INVST & C 290562 1720623 GEMILIOTW@bloomberg.net B.W.I.C. - 11:30 AM WL Hybrids *11-30-05 Settle* $Px Bids Please Orig. Face 25,000,000 06050HVK1 BOAMS 2002-J A2 2,500,000 07384MZS4 BSARM 2003-8 2A1 10,575,000 12667FPV1 CWALT 2004-15 1A1 45,215,000 45660NQ24 INDX 04-AR4 1A 3,597,000 86359BYA3 SARM 2004-10 1A3 20,000,000 939446AW3 WAMU 2002-AR10 A6 **Reserve Levels Apply 665420 861530141 2005-11-21-10.50.31.000000 MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM RONNET GLEZER SILVER & CO. ROROG2@bloomberg.net Reply: Hi sorry I missed your call. You looking at FNR 05-71 DA? Reply: Just curious. 2674431195 2005-11-21-10.50.49.000000 NANCY POLLACK FTN FINANCIAL NDPOLLACK@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net eop curve.. eop 6.80 1/09 93/88 eop 4.65 10/10 104/99 seller 2mm eop 7.65 12/10 114/109 seller 2980m eop 7.0 7/11 115/110 seller 5mm eop 6 3/4 2/12 110/103 eop 5 7/8 1/13 117/110 eop 4 3/4 3/14 122/117 buyer 2mm eop 7 7/8 7/31 186/181 buyer 5mm 3417461026 2005-11-21-10.51.28.000000 RONNET GLEZER SILVER & CO. ROROG2@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM Reply: Hi sorry I missed your call. You looking at FNR 05-71 DA? Reply: Just curious. Reply: 1060781844 2005-11-21-10.52.04.000000 MARK DEBBS EDWARDS (A.G.) & SON MDEBBS@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM favorite) 11/1/14 call at par Oak park Il go comp deal today AA under MBIA ( not your favorite) 11/1/14 call at par 400m 4.4 11/23 @ 4.50 415 4.5 11/24 @ 4.54 4.45 4.5 11/25 @ 4.58 we are running acct these can be xlca insrd if u care thks mark 665148 3490980635 2005-11-21-10.54.46.000000 NANCY POLLACK FTN FINANCIAL NDPOLLACK@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net 07 INDUS:BAA1/A 10MM SOUTHW AIR(LUV)7 7/8 9/07 @+58/2Y I+15 279597915 2005-11-21-10.55.03.000000 PAUL SCHIMMECK INTER FIN SECURITIES LLC PAUL123@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM TRADER: PAUL SCHIMMECK CUSIP: 31392GPK5 * TRADE TICKET * TRADER: PAUL SCHIMMECK CUSIP: 31392GPK5 SELLS: 2,800,000 of FNR 2002-89 CA 5% 04/25/16 PRICE: 99.8125000 assuming PSA= 169 YTM: 4.981 AL= 2.26YR SETTLE: 11/25/05 [Fri] Accrual Pd: 11/01/05 - 11/30/05 Monthly Next Payment: 12/25/05 (24 day delay) ** Curr Face $ 1,031,945.94 <Nov05 Factor 0.3685521200> PRINCIPAL VAL $ 1,030,011.04 + 24 Days ACC $ 3,439.82 = TOTAL FUNDS $ 1,044,450.86 ** 498030492 2005-11-21-10.55.07.000000 PAUL SCHIMMECK INTER FIN SECURITIES LLC PAUL123@bloomberg.net WILLIAM MARDEN 939 COLD INVST & C 443442 925000 WWM3@bloomberg.net TRADER: PAUL SCHIMMECK CUSIP: 31392GPK5 * TRADE TICKET * TRADER: PAUL SCHIMMECK CUSIP: 31392GPK5 SELLS: 2,800,000 of FNR 2002-89 CA 5% 04/25/16 PRICE: 99.8125000 assuming PSA= 169 YTM: 4.981 AL= 2.26YR SETTLE: 11/25/05 [Fri] Accrual Pd: 11/01/05 - 11/30/05 Monthly Next Payment: 12/25/05 (24 day delay) ** Curr Face $ 1,031,945.94 <Nov05 Factor 0.3685521200> PRINCIPAL VAL $ 1,030,011.04 + 24 Days ACC $ 3,439.82 = TOTAL FUNDS $ 1,044,450.86 ** 525041383 2005-11-21-10.55.44.000000 KIM WATERS LEGG MASON WOOD WALK KFWATERS@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM SO DID U BUY A BUNCH OF STUFF??? 666140 1677913928 2005-11-21-10.58.39.000000 MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM KIM WATERS LEGG MASON WOOD WALK KFWATERS@bloomberg.net Reply: SO DID U BUY A BUNCH OF STUFF??? Reply: What are you talking about. 1497986709 2005-11-21-10.58.50.000000 JAMES O'HALLORAN WELLS INVST INSTIT.B OHALJ@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net {3128X4TZ4 Corp DES<GO>} LOOKING FOR A BID ON 150K FHLMC 6.3 11/25/20 5/15/06 {3128X4TZ4 Corp DES<GO>} 2551155852 2005-11-21-10.58.56.000000 JAMES O'HALLORAN WELLS INVST INSTIT.B OHALJ@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net {3128X4TZ4 Corp DES<GO>} LOOKING FOR A BID ON 150K FHLMC 6.3 11/25/20 5/15/06 {3128X4TZ4 Corp DES<GO>} 4141379012 2005-11-21-10.59.43.000000 MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM PAUL SCHIMMECK INTER FIN SECURITIES LLC PAUL123@bloomberg.net TRADER: PAUL SCHIMMECK CUSIP: 31392GPK5 Please send broker to broker with pershing. TRADER: PAUL SCHIMMECK CUSIP: 31392GPK5 SELLS: 2,800,000 of FNR 2002-89 CA 5% 04/25/16 PRICE: 99.8125000 assuming PSA= 169 YTM: 4.981 AL= 2.26YR SETTLE: 11/25/05 [Fri] Accrual Pd: 11/01/05 - 11/30/05 Monthly Next Payment: 12/25/05 (24 day delay) ** Curr Face $ 1,031,945.94 <Nov05 Factor 0.3685521200> PRINCIPAL VAL $ 1,030,011.04 + 24 Days ACC $ 3,439.82 = TOTAL FUNDS $ 1,044,450.86 ** 4083745899 2005-11-21-11.00.10.000000 E.J. DELAROSA DELAROSA, E.J. DELAROSA@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net CUSTOMER BID WANTED BY 8:30AM PT 10MM GOLDEN ST TOBACCO 5.5 PRERE 6/1/13@100 RADIAN FOR THE BID CUSTOMER BID WANTED BY 8:30AM PT {38122NCM2 Muni DES <GO>} PLEASE LET ME KNOW IF YOU HAVE ANY INTEREST, THANKS. 2461479057 2005-11-21-11.00.15.000000 E.J. DELAROSA DELAROSA, E.J. DELAROSA@bloomberg.net LA HAISON 939 NEW INVST BANK 141002 4404786 LHAISON4@bloomberg.net CUSTOMER BID WANTED BY 8:30AM PT 10MM GOLDEN ST TOBACCO 5.5 PRERE 6/1/13@100 RADIAN FOR THE BID CUSTOMER BID WANTED BY 8:30AM PT {38122NCM2 Muni DES <GO>} PLEASE LET ME KNOW IF YOU HAVE ANY INTEREST, THANKS. 3817679842 2005-11-21-11.00.15.000000 E.J. DELAROSA DELAROSA, E.J. DELAROSA@bloomberg.net JAMES BUCKLEY 939 NEW INVST BANK 525752 2922634 JBUCKLEY13@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net CUSTOMER BID WANTED BY 8:30AM PT 10MM GOLDEN ST TOBACCO 5.5 PRERE 6/1/13@100 RADIAN FOR THE BID CUSTOMER BID WANTED BY 8:30AM PT {38122NCM2 Muni DES <GO>} PLEASE LET ME KNOW IF YOU HAVE ANY INTEREST, THANKS. 1700535906 2005-11-21-11.00.54.000000 NANCY POLLACK FTN FINANCIAL NDPOLLACK@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net ANK AND FINANCE MARKET. MOST ISSUES UNCHANGED TO SLIGHTLY BETTER END ACCTS ONLY . IN HOUSE UPDATE. FAIRLY QUIET START IN THE B ANK AND FINANCE MARKET. MOST ISSUES UNCHANGED TO SLIGHTLY BETTER ONE TRADE TO POST. WE BOUGHT 6MM AXP 4.75 6/09 @ +50 5YR. 1663414413 2005-11-21-11.01.15.000000 E.J. DELAROSA DELAROSA, E.J. DELAROSA@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net CUSTOMER BID WANTED BY 9:00AM PT 3MM PR PUB FIN 5.75 MAN PUT:2/12@100 Baa3/BBB- FOR THE BID CUSTOMER BID WANTED BY 9:00AM PT {745291RH9 Muni DES <GO>} PLEASE LET ME KNOW IF YOU HAVE ANY INTEREST, THANKS. 521858156 2005-11-21-11.01.17.000000 E.J. DELAROSA DELAROSA, E.J. DELAROSA@bloomberg.net LA HAISON 939 NEW INVST BANK 141002 4404786 LHAISON4@bloomberg.net CUSTOMER BID WANTED BY 9:00AM PT 3MM PR PUB FIN 5.75 MAN PUT:2/12@100 Baa3/BBB- FOR THE BID CUSTOMER BID WANTED BY 9:00AM PT {745291RH9 Muni DES <GO>} PLEASE LET ME KNOW IF YOU HAVE ANY INTEREST, THANKS. 4003416105 2005-11-21-11.01.17.000000 E.J. DELAROSA DELAROSA, E.J. DELAROSA@bloomberg.net JAMES BUCKLEY 939 NEW INVST BANK 525752 2922634 JBUCKLEY13@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net CUSTOMER BID WANTED BY 9:00AM PT 3MM PR PUB FIN 5.75 MAN PUT:2/12@100 Baa3/BBB- FOR THE BID CUSTOMER BID WANTED BY 9:00AM PT {745291RH9 Muni DES <GO>} PLEASE LET ME KNOW IF YOU HAVE ANY INTEREST, THANKS. 3494537019 2005-11-21-11.01.44.000000 DAVID FUCCILLO INTER FIN FINANCIAL SERVIC DFUCCILLO1@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM do u have anything to keep me busy? 624473965 2005-11-21-11.03.51.000000 MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM DAVID FUCCILLO INTER FIN FINANCIAL SERVIC DFUCCILLO1@bloomberg.net Reply: do u have anything to keep me busy? Reply: your hand 59456483 2005-11-21-11.04.32.000000 SHANE MORDEN STEPHENS INC. SCMORDEN@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net WE PICKED UP 2MM OF THIS NEW PROD NUGGET 6.0 +109// 2MM CF {FG G18084 Mtge YT 102-05+<GO>} 178 WAM LARGE POOL LOW WAC 6.39 +3 TO TBA DEC THIS IS 5 SWAP OAS 2246295307 2005-11-21-11.05.22.000000 VINCENT MCCAMBRIDGE NET SED LTD IN VINMC1@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM 2YR GNR PROJECT LOAN @ A DISCO OWN/OFFER: 5MM {GNR 03-96 B Mtge YT 10/E/15CPJ <GO>} IMPOSSIBLE TO FIND SHORT END GNR PACS - CAN'T CREATE THEM W/ GN/FN SWAPS TRADING AT ALL TIME HIGHS 3957449124 2005-11-21-11.05.51.000000 DAVID FUCCILLO INTER FIN FINANCIAL SERVIC DFUCCILLO1@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM Reply: do u have anything to keep me busy? Reply: your hand Reply: i know but that can't happen at work 4207602554 2005-11-21-11.06.08.000000 VINCENT MCCAMBRIDGE NET SED LTD IN VINMC1@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM 1.8 24+mm {MSM 05-6AR 4A1 Mtge YT 56/N/25CPB 11/30 <GO>} seq 3436813042 2005-11-21-11.07.00.000000 MICHAEL JENNINGS YOUNG & YOUNGBERG LL MJENNINGS2@bloomberg.net JAMES BUCKLEY 939 NEW INVST BANK 525752 2922634 JBUCKLEY13@bloomberg.net 100 CALIFORNIA ST PUB W 5.000 09/01/08 AT 3.30YTC 13068HCP7 200 CALIFORNIA ST PUB WKS BRD 5.000 01/01/09 AT 3.20 130684D42 125 CALIFORNIA ST 5.000 04/01/09 AT 3.35 13062PQR6 100 CALIFORNIA ST 5.000 04/01/10 AT 3.60 13062PQT2 100 CALIFORNIA ST DEPT WTR 5.500 05/01/10 AT 3.60 13066YBV0 500 CALIFORNIA ST ECON 5.250 07/01/12 AT 3.65 13067JAZ4 100 CALIFORNIA ST PU 4.500 06/01/16 AT 4.35 130684MD2 3726508855 2005-11-21-11.10.20.000000 MICHAEL JENNINGS YOUNG & YOUNGBERG LL MJENNINGS2@bloomberg.net JAMES BUCKLEY 939 NEW INVST BANK 525752 2922634 JBUCKLEY13@bloomberg.net 250 LOS BANOS CALIF UNI SCH DIST 4.750 08/01/16 AT 4.00YTC 545438BP7 250 CALIFORNIA ST PUB WKS BRD 4.500 06/01/17 AT 4.30 130684ME0 800 CALIFORNIA STATEWIDE CMNTY 4.350 11/01/36 AT 3.35 ***PUT 2007*** 130911LC2 801475654 2005-11-21-11.10.24.000000 JASON REED STEPHENS INC. JASONREED@bloomberg.net LA HAISON 939 NEW INVST BANK 141002 4404786 LHAISON4@bloomberg.net NM *DES:NM SUPPL SEVERANCE-A CPN:5 MTY: 7/01/2009 647293JH NM *DES:NM SUPPL SEVERANCE-A CPN:5 MTY: 7/01/2009 647293JH 1500m offered @ 3.25 1673488938 2005-11-21-11.12.00.000000 CARL RICHARDSON PIT GLOBAL MAR CERICH1@bloomberg.net JAMES BUCKLEY 939 NEW INVST BANK 525752 2922634 JBUCKLEY13@bloomberg.net LA HAISON 939 NEW INVST BANK 141002 4404786 LHAISON4@bloomberg.net CA *DES:CA ST ECON RECOVERY- CPN:3 1/2 MTY: 7/01/2023 13067JBT CA *DES:CA ST ECON RECOVERY- CPN:3 1/2 MTY: 7/01/2023 13067JBT we o/o...2mm 3.27 m/p 7/08 322032721 2005-11-21-11.12.27.000000 KEITH GOLDSTEIN PIPER JAFFRAY & CO. SWIFTY@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM CUSIP::20774L6H3 * TRADE TICKET * As of: 11/21/05 CUSIP::20774L6H3 TRDR:KEITH GOLDSTEIN>PIPER JAFFRAY & CO. BUYS : 1000 (M) of CTSMED 0 07/01/29 PRICE: 100.000000 SETTLEMENT: 11/22/05 NOTES: *** NO CALCULATIONS PERFORMED ON THIS SECURITY *** TOTAL INTEREST305.56 PURCHASED IN PERSHING ACCT. THANKS AGAIN {20774L6H Muni DES<GO>} 16019 2917978404 2005-11-21-11.13.36.000000 MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM BILL GLOBE 939 NEW INVST BANK 525752 2157878 BGLOBE 1@bloomberg.net TRDR:MICHAEL MARTINI> COLD INVST & CUSIP: 20774L6H3 * TRADE TICKET : CTSMED 0 07/01/29 * As of: 11/21/05 TRDR:MICHAEL MARTINI> COLD INVST & CUSIP: 20774L6H3 BUYS : 1000 (M) PRICE: 100.0000000 CUENT COUPON: 2.7500 DISCOUNT MARGIN: 0.0000 (yield to 7/ 1/29 at 100.0000) ASSUMED INDEX: 8.00000 INDEX AT NEXT PAY: 2.7500 SETTLEMENT on 11/22/05 ACCRUED FACTOR: 0.00030556 NOTES: TW BUYS FROM PIPER FOR 44L-009702 SOLO {20774L6H Muni DES<GO>} * CT ST HLTH-VAR-L * ** PRINCIPAL: $ 1,000,000.00 ** ** ACCRUED ( 4 days): 305.56 ** 2420002236 2005-11-21-11.13.38.000000 FRED STUART MCDONALD INVESTMENTS FSTUART2@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM CA *DES:SWSTRN CMNTY CLG-REF CPN:5 MTY: 8/01/2018 845389CK CA *DES:SWSTRN CMNTY CLG-REF CPN:5 MTY: 8/01/2018 845389CK WE OWN & OFFER 2295M @ 4.14ytc/4.166ytm......$108.142 92%tsy +10 mid-year mmd, +9 reg mmd kbq - 4.12 664928 2830707425 2005-11-21-11.14.11.000000 FRED STUART MCDONALD INVESTMENTS FSTUART2@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM NY *DES:NY TWY BRDG TR SER A CPN:5 MTY: 4/01/2019 650014GJ NY *DES:NY TWY BRDG TR SER A CPN:5 MTY: 4/01/2019 650014GJ street mkt.....4.21-4.18....will not come @ 4.20 664928 1471541413 2005-11-21-11.14.30.000000 MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM BILL GLOBE 939 NEW INVST BANK 525752 2157878 BGLOBE 1@bloomberg.net TRADER: MICHAEL MARTINI CUSIP: 31392GPK5 * TRADE TICKET * TRADER: MICHAEL MARTINI CUSIP: 31392GPK5 BUYS: 2,800,000 of FNR 2002-89 CA 5% 04/25/16 PRICE: 99.8125000 assuming PSA= 169 YTM: 4.981 AL= 2.26YR SETTLE: 11/25/05 [Fri] Accrual Pd: 11/01/05 - 11/30/05 Monthly Next Payment: 12/25/05 (24 day delay) ** Curr Face $ 1,031,945.94 <Nov05 Factor 0.3685521200> PRINCIPAL VAL $ 1,030,011.04 + 24 Days ACC $ 3,439.82 = TOTAL FUNDS $ 1,044,450.86 ** 2472222594 2005-11-21-11.15.23.000000 MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM BILL GLOBE 939 NEW INVST BANK 525752 2157878 BGLOBE 1@bloomberg.net TRDR:MICHAEL MARTINI> COLD INVST & (DATED: 8/15/01) ISIN: US9128277B27 * TRADE TICKET * As of: 11/21/05 TRDR:MICHAEL MARTINI> COLD INVST & (DATED: 8/15/01) SELLS: 1000 (M) of T 5 08/15/11 CUSIP: 9128277B2 PRICE 102.968750 or YIELD 4.406811 (to 8/15/11 @ 100.0000) SETTLEMENT on 11/22/05 ISSUER: US TREASURY N/B NOTES: TW SELLS TO GX CLARKE FROM 44L-306157 SOLO {9128277B Govt DES<GO>} ** PRINCIPAL: $ 1,029,687.50 ** ** ACCRUED ( 99 days): 13,451.09 ** 1882442023 2005-11-21-11.15.27.000000 SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net ERNIE MARCHOSKY STEEL LTD DEAN EMARCHOSKY@bloomberg.net The following trade was accepted: seq# 130 ACCEPT: FNDN 0 7/17/6 1.448M (STEEL LTD ) The following trade was accepted: seq# 130 Competition: 0 TS BOOK: Customer: NEW INVST BANK Bloomberg User Name: SAM SCHONER Phone Number: 1-415-262-4118 Sales Person: ERNIE MARCHOSKY Trade Date: 11/21/5 Settle Date: 11/21/5 Trade Type: Client BUY Face Amt: 1.448M Coupon Rate: 0 Price: 4.340 Maturity: 7/17/6 Yield: 4.468 DTC Cusip: 313589ZL0 Currency: USD Cust Account: 2864924630 2005-11-21-11.17.24.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM 7.00 7/11 116/111 " 5x5 EOP 4.65 8/10 105/100 5yr 5x5 7.00 7/11 116/111 " 5x5 6 3/4 3/12 109/104 10y 5x5 5 7/8 1/13 113/108 " 5x5 4 3/4 3/14 122/117 " 10x10 7 1/4 2/18 152/147 " 5x5 7 7/8 7/31 185/180 30y 3x3 Equity Office Properties Baa2/BBB+ (s/s) 11/21/05 664852 542250242 2005-11-21-11.17.35.000000 JANE ALEXANDER DELAROSA, E.J. JALEXANDEREJ@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net 21 * As of: 11/18/05TRDR:JANE ALEXANDER>DELAROSA, E.J. CANCEL THIS TRADE, PLEASE * TRADE TICKET : LOSFAC 0 08/15/ 21 * As of: 11/18/05TRDR:JANE ALEXANDER>DELAROSA, E.J. CUSIP: 544399DB1BUYS : 200 (M) PRICE: 100.0000000 CUENT COUPON: 3.0000DISCOUNT MARGIN: -0.0381 (yield to 8/15/21 at 100.0000)ASSUMED INDEX: 3.00000 IN DEX AT NEXT PAY: 3.0000SETTLEMENT on 11/18/05 A CCRUED FACTOR: 0.00662521NOTES: FSRP {544399DB Muni DES<GO>} * LOS ANGELES CONV * ** PRINCIPAL: $ 200,000.00 **** ACCRUED ( 95 days): 1520085734 2005-11-21-11.18.45.000000 JANE ALEXANDER DELAROSA, E.J. JALEXANDEREJ@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net TRDR:JANE ALEXANDER>DELAROSA, E.J. CUSIP: 544399DB1 * TRADE TICKET : LOSFAC 0 08/15/21 * As of: 11/21/05 TRDR:JANE ALEXANDER>DELAROSA, E.J. CUSIP: 544399DB1 BUYS : 200 (M) PRICE: 100.0000000 CUENT COUPON: 3.0000 DISCOUNT MARGIN: -0.0382 (yield to 8/15/21 at 100.0000) ASSUMED INDEX: 3.00000 INDEX AT NEXT PAY: 3.0000 SETTLEMENT on 11/21/05 ACCRUED FACTOR: 0.00687178 NOTES: FSRP (TO REPLACE 200M 544399DB1) {544399DB Muni DES<GO>} * LOS ANGELES CONV * ** PRINCIPAL: $ 200,000.00 ** ** ACCRUED ( 98 days): 1,374.36 ** 2093756055 2005-11-21-11.20.20.000000 GARY KOBES GLOBE NET/NY,WFC GKOBES@bloomberg.net LA HAISON 939 NEW INVST BANK 141002 4404786 LHAISON4@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net compare to markit TELECOM / MEDIA / TECH .... OUT TO 2009 compare to markit offer: cds indications: 9MM+ CTL 6.14 12/06 Z+30 17 5MM+ ARW 7 01/07 Z+20 12 5MM+ COX 8 02/07 Z+29 15 2MM+ T 7 3/4 03/07 Z+20 12 5MM+ T 6 11/09 Z+40 32 5MM+ LXK 6 3/4 05/08 L+20 17 5MM+ BLS 6 1/8 09/08 L+20 16 5MM+ CA 6 1/2 04/08 Z+48 38 5MM+ CA 4 3/4 12/09 Z+68 68 27909 3619681292 2005-11-21-11.21.48.000000 SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net ERNIE MARCHOSKY STEEL LTD DEAN EMARCHOSKY@bloomberg.net The following trade was accepted: seq# 136 ACCEPT: FMCDN 0 8/15/6 3.099M (STEEL LTD ) The following trade was accepted: seq# 136 Competition: 0 TS BOOK: Customer: NEW INVST BANK Bloomberg User Name: SAM SCHONER Phone Number: 1-415-262-4118 Sales Person: ERNIE MARCHOSKY Trade Date: 11/21/5 Settle Date: 11/21/5 Trade Type: Client BUY Face Amt: 3.099M Coupon Rate: 0 Price: 4.390 Maturity: 8/15/6 Yield: 4.538 DTC Cusip: 314497B91 Currency: USD Cust Account: 1598292972 2005-11-21-11.22.09.000000 TED WALKER FTN FINANCIAL FISHBAIT@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net **TWO NEW SHORT CALLABLE POSITIONS..BOTH INDEX ELIGIBLE** 15MM FNMA 4.0 3/7/07-3/06 SEMI {3136F66Z7 Corp DES<GO>} @37 OAS 99-03 4.73 YTM (250MM ISSUE) 25MM FHLB 3.75 3/7/07-3/06 1 X {3144XAUZ8 Corp DES<GO>} 176444258 2005-11-21-11.22.47.000000 GARY SIMS STEEL KEEGAN & CO., GARYSIMS@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net MINDTRAP - MONDAY... COURTESY OF SUZANNE AND JEY @ STEPHENS GEORGE WASHINGTON'S WIFE WENT DOWN TO WASHINGTON TO WASH A PAIR OF GEORGE WASHINGTON'S PANTS. HOW MANY "W"'S IN ALL? 664860 1860327090 2005-11-21-11.22.47.000000 GARY SIMS STEEL KEEGAN & CO., GARYSIMS@bloomberg.net LA HAISON 939 NEW INVST BANK 141002 4404786 LHAISON4@bloomberg.net JAMES BUCKLEY 939 NEW INVST BANK 525752 2922634 JBUCKLEY13@bloomberg.net MINDTRAP - MONDAY... COURTESY OF SUZANNE AND JEY @ STEPHENS GEORGE WASHINGTON'S WIFE WENT DOWN TO WASHINGTON TO WASH A PAIR OF GEORGE WASHINGTON'S PANTS. HOW MANY "W"'S IN ALL? 664860 3597137943 2005-11-21-11.23.30.000000 MARK DEBBS EDWARDS (A.G.) & SON MDEBBS@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM DEAL ** NY 11/21/2005 METRO TRANSP AUTH -REF DN:131-101900 DEAL ** NY 11/21/2005 METRO TRANSP AUTH -REF DN:131-101900 [NOTE: Deal access MUST be sent from DEAL function: 97<GO> 6<GO> to forward DEAL access.] a2/a we are a co mgr official release mark 665148 2417853614 2005-11-21-11.23.41.000000 GARY KOBES GLOBE NET/NY,WFC GKOBES@bloomberg.net LA HAISON 939 NEW INVST BANK 141002 4404786 LHAISON4@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net 3-6 YEAR REIT OFFERINGS ...***UPDATED*** 5MM SFI 6 10 @ +131 VS T5 2.065M DUKE 5.25 2/10 +80 Z-34. 5MM+ EOP 4.65 10/10 +95 5MM CLI 7.75 2011 +97 VS COMPS 9MM SPG 7.125 2/9/2009 +76 VS T3 5MM EOP 7.25 5/09 +85 VS T3 5.875 NXL 7.4 9/09 +86 VS T3 3.320 CPT 4.7 7/09 +80 VS T3 27909 3643472397 2005-11-21-11.25.51.000000 SHANE MORDEN STEPHENS INC. SCMORDEN@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net 1.9yr PAC 108-356 band 4.92% bey 1629m remain {fhr 3057 pa Mtge yt 56/c <go>} ** this is 10/e from 7-20cpr ** short & stable - a much better alternative than cash 4259156352 2005-11-21-11.26.45.000000 DAVID BOVE FAM SECURITIES G DBOVE@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net **14.9YR/5MO FHLB 1xSTEP** 1600M @ 99-27 1600M FHLB 10-28-20/5-06 PAR less $1.5625 ONE-TIME STEP 5.10% to 4/07, THEN 7.00% til MAT AT 99.84375 CUSIP 3144XDW98 11/28 STL ********** DENOMS 100M x 5M YTM 6.746 5MO LOCKOUT, THEN QTRLY CALLS YTC 5.484 **I@PAR 6.730** YTW 5.219 apr07 668624 2999746105 2005-11-21-11.27.08.000000 JEFF MILLER TWIN SEC, INC JMILLER2@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM GRACE EMILIO 939 COLD INVST & C 290562 1720623 GEMILIOTW@bloomberg.net **WL** NEED TO FIND CLEARING LEVELS GAP COLL LCF 69MM AHM 05-5A4C 5.41/6.5 5.88YR LCF SEQ N+120 100PPC YTC 39MM LXS 05-6 3A3A 5.76/6.81 6.2YR LCF SEQ N+105 100PPC YTC SUPER SENIOR 665740 4250594629 2005-11-21-11.27.08.000000 JEFF MILLER TWIN SEC, INC JMILLER2@bloomberg.net WILLIAM MARDEN 939 COLD INVST & C 443442 925000 WWM3@bloomberg.net JOHN KNOX 939 COLD INVST & C 290562 8104 JKNOX@bloomberg.net DAVID CASPAR 939 COLD INVST & C 443442 2070403 DAVIDCASPAR@bloomberg.net **WL** NEED TO FIND CLEARING LEVELS GAP COLL LCF 69MM AHM 05-5A4C 5.41/6.5 5.88YR LCF SEQ N+120 100PPC YTC 39MM LXS 05-6 3A3A 5.76/6.81 6.2YR LCF SEQ N+105 100PPC YTC SUPER SENIOR 665740 3795857167 2005-11-21-11.27.21.000000 SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net NICHOLAS CAPEZZUTO NEW CAPITAL INC NCAPEZZUTO@bloomberg.net The following trade was expired: seq# 51 EXPIRE: FMCDN 0 9/19/6 1.868M (NEW CAP) The following trade was expired: seq# 51 Customer: NEW INVST BANK Bloomberg User Name: SAM SCHONER Phone Number: 1-415-262-4118 Sales Person: NICHOLAS CAPEZZUTO Trade Date: 11/21/5 Settle Date: 11/21/5 Trade Type: Client BUY Face Amt: 1.868M Coupon Rate: 0 Price: 4.391 Maturity: 9/19/6 Yield: 0.000 DTC Cusip: 314497G47 Currency: USD Cust Account:FIRSTREP 1231977318 2005-11-21-11.27.23.000000 SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net JOHN VALECCE NEW CAPITAL INC NEETER@bloomberg.net The following trade was expired: seq# 51 EXPIRE: FMCDN 0 9/19/6 1.868M (NEW CAP) The following trade was expired: seq# 51 Customer: NEW INVST BANK Bloomberg User Name: SAM SCHONER Phone Number: 1-415-262-4118 Sales Person: JOHN VALECCE Trade Date: 11/21/5 Settle Date: 11/21/5 Trade Type: Client BUY Face Amt: 1.868M Coupon Rate: 0 Price: 4.391 Maturity: 9/19/6 Yield: 0.000 DTC Cusip: 314497G47 Currency: USD Cust Account:FIRSTREP 2768519949 2005-11-21-11.28.03.000000 JEFF GLASCOTT INTER FIN SECURITIES LLC JGLASCOTT@bloomberg.net WILLIAM MARDEN 939 COLD INVST & C 443442 925000 WWM3@bloomberg.net market grinds up on Trichet's Greenspanspeak. Feels like spec Welcome to Thanksgiving week. Spreads doing nothing as the market grinds up on Trichet's Greenspanspeak. Feels like spec shorts feeling a little pain. Not much in the way of convexity activity. RATES COLOR 1815798276 2005-11-21-11.30.04.000000 GARY SIMS STEEL KEEGAN & CO., GARYSIMS@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net MINDTRAP - MONDAY...BONUS PICTURE A SHIP AT ANCHOR. OVER THE SIDE HANGS A ROPE LADDER WITH HALF METER RUNGS. THE TIDE RISES A HALF METER PER HOUR. AT THE END OF FIVE HOURS, HOW MUCH OF THE LADDER WILL REMAIN ABOVE THE WATER ASSUMING THAT NINE RUNGS WERE ABOVE THE WATER WHEN THE TIDE BEGAN TO RISE ? 664860 2764638441 2005-11-21-11.30.04.000000 GARY SIMS STEEL KEEGAN & CO., GARYSIMS@bloomberg.net LA HAISON 939 NEW INVST BANK 141002 4404786 LHAISON4@bloomberg.net JAMES BUCKLEY 939 NEW INVST BANK 525752 2922634 JBUCKLEY13@bloomberg.net MINDTRAP - MONDAY...BONUS PICTURE A SHIP AT ANCHOR. OVER THE SIDE HANGS A ROPE LADDER WITH HALF METER RUNGS. THE TIDE RISES A HALF METER PER HOUR. AT THE END OF FIVE HOURS, HOW MUCH OF THE LADDER WILL REMAIN ABOVE THE WATER ASSUMING THAT NINE RUNGS WERE ABOVE THE WATER WHEN THE TIDE BEGAN TO RISE ? 664860 2614193678 2005-11-21-11.31.50.000000 JANE ALEXANDER DELAROSA, E.J. JALEXANDEREJ@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net TRDR:JANE ALEXANDER>DELAROSA, E.J. CUSIP: 544648QT8 * TRADE TICKET : LOSEDU 0 10/01/31 * As of: 11/21/05 TRDR:JANE ALEXANDER>DELAROSA, E.J. CUSIP: 544648QT8 BUYS : 200 (M) PRICE: 100.0000000 CUENT COUPON: 3.0000 DISCOUNT MARGIN: -0.0007 (yield to 10/ 1/31 at 100.0000) ASSUMED INDEX: 3.00000 INDEX AT NEXT PAY: 3.0000 SETTLEMENT on 11/21/05 ACCRUED FACTOR: 0.00151945 NOTES: FSRP (TO REPLACE CUSIP 544399DB) {544648QT Muni DES<GO>} * L A UNSD VAR-ADM * ** PRINCIPAL: $ 200,000.00 ** ** ACCRUED ( 20 days): 303.89 ** 2176430509 2005-11-21-11.32.17.000000 NANCY POLLACK FTN FINANCIAL NDPOLLACK@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net Istar curve sfi 4 7/8 1/09 117/110 possible buyer 5yr sfi 5 3/8 4/10 144/125 sfi 6.0 12/10 137/130 buyer 2mm 5yr sfi 5 1/8 4/11 140/144 seller 5mm 5yr sfi 5.15 3/12 155/145 sfi 5.70 3/14 156/148 buyer 2mm sfi 6.05 4/15 163/155 2696054410 2005-11-21-11.32.29.000000 TED WALKER FTN FINANCIAL FISHBAIT@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net **TWO NEW SHORT CALLABLE POSITIONS..BOTH INDEX ELIGIBLE** 15MM FNMA 4.0 3/7/07-3/06 SEMI {3136F66Z7 Corp DES<GO>} @37 OAS 99-03 4.73 YTM (250MM ISSUE) 25MM FHLB 3.75 3/7/07-3/06 1 X {3144XAUZ8 Corp DES<GO>} 597497838 2005-11-21-11.32.35.000000 SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net NICHOLAS CAPEZZUTO NEW CAPITAL INC NCAPEZZUTO@bloomberg.net The following trade was accepted: seq# 53 ACCEPT: FMCDN 0 9/19/6 1.868M (NEW CAP) The following trade was accepted: seq# 53 Customer: NEW INVST BANK Bloomberg User Name: SAM SCHONER Phone Number: 1-415-262-4118 Sales Person: NICHOLAS CAPEZZUTO Trade Date: 11/21/5 Settle Date: 11/21/5 Trade Type: Client BUY Face Amt: 1.868M Coupon Rate: 0 Price: 4.392 Maturity: 9/19/6 Yield: 4.560 DTC Cusip: 314497G47 Currency: USD Cust Account:FIRSTREP 3925508731 2005-11-21-11.32.37.000000 SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net JOHN VALECCE NEW CAPITAL INC NEETER@bloomberg.net The following trade was accepted: seq# 53 ACCEPT: FMCDN 0 9/19/6 1.868M (NEW CAP) The following trade was accepted: seq# 53 Customer: NEW INVST BANK Bloomberg User Name: SAM SCHONER Phone Number: 1-415-262-4118 Sales Person: JOHN VALECCE Trade Date: 11/21/5 Settle Date: 11/21/5 Trade Type: Client BUY Face Amt: 1.868M Coupon Rate: 0 Price: 4.392 Maturity: 9/19/6 Yield: 4.560 DTC Cusip: 314497G47 Currency: USD Cust Account:FIRSTREP 3805507741 2005-11-21-11.34.37.000000 MICHAEL JENNINGS YOUNG & YOUNGBERG LL MJENNINGS2@bloomberg.net JAMES BUCKLEY 939 NEW INVST BANK 525752 2922634 JBUCKLEY13@bloomberg.net 775 CALIFORNIA ST ECONOMIC RECOVER 3.50 7/1/08 AT 3.35 13067JBT7 PUT BOND IN 2008 3770054446 2005-11-21-11.34.38.000000 FRED STUART MCDONALD INVESTMENTS FSTUART2@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM CA *DES:FREMONT UHSD-RF CPN:5 MTY: 9/01/2018 357172SH CA *DES:FREMONT UHSD-RF CPN:5 MTY: 9/01/2018 357172SH WE OWN & OFFER 3mm @ 4.13ytc/4.289ytm....$106.927 92%tsy/94%tsy +9mmd kbq - 4.12 664928 379445065 2005-11-21-11.35.53.000000 JAMES O'HALLORAN WELLS INVST INSTIT.B OHALJ@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net {3136F6W21 Corp DES<GO>} LOOKING FOR A BID ON 500K FNMA 5.625 4/6/15 4/6/06 {3136F6W21 Corp DES<GO>} 363597005 2005-11-21-11.35.58.000000 JAMES O'HALLORAN WELLS INVST INSTIT.B OHALJ@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net {3136F6W21 Corp DES<GO>} LOOKING FOR A BID ON 500K FNMA 5.625 4/6/15 4/6/06 {3136F6W21 Corp DES<GO>} 3206229096 2005-11-21-11.39.39.000000 MICHAEL JENNINGS YOUNG & YOUNGBERG LL MJENNINGS2@bloomberg.net JAMES BUCKLEY 939 NEW INVST BANK 525752 2922634 JBUCKLEY13@bloomberg.net 425 CALIFORNIA STATEWIDE CMNTYS 4.750 11/15/09 AT 3.50 130911UE8 2030855678 2005-11-21-11.40.18.000000 DAVID FUCCILLO INTER FIN FINANCIAL SERVIC DFUCCILLO1@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM do u consider cop's? 656807485 2005-11-21-11.41.14.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM CMCSA 5.85 1/10 96/91 S 5+mm | 7.05 3/44 186/181 B 5mm *** BAS Comcast (CMCSA) -11:30 Update *** CMCSA 5.85 1/10 96/91 S 5+mm | 7.05 3/44 186/181 B 5mm 5.45 11/10 99/94 B 5mm | 5.65 6/35 171/167 6 3/4 1/11 106/101 | 6.5 11/35 180/177 5 1/2 3/11 103/98 B 10mm BB 8 3/8 3/13 132/127 7 1/8 6/13 129/124 5.3 1/14 123/118 B 3+mm 6 1/2 1/15 129/124 S 10mm 5.85 11/15 130/126 4.95 6/16 144/128 8 7/8 5/17 160/155 S 12+mm BB 9.45 11/22 187/182 B 5mm 664852 2777291306 2005-11-21-11.41.19.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ARCHYOUNG-SMITH OPERATING TRUST ***** OFFICIAL LAUNCH: ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Jt Books.....BAS/C CoMgr.....Lehman,JPM,RBS,MS,DB,STI Issuer.......Archstone Smith Operating Trust "ASN" Rating.......Baa1/BBB+/BBB+ stable/stable/stable Maturity.....5 year Size.........$200mm Will Price...+90. Allocations in 30-45 minutes. Pxing between 12:30-1pm 664852 1578392481 2005-11-21-11.41.28.000000 NIKOS DIAMANTOPOULOS GAMMA SECURITIES DIANIC@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM DAVID FUCCILLO INTER FIN FINANCIAL SERVIC DFUCCILLO1@bloomberg.net Reply: do u consider cop's? Reply: no 4286039006 2005-11-21-11.48.03.000000 JASON REED STEPHENS INC. JASONREED@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net New CAL kicker we just picked up....+32 over scale @ mat New CAL kicker we just picked up....+32 over scale @ mat CA *DES:CALIFORNIA REF CPN:5 1/2 MTY: 3/01/2013 13062NKA OWN&OFFER 270M @ 3.60/4.05YTM $109.035 82%/91.6% TRSY 4141031007 2005-11-21-11.48.06.000000 JASON REED STEPHENS INC. JASONREED@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net New CAL kicker we just picked up....+32 over scale @ mat New CAL kicker we just picked up....+32 over scale @ mat CA *DES:CALIFORNIA REF CPN:5 1/2 MTY: 3/01/2013 13062NKA OWN&OFFER 270M @ 3.60/4.05YTM $109.035 82%/91.6% TRSY 4482473161 2005-11-21-11.48.12.000000 MATTHEW HALL SAMCO CAPITAL MARKET MHALL16@bloomberg.net JASON REED STEPHENS INC. JASONREED@bloomberg.net JAMES BUCKLEY 939 NEW INVST BANK 525752 2922634 JBUCKLEY13@bloomberg.net New CAL kicker we just picked up....+32 over scale @ mat New CAL kicker we just picked up....+32 over scale @ mat CA *DES:CALIFORNIA REF CPN:5 1/2 MTY: 3/01/2013 13062NKA OWN&OFFER 270M @ 3.60/4.05YTM $109.035 82%/91.6% TRSY 1716769319 2005-11-21-11.49.05.000000 SHANE MORDEN STEPHENS INC. SCMORDEN@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net *** fnci 6s Dec $102-05+.. these surrogates same way for corp!! 500k {fhr 2363 pf Mtge yt 102-05 <go>} 3030m {fhr 2353 td Mtge yt 102-05+ <go>} *** seasoned / 4yr shorter finals / same cash flow!!! 1098823893 2005-11-21-11.49.29.000000 TED WALKER FTN FINANCIAL FISHBAIT@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net OFFER ASTONISHING !!!!! OFFER 500 FNMA 4.5 3/ 4/13-05 80 OAS {3136F5DM0 Corp DES<GO>} APX $ 95-1 LIBOR +15.5 500 FNMA 5 06/03/15-05 88 OAS {3136F4XF6 Corp DES<GO>} APX $ 95-25 LIBOR +13.5 140153904 2005-11-21-11.50.46.000000 BILL PRICE GLOBE NET/WFC, S RINGCOP@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM TRDR:BILL PRICE>GLOBE NET/WFC, SOUTH ID: 81782JZC9 * TRADE TICKET * REG.TYPE 3(a)3 TRDR:BILL PRICE>GLOBE NET/WFC, SOUTH ID: 81782JZC9 BUYS : 500 (M) of SVEV 0 12/12/05 DATED: 11/16/05 ISSUER: 7-ELEVEN INC SETTLEMENT on 11/21/05 DISCOUNT 3.990000 YIELD 3.99931 US GOVT BOND EQUIV 4.06596 PRICE 99.7672500 (to 12/12/05 @ 100.0000) NOTES: A/C TW + TRADE NUMBERS + 27909 2312854467 2005-11-21-11.58.43.000000 MICHAEL AGULLA FROG & CO. MAGULLA@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net Update on the FHLMC 5.500 11/22/10 44MM 5/1 Berm FHLMC 5.50 11/22/10-11/06{3128X4TY7 corp <go>} +55/14 3044712105 2005-11-21-11.59.46.000000 MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM BILL GLOBE 939 NEW INVST BANK 525752 2157878 BGLOBE 1@bloomberg.net TRDR:MICHAEL MARTINI> COLD INVST & ID: 81782JZC9 * TRADE TICKET * REG.TYPE 3(a)3 TRDR:MICHAEL MARTINI> COLD INVST & ID: 81782JZC9 BUYS : 500 (M) of SVEV 0 12/12/05 DATED: 11/16/05 ISSUER: 7-ELEVEN INC SETTLEMENT on 11/21/05 DISCOUNT 3.990000 YIELD 3.99931 US GOVT BOND EQUIV 4.06596 PRICE 99.7672500 (to 12/12/05 @ 100.0000) NOTES: TW BUYS FROM ML FOR A9G-300015 SOLO + TRADE NUMBERS + 4198742970 2005-11-21-12.00.38.000000 SEAN KIRK UNITED CAPITAL MARKE SEANX@bloomberg.net WILLIAM MARDEN 939 COLD INVST & C 443442 925000 WWM3@bloomberg.net * +723 at last months cdr, repo+60day up only 3bps!! ** INTEX now rolled!! 15mm traded 5mm left GT973 m1 +723 !?! ** * +723 at last months cdr, repo+60day up only 3bps!! * 3mo avg 4.8cdr and 80% severity $64-24 OFFER * Nov05 remit: 4.08% CDR 70% severity (2.86% net) * 63-00bid , 3.9cdr 72severity 2.8netloss lowest in 3yrs Px 4.4cdr 4.8cdr 5.2cdr 5.2r18,4 sub% repo+60 GT 96-3 79 s+291 +306 +259 +270 12.0% 2.59% GT 96-8 89 +386 +341 +292 +411 14.0% 2.84% GT 97-1 84 +393 +342 +286 +420 11.3% 2.72% GT 97-3*64 3/4*+474 +377 +272 **+528** 6.5% 2.62% GT 97-5 82 +398 +345 +285 +425 12.4% 2.07% GT 97-8 67 +383 +285 +176 +439 8.61% 3.05% 6cpr/85sev/41collcfb 838162555 2005-11-21-12.00.38.000000 SEAN KIRK UNITED CAPITAL MARKE SEANX@bloomberg.net JOHN KNOX 939 COLD INVST & C 290562 8104 JKNOX@bloomberg.net * +723 at last months cdr, repo+60day up only 3bps!! ** INTEX now rolled!! 15mm traded 5mm left GT973 m1 +723 !?! ** * +723 at last months cdr, repo+60day up only 3bps!! * 3mo avg 4.8cdr and 80% severity $64-24 OFFER * Nov05 remit: 4.08% CDR 70% severity (2.86% net) * 63-00bid , 3.9cdr 72severity 2.8netloss lowest in 3yrs Px 4.4cdr 4.8cdr 5.2cdr 5.2r18,4 sub% repo+60 GT 96-3 79 s+291 +306 +259 +270 12.0% 2.59% GT 96-8 89 +386 +341 +292 +411 14.0% 2.84% GT 97-1 84 +393 +342 +286 +420 11.3% 2.72% GT 97-3*64 3/4*+474 +377 +272 **+528** 6.5% 2.62% GT 97-5 82 +398 +345 +285 +425 12.4% 2.07% GT 97-8 67 +383 +285 +176 +439 8.61% 3.05% 6cpr/85sev/41collcfb 2867400793 2005-11-21-12.06.47.000000 JEFF MILLER TWIN SEC, INC JMILLER2@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM GRACE EMILIO 939 COLD INVST & C 290562 1720623 GEMILIOTW@bloomberg.net 34MM FHR 2525 BD 5.5/5.5 2.6YR E+30 **SHORT PAC ALTERANTIVE** 34MM FHR 2525 BD 5.5/5.5 2.6YR E+30 ** 37 WALA PRICED AT AT 10CPR EXTENSION IS FULLY PRICED IN ESPECIALLY FOR 2002 PRODUCTION COLLAT **PACS TRADE E20 TO 25 AREA PICK 10ISH BP 665740 732625683 2005-11-21-12.06.47.000000 JEFF MILLER TWIN SEC, INC JMILLER2@bloomberg.net WILLIAM MARDEN 939 COLD INVST & C 443442 925000 WWM3@bloomberg.net JOHN KNOX 939 COLD INVST & C 290562 8104 JKNOX@bloomberg.net DAVID CASPAR 939 COLD INVST & C 443442 2070403 DAVIDCASPAR@bloomberg.net 34MM FHR 2525 BD 5.5/5.5 2.6YR E+30 **SHORT PAC ALTERANTIVE** 34MM FHR 2525 BD 5.5/5.5 2.6YR E+30 ** 37 WALA PRICED AT AT 10CPR EXTENSION IS FULLY PRICED IN ESPECIALLY FOR 2002 PRODUCTION COLLAT **PACS TRADE E20 TO 25 AREA PICK 10ISH BP 665740 1869181938 2005-11-21-12.07.46.000000 VINCENT MCCAMBRIDGE NET SED LTD IN VINMC1@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM COUPLE VERY SMALL W/L PACS PRICED TO MOVE 150M {BOAMS 03-6 1A29 Mtge YT 25/E/200PSA <GO>} 150M {SASC 05-6 5A6 Mtge YT 130//200PSA <GO>} 4467790084 2005-11-21-12.11.46.000000 TED WALKER FTN FINANCIAL FISHBAIT@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net **NEW ISSUE 7 YR 3 YR FFCB.."RARE BIRD" FROM THIS AM'S AUCTION 35MM FFCB 5.35 11/28/12-11/08 CC 100 -2.00 SETTLE 11/28 {EF1802380 Corp DES<GO>} 3568964691 2005-11-21-12.15.07.000000 ROBERT L MAYWEATHER SUNTRUST CAPITAL MAR RMAYWEATHER@bloomberg.net WILLIAM MARDEN 939 COLD INVST & C 443442 925000 WWM3@bloomberg.net DUE DILIGENCE CALL FOR MONDAY 11/21 @ 2:30EST DUE DILIGENCE CALL INFO FOR SUNTRUST DEAL**MID-STATE INVESTOR DUE DILIGENCE CALL FOR MONDAY 11/21 @ 2:30EST DIAL IN NUMBERS: US (TOLL FREE) 888-677-1632 INTERNATIONAL 630-395-0023 PASS CODE: MID-STATE LEADER: STEVE PENA 1004649595 2005-11-21-12.15.13.000000 MICHAEL JENNINGS YOUNG & YOUNGBERG LL MJENNINGS2@bloomberg.net JAMES BUCKLEY 939 NEW INVST BANK 525752 2922634 JBUCKLEY13@bloomberg.net 350 UNIVERSITY CALIF REVS 5.000 PRERE 2006 AT 3.00 914113Q40 140478358 2005-11-21-12.19.05.000000 GARY SIMS STEEL KEEGAN & CO., GARYSIMS@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net *** NEW DEAL 5YR / 2YR 5MM FFCB 5.20 12/06/10 - 12/06/07 CALL 100 L $1.25 +82 5YR 12/06 SETTLE CONT CALLS - AUCTION BOND 664860 1871119608 2005-11-21-12.19.05.000000 GARY SIMS STEEL KEEGAN & CO., GARYSIMS@bloomberg.net LA HAISON 939 NEW INVST BANK 141002 4404786 LHAISON4@bloomberg.net JAMES BUCKLEY 939 NEW INVST BANK 525752 2922634 JBUCKLEY13@bloomberg.net *** NEW DEAL 5YR / 2YR 5MM FFCB 5.20 12/06/10 - 12/06/07 CALL 100 L $1.25 +82 5YR 12/06 SETTLE CONT CALLS - AUCTION BOND 664860 1035703669 2005-11-21-12.19.21.000000 DAVID BOVE FAM SECURITIES G DBOVE@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net **10YR/6MO FHLB QUAD-STEP** 5MM+ @ 99-23 5MM+ FHLB 12-09-15/3-06 PAR less $2.8125 QUAD-STEP 5.25% 2YRS, 6.25% 3YRS, 7.25% 3YRS, & 8.25% 2YRS AT 99.71875 CUSIP 3144XDY88 12/09 STL ********** DENOMS 100M x 5M YTM 6.605 3MO LOCKOUT, THEN QTRLY CALLS YTC 6.393 **I@PAR 6.567** YTW 5.400 dec07 668624 4438040565 2005-11-21-12.19.47.000000 VINCENT MCCAMBRIDGE NET SED LTD IN VINMC1@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM RALLY BOND, CHEAP!! PASSES FMED 4MM {FHR 2587 KC Mtge YT 108// <GO>} ~98-3 5 / 5.5 XPAC DWARF 5 ALTERNATIVE TAKE OUT 20/32 IN $ PICK 20BPS IN YIELD YBOOK: + 0 LOAS 3.93 DURA -1.42 CXVY KC'S -11 LOAS 3.54 DURA - .96 CVXY FNCI 5 894297140 2005-11-21-12.20.15.000000 GARY SIMS STEEL KEEGAN & CO., GARYSIMS@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net *** NEW DEAL 3YR / 1YR 25MM FFCB 5.00 11/28/08 - 11/28/06 CALL 100 L .75* +64 3YR 11/28 SETTLE CO MGR: WACH CONT CALLS FFCB AUCTION *REDUCED FEES 664860 2727700736 2005-11-21-12.20.16.000000 GARY SIMS STEEL KEEGAN & CO., GARYSIMS@bloomberg.net LA HAISON 939 NEW INVST BANK 141002 4404786 LHAISON4@bloomberg.net JAMES BUCKLEY 939 NEW INVST BANK 525752 2922634 JBUCKLEY13@bloomberg.net *** NEW DEAL 3YR / 1YR 25MM FFCB 5.00 11/28/08 - 11/28/06 CALL 100 L .75* +64 3YR 11/28 SETTLE CO MGR: WACH CONT CALLS FFCB AUCTION *REDUCED FEES 664860 2690101549 2005-11-21-12.24.21.000000 SHANE MORDEN STEPHENS INC. SCMORDEN@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net NEW 10YR 5% OFFERING: 2+MM FG J00380 +26+ T+3 W.P. {FG J00380 Mtge YT 99-18 <GO>} T+3 WILL OFFER +24 FOR DEC DWARF 5'S $98-23+ HAVEN'T SEEN ANYTHING CHEAPER 1195040442 2005-11-21-12.27.18.000000 SHANE MORDEN STEPHENS INC. SCMORDEN@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net SEASONED NUGGET 5%'s DECEMBER ODDS cf pool wam spread 690,281 B17545 164 +2 496,323 G18065 174 +2 813,393 J02011 168 +2 dwf 5's 98-23+ 3121298238 2005-11-21-12.31.13.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM 6 5/8 3/12 89/84 10yr mkt/bs EQR 4 3/4 6/09 77/72 5yr mkt/bs Traded 5mm 6 5/8 3/12 89/84 10yr mkt/bs 5.20 4/13 94/89 "" mkt/bb Traded 5mm 5 1/2 9/14 103/98 "" mkt 6.63 4/15 107/102 "" mkt/bb looking for 2mm 5 1/8 3/16 108/103 "" mkt Equity Residential L.P. Baa1/BBB+ (s/s) 11/21/05 664852 506190497 2005-11-21-12.35.49.000000 SCOTT RIRIE TOP SECURITI SRIRIE1@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net 2 SECONDARY FHLB STEP OFFERINGS, BOTH OFFERED LIBOR +15 200M FHLB 3.50% 07/30/13 1/06 {31449YNZ1 corp <GO>} @ 97.65 3.5% TO 7/06, THEREAFTER 5.25% CANARY STEP 81 oas 5.44% irr L+15 (using S23 curve) 800M FHLB 4.00% 07/23/18 1/06 {31449YGS5 corp <GO>} @94-12 4% TO 7/08, 5.5% TO 7/13, THEREAFTER 8% 96 OAS 6.48% I L+15 (using S23 curve) 665420 1898755773 2005-11-21-12.44.26.000000 NANCY POLLACK FTN FINANCIAL NDPOLLACK@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net 1485024450 2005-11-21-12.46.44.000000 MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM BILL GLOBE 939 NEW INVST BANK 525752 2157878 BGLOBE 1@bloomberg.net TRDR:MICHAEL MARTINI> COLD INVST & (DATED: 12/31/03) ISIN: US912828BU44 * TRADE TICKET * As of: 11/21/05 TRDR:MICHAEL MARTINI> COLD INVST & (DATED: 12/31/03) SELLS: 125 (M) of T 1 7/8 12/31/05 CUSIP: 912828BU3 PRICE 99.765625 or YIELD 4.066029 (to 12/31/05 @ 100.0000) SETTLEMENT on 11/22/05 ISSUER: US TREASURY N/B NOTES: TW SELLS TO GX CLARKE FROM 44L-306181 SOLO {912828BU Govt DES<GO>} ** PRINCIPAL: $ 124,707.03 ** ** ACCRUED (145 days): 923.49 ** 1343157607 2005-11-21-12.47.53.000000 CHRIS ROSENTHAL INTER FIN FINANCIAL SERVIC AYNRAND1@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM CA *DES:CA SPL DISTS-SS CPN:3 3/4 MTY: 8/01/2010 130606MS CA *DES:CA SPL DISTS-SS CPN:3 3/4 MTY: 8/01/2010 130606MS I KNOW YOULL FIGHT ME ON THIS...BUT COPS ARE ESSENTIALLY G.O. DEBT IN CALIF.....250M AT 101.499 3.40% 1327092984 2005-11-21-12.50.25.000000 GARY KOBES GLOBE NET/NY,WFC GKOBES@bloomberg.net LA HAISON 939 NEW INVST BANK 141002 4404786 LHAISON4@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net **UPDATE** ... INTERMEDIATE " BANK & FINANCE " 11/21/05 3500M BOKF 5 06/15 @+97 5MM+ SOV 4.80 10 @+89 t5 5MM+ GS 4.75 07/13 SOLD 8MM GS 5.5 11/14 @+89 t10 5MM+ QBEMAN 4.692 11/08 @+102 t3 5MM+ NWIDE 5 15 @+78 t10 5150M WM 5.25 17 @+120 t10 5MM+ SLMA 5 13 SOLD 2360M SLMA 5.125 08/12 @+71 t10 PLS ADVISE OF INTEREST !!!!!!!!!! 27909 2746071362 2005-11-21-12.50.26.000000 NANCY POLLACK FTN FINANCIAL NDPOLLACK@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net 08 MEDIA: BAA1/BBB+* 3500M TIME WARNER(TWX)7 1/4 9/08 @ +90/3Y 728241098 2005-11-21-12.55.18.000000 SHANE MORDEN STEPHENS INC. SCMORDEN@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net COLLATERAL BID LIST: IN COMP 1:00 EST ALL HIGH COUPS CPN FINAL SIZE WAM FG E00467 7.50 1/1/2012 3,077,802/146M 68 FG E00478 7.50 3/1/2012 3,030,000/127M 69 FN 402984 9.00 7/1/2012 950M/60M 61 GN 395726 9.50 2/15/2010 1,010,716/116M 47 DIRECT 2794449324 2005-11-21-12.55.25.000000 SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net NICHOLAS CAPEZZUTO NEW CAPITAL INC NCAPEZZUTO@bloomberg.net The following trade was accepted: seq# 63 ACCEPT: FHDN 0 2/16/6 0.495M (NEW CAP) The following trade was accepted: seq# 63 Customer: NEW INVST BANK Bloomberg User Name: SAM SCHONER Phone Number: 1-415-262-4118 Sales Person: NICHOLAS CAPEZZUTO Trade Date: 11/21/5 Settle Date: 11/22/5 Trade Type: Client BUY Face Amt: 0.495M Coupon Rate: 0 Price: 4.120 Maturity: 2/16/6 Yield: 4.161 DTC Cusip: 314485TD8 Currency: USD Cust Account:FIRSTREP 4008826769 2005-11-21-12.55.27.000000 SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net JOHN VALECCE NEW CAPITAL INC NEETER@bloomberg.net The following trade was accepted: seq# 63 ACCEPT: FHDN 0 2/16/6 0.495M (NEW CAP) The following trade was accepted: seq# 63 Customer: NEW INVST BANK Bloomberg User Name: SAM SCHONER Phone Number: 1-415-262-4118 Sales Person: JOHN VALECCE Trade Date: 11/21/5 Settle Date: 11/22/5 Trade Type: Client BUY Face Amt: 0.495M Coupon Rate: 0 Price: 4.120 Maturity: 2/16/6 Yield: 4.161 DTC Cusip: 314485TD8 Currency: USD Cust Account:FIRSTREP 365514411 2005-11-21-12.57.40.000000 JASON REED STEPHENS INC. JASONREED@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net CA *DES:UNIV CA CPN:5 MTY: 5/15/2038 91412FWW CA *DES:UNIV CA CPN:5 MTY: 5/15/2038 91412FWW 2.5mm offered @ 4.54 1764279246 2005-11-21-12.57.43.000000 JASON REED STEPHENS INC. JASONREED@bloomberg.net JAMES BUCKLEY 939 NEW INVST BANK 525752 2922634 JBUCKLEY13@bloomberg.net CA *DES:UNIV CA CPN:5 MTY: 5/15/2038 91412FWW CA *DES:UNIV CA CPN:5 MTY: 5/15/2038 91412FWW 2.5mm offered @ 4.54 2448903314 2005-11-21-12.57.46.000000 JASON REED STEPHENS INC. JASONREED@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net CA *DES:UNIV CA CPN:5 MTY: 5/15/2038 91412FWW CA *DES:UNIV CA CPN:5 MTY: 5/15/2038 91412FWW 2.5mm offered @ 4.54 3123142442 2005-11-21-13.00.02.000000 MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM CHRIS ROSENTHAL INTER FIN FINANCIAL SERVIC AYNRAND1@bloomberg.net CA *DES:CA SPL DISTS-SS CPN:3 3/4 MTY: 8/01/2010 130606MS CA *DES:CA SPL DISTS-SS CPN:3 3/4 MTY: 8/01/2010 130606MS I KNOW YOULL FIGHT ME ON THIS...BUT COPS ARE ESSENTIALLY G.O. DEBT IN CALIF.....250M AT 101.499 3.40% Reply: I want fight I will just ignore you. 2705608037 2005-11-21-13.01.04.000000 MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM BRIAN HALLINAN FROG & CO. BHALLINAN@bloomberg.net Any word on the TERFUN? 1778044802 2005-11-21-13.02.07.000000 CHRIS ROSENTHAL INTER FIN FINANCIAL SERVIC AYNRAND1@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM CA *DES:CA SPL DISTS-SS CPN:3 3/4 MTY: 8/01/2010 130606MS CA *DES:CA SPL DISTS-SS CPN:3 3/4 MTY: 8/01/2010 130606MS I KNOW YOULL FIGHT ME ON THIS...BUT COPS ARE ESSENTIALLY G.O. DEBT IN CALIF.....250M AT 101.499 3.40% Reply: I want fight I will just ignore you. Reply: I DONT LIKE TO BE IGNORED. 2418556447 2005-11-21-13.03.34.000000 BRIAN HALLINAN FROG & CO. BHALLINAN@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM Reply: Any word on the TERFUN? Reply: hey Mike- I spoke with my guys this am and we still havent received any money yet from agent. Our desk is waiting until the reorg is settled in its entirety and then we will settle up. 1467376869 2005-11-21-13.03.42.000000 E.J. DELAROSA DELAROSA, E.J. DELAROSA@bloomberg.net LA HAISON 939 NEW INVST BANK 141002 4404786 LHAISON4@bloomberg.net JAMES BUCKLEY 939 NEW INVST BANK 525752 2922634 JBUCKLEY13@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net WE ARE TAKING INDICATIONS OF INTEREST ON 10MM RIDGECREST COP WE ARE TAKING INDICATIONS OF INTEREST ON 10MM RIDGECREST COP PRICING TOMOOW, 11/22 (CITY HALL) WE HAVE COUPON FLEXIBILITY DELAROSA IS SOLE SENIOR MANAGER POS AVAILABLE ELECTRONICALLY AT: http://www.knninc.com/Ridgecrest/ RATINGS REPORT AVAILABLE UPON REQUEST. PLEASE LET ME KNOW IF YOU HAVE ANY INTEREST. THANK YOU. 1194893582 2005-11-21-13.03.55.000000 E.J. DELAROSA DELAROSA, E.J. DELAROSA@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net WE ARE TAKING INDICATIONS OF INTEREST ON 10MM RIDGECREST COP WE ARE TAKING INDICATIONS OF INTEREST ON 10MM RIDGECREST COP PRICING TOMOOW, 11/22 (CITY HALL) WE HAVE COUPON FLEXIBILITY DELAROSA IS SOLE SENIOR MANAGER POS AVAILABLE ELECTRONICALLY AT: http://www.knninc.com/Ridgecrest/ RATINGS REPORT AVAILABLE UPON REQUEST. PLEASE LET ME KNOW IF YOU HAVE ANY INTEREST. THANK YOU. 2599483597 2005-11-21-13.03.53.000000 JOHN KISTLER NOMURA SECURITIES IN JKISTLER@bloomberg.net WILLIAM MARDEN 939 COLD INVST & C 443442 925000 WWM3@bloomberg.net Syndicate style. See email with updated CDI file. NAA 2005-AR6 - ***LAUNCH*** FLOATING RATE SINTER FIN* Syndicate style. See email with updated CDI file. Cls Size(mm) Size%/C.E. WAL* Mdys/S&P Px-Talk Status M-1 $44.312 [5.08 4.71] 5.25 Aa2/AA 50a Open M-2 $10.672 [1.63/3.09] 5.24 A1/A+ 65a Open M-3 $7.484 [1.14/1.94] 5.19 A3/A- 75a Open M-4 $4.463 [0.68/1.26] 4.84 Baa1/BBB+ 150a Open M-5 $4.729 [0.72/ .54] 3.91 Baa3/BBB- 275a Open OC $3.555 [0.54/ n/a] (min. OC 0.50) n/a n/a *Bonds run @ 25 cpr to 10% call. Subs priced @PAR. 11/30 settle. *Size variance: +/- 10%. *Info. is approximate. See 11/17/05 Computational Materials. 400235104 2005-11-21-13.04.04.000000 JOHN KISTLER NOMURA SECURITIES IN JKISTLER@bloomberg.net WILLIAM MARDEN 939 COLD INVST & C 443442 925000 WWM3@bloomberg.net NAA 2005-AR6* - ***TRIGGERS*** FLOATING RATE SINTER FIN* [Delq. Trigger... Rolling Three Month Delinquency Rate exceeds 30% of the Senior Enhancement Percentage(~ 30% * 19.60% = 5.8%)] [Cum. Loss Trigger ... Range of Dist. Dates: Cum. Loss Percentage 12/08 -11/09 [0.85%] 12/09 -11/10 [1.30%] 12/10 -11/11 [1.60%] 12/11 & THEREAFTER [1.90%] *You should read the Prospectus Supplement for a complete description of the certificates.] 1676109915 2005-11-21-13.07.07.000000 MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM BRIAN HALLINAN FROG & CO. BHALLINAN@bloomberg.net Reply: Any word on the TERFUN? Reply: hey Mike- I spoke with my guys this am and we still havent received any money yet from agent. Our desk is waiting until the reorg is settled in its entirety and then we will settle up. Reply: Why would you receive any cash? When does reorg think this will be settled. 2488189464 2005-11-21-13.07.26.000000 MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM CHRIS ROSENTHAL INTER FIN FINANCIAL SERVIC AYNRAND1@bloomberg.net CA *DES:CA SPL DISTS-SS CPN:3 3/4 MTY: 8/01/2010 130606MS CA *DES:CA SPL DISTS-SS CPN:3 3/4 MTY: 8/01/2010 130606MS I KNOW YOULL FIGHT ME ON THIS...BUT COPS ARE ESSENTIALLY G.O. DEBT IN CALIF.....250M AT 101.499 3.40% Reply: I want fight I will just ignore you. Reply: I DONT LIKE TO BE IGNORED. Reply: Sor.. 2863946812 2005-11-21-13.10.58.000000 CHRIS ROSENTHAL INTER FIN FINANCIAL SERVIC AYNRAND1@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM AND I DONT LIKE TO BE HALF IGNORED EITHER! AND I DONT LIKE TO BE HALF IGNORED EITHER! I KNOW YOULL FIGHT ME ON THIS...BUT COPS ARE ESSENTIALLY G.O. DEBT IN CALIF.....250M AT 101.499 3.40% Reply: I want fight I will just ignore you. Reply: I DONT LIKE TO BE IGNORED. Reply: Sor.. 649462011 2005-11-21-13.11.17.000000 ROBERT L MAYWEATHER SUNTRUST CAPITAL MAR RMAYWEATHER@bloomberg.net DAVID CASPAR 939 COLD INVST & C 443442 2070403 DAVIDCASPAR@bloomberg.net DUE DILIGENCE CALL FOR MONDAY 11/21 @ 2:30EST DUE DILIGENCE CALL INFO FOR SUNTRUST DEAL**MID-STATE INVESTOR DUE DILIGENCE CALL FOR MONDAY 11/21 @ 2:30EST DIAL IN NUMBERS: US (TOLL FREE) 888-677-1632 INTERNATIONAL 630-395-0023 PASS CODE: MID-STATE LEADER: STEVE PENA 4164472804 2005-11-21-13.11.17.000000 STEVE GREEN WINTER GROUP, THE SGREEN22@bloomberg.net WILLIAM MARDEN 939 COLD INVST & C 443442 925000 WWM3@bloomberg.net cheap for the A- Did u take a look at the 05-18alt single A's?? 250dm looks very cheap for the A- 3945131068 2005-11-21-13.11.47.000000 JANE ALEXANDER DELAROSA, E.J. JALEXANDEREJ@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net WE ARE TAKING INDICATIONS OF INTEREST ON 10MM RIDGECREST COP WE ARE TAKING INDICATIONS OF INTEREST ON 10MM RIDGECREST COP PRICING TOMOOW, 11/22 (CITY HALL) WE HAVE COUPON FLEXIBILITY DELAROSA IS SOLE SENIOR MANAGER POS AVAILABLE ELECTRONICALLY AT: http://www.knninc.com/Ridgecrest/ RATINGS REPORT AVAILABLE UPON REQUEST. PLEASE LET ME KNOW IF YOU HAVE ANY INTEREST. THANK YOU. 3827439226 2005-11-21-13.14.51.000000 JOHN MOYNIHAN EDWARDS (A.G.) & SON JMOYNIHAN@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net CA *DES:L A SANTN SER A CPN:4 MTY: 2/01/2007 54462PAD CA *DES:L A SANTN SER A CPN:4 MTY: 2/01/2007 54462PAD 500M OFB AT 11:30 PST 665148 1718315942 2005-11-21-13.15.52.000000 WILLIAM MARDEN 939 COLD INVST & C 443442 925000 WWM3@bloomberg.net STEVE GREEN WINTER GROUP, THE SGREEN22@bloomberg.net cheap for the A- Did u take a look at the 05-18alt single A's?? 250dm looks very cheap for the A- Reply: HEARD YOUR MSG, BUT DID NOT SPEND MUCH TIME... WE DON'T HAVE A L OT OF ROOM FOR RES A (JUMBO A & ALT-A) PAPER. WWM 3208908214 2005-11-21-13.17.48.000000 LYLE WONG SOUTHWEST SECURITES, LYLEW@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM CALL ME PLEASE 665820 1535224379 2005-11-21-13.18.26.000000 MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM LYLE WONG SOUTHWEST SECURITES, LYLEW@bloomberg.net Reply: CALL ME PLEASE Reply: no 1378880257 2005-11-21-13.18.37.000000 DAVID CASPAR 939 COLD INVST & C 443442 2070403 DAVIDCASPAR@bloomberg.net ROBERT L MAYWEATHER SUNTRUST CAPITAL MAR RMAYWEATHER@bloomberg.net DUE DILIGENCE CALL FOR MONDAY 11/21 @ 2:30EST DUE DILIGENCE CALL INFO FOR SUNTRUST DEAL**MID-STATE INVESTOR DUE DILIGENCE CALL FOR MONDAY 11/21 @ 2:30EST DIAL IN NUMBERS: US (TOLL FREE) 888-677-1632 INTERNATIONAL 630-395-0023 PASS CODE: MID-STATE LEADER: STEVE PENA Reply: Thanks...I'll pass on the call. Our interest will depend on whether we have room to add subprime, what the pool looks like and where the price talk is....so just send me a msg when that's available 2787097538 2005-11-21-13.18.59.000000 E.J. DELAROSA DELAROSA, E.J. DELAROSA@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net WE WILL BE BOOK-RUNNING SENIOR MANAGER ON 310MM LA DWAP PWR REV WE WILL BE BOOK-RUNNING SENIOR MANAGER ON 310MM LA DWAP PWR REV ANTICIPATED PRICING THURS, 12/1 PRELIMINARY STRUCTURE ATTACHED ON DEAL FUNCTION POS AVAILABLE ELECTRONICALLY AT: http://odds.bowneonline.com/cgi-bin/odds_user.cgi?email=126826&e mailing=1585 2506492162 2005-11-21-13.19.05.000000 E.J. DELAROSA DELAROSA, E.J. DELAROSA@bloomberg.net LA HAISON 939 NEW INVST BANK 141002 4404786 LHAISON4@bloomberg.net JAMES BUCKLEY 939 NEW INVST BANK 525752 2922634 JBUCKLEY13@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net WE WILL BE BOOK-RUNNING SENIOR MANAGER ON 310MM LA DWAP PWR REV WE WILL BE BOOK-RUNNING SENIOR MANAGER ON 310MM LA DWAP PWR REV ANTICIPATED PRICING THURS, 12/1 PRELIMINARY STRUCTURE ATTACHED ON DEAL FUNCTION POS AVAILABLE ELECTRONICALLY AT: http://odds.bowneonline.com/cgi-bin/odds_user.cgi?email=126826&e mailing=1585 2880462082 2005-11-21-13.19.20.000000 PHILIP SHARKEY YOUNG & YOUNGBERG LL PSHARK2@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net New Deal -- S&Y Sole -- 3.5y nc 3mo $25MM FHLB 5.25% 06/15/09 Call 03/15/06 (Qtrly) 100-1.25 SD = 12/15 -Phil 415-445-2682 2218965426 2005-11-21-13.19.24.000000 BRIAN HALLINAN FROG & CO. BHALLINAN@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM Reply: Any word on the TERFUN? Reply: hey Mike- I spoke with my guys this am and we still havent received any money yet from agent. Our desk is waiting until the reorg is settled in its entirety and then we will settle up. Reply: Why would you receive any cash? When does reorg think this will be settled. Reply: we have an idea of what we are supposed to receive from the exchange but it has not settled in its entirety. the exchange agent says it is supposed to settle every day. we are stuck until that happens. 4278737386 2005-11-21-13.22.44.000000 ROBERT L MAYWEATHER SUNTRUST CAPITAL MAR RMAYWEATHER@bloomberg.net DAVID CASPAR 939 COLD INVST & C 443442 2070403 DAVIDCASPAR@bloomberg.net IGENCE CALL INFO FOR SUNTRUST DEAL**MID-STATE INVESTOR DUE DIL DAVE, PX TALK AND TERM SHEET IS ON YOUR BLOOM...THANKS...DUE DIL IGENCE CALL INFO FOR SUNTRUST DEAL**MID-STATE INVESTOR DUE DIL IGENCE CALL FOR MONDAY 11/21 @ 2:30EST DIAL IN NUMBERS: US (TOLL FREE) 888-677-1632 INTERNATIONAL 630-395-0023 PASS CODE: MID-STATE LEAD ER: STEVE PENA Reply: Thanks. ..I'll pass on the call. Our interest will depend on whether we have room to add subprime, what the pool looks like and whe 446802682 2005-11-21-13.22.37.000000 DAVID BOVE FAM SECURITIES G DBOVE@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net 7YR/2YR FHLB 5.40% ** 2MM+ @ 99-24 reg 2615M FHLB 5.40 11/08/12-11/07 AM @ 99.75 10x5 668624 2447746164 2005-11-21-13.37.32.000000 CORY RYAN GLOBE NET/WFC, S CRYAN5@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM TRDR:CORY RYAN>GLOBE NET/WFC, SOUTH ID: 98719DA98 * TRADE TICKET * REG.TYPE 3(a)3 TRDR:CORY RYAN>GLOBE NET/WFC, SOUTH ID: 98719DA98 SELLS: 700 (M) of YBS 0 01/09/06 DATED: 11/ 9/05 ISSUER: YORKSHIRE BLDG S SETTLEMENT on 11/22/05 DISCOUNT 4.220000 YIELD 4.24388 US GOVT BOND EQUIV 4.44819 PRICE 99.4374433 (to 1/ 9/06 @ 100.0000) NOTES: GLOBE SELLS TO TWC PERSHING A/C. THANKS. + TRADE NUMBERS + 27909 3129235015 2005-11-21-13.37.48.000000 MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM BILL GLOBE 939 NEW INVST BANK 525752 2157878 BGLOBE 1@bloomberg.net TRDR:MICHAEL MARTINI> COLD INVST & ID: 98719DA98 * TRADE TICKET * REG.TYPE 3(a)3 TRDR:MICHAEL MARTINI> COLD INVST & ID: 98719DA98 BUYS : 700 (M) of YBS 0 01/09/06 DATED: 11/ 9/05 ISSUER: YORKSHIRE BLDG S SETTLEMENT on 11/21/05 DISCOUNT 4.220000 YIELD 4.24438 US GOVT BOND EQUIV 4.44870 PRICE 99.4256111 (to 1/ 9/06 @ 100.0000) NOTES: TW BUYS FROM ML FOR 44L-306116 SOLO + TRADE NUMBERS + 764780232 2005-11-21-13.38.41.000000 MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM BILL GLOBE 939 NEW INVST BANK 525752 2157878 BGLOBE 1@bloomberg.net TRDR:MICHAEL MARTINI> COLD INVST & ID: 98719DA98 * TRADE TICKET * REG.TYPE 3(a)3 TRDR:MICHAEL MARTINI> COLD INVST & ID: 98719DA98 BUYS : 700 (M) of YBS 0 01/09/06 DATED: 11/ 9/05 ISSUER: YORKSHIRE BLDG S SETTLEMENT on 11/22/05 DISCOUNT 4.220000 YIELD 4.24388 US GOVT BOND EQUIV 4.44819 PRICE 99.4374433 (to 1/ 9/06 @ 100.0000) NOTES: TW BUYS FROM ML FOR 44L-306116 SOLO + TRADE NUMBERS + 2670386499 2005-11-21-13.40.30.000000 PATRICK NIELSON NELSONS FIRST NATIONAL PWN@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net 3.50 1/15/09 CC11-05. {3144F1AT4 corp <GO>} LOOKING FOR A BID A FREDDIE NOTE ODD LOT. PLEASE BID 50 FHLMC 3.50 1/15/09 CC11-05. {3144F1AT4 corp <GO>} 665632 1967416235 2005-11-21-13.40.37.000000 VINCENT MCCAMBRIDGE NET SED LTD IN VINMC1@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM HAVE THESE IN FOR BID AT 2:15 EST WE ARE DIRECT 15MM FHR 2643 OE 5/5 8.6YR PAC 25MM FHR 2929 PE 5/5 10.1YR PAC 4047097875 2005-11-21-13.42.21.000000 MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM VINCENT MCCAMBRIDGE NET SED LTD IN VINMC1@bloomberg.net HAVE THESE IN FOR BID AT 2:15 EST WE ARE DIRECT 15MM FHR 2643 OE 5/5 8.6YR PAC 25MM FHR 2929 PE 5/5 10.1YR PAC Reply: I filled my CMO. Let me see the scale on the CAL muni when you have one. 3180589376 2005-11-21-13.43.07.000000 VINCENT MCCAMBRIDGE NET SED LTD IN VINMC1@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM HAVE THESE IN FOR BID AT 2:15 EST WE ARE DIRECT 15MM FHR 2643 OE 5/5 8.6YR PAC 25MM FHR 2929 PE 5/5 10.1YR PAC Reply: I filled my CMO. Let me see the scale on the CAL muni when you have one. Reply: WHAT DID YOU BUY? CWALTS AT FOB? 4027750063 2005-11-21-13.44.43.000000 VINCENT MCCAMBRIDGE NET SED LTD IN VINMC1@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM PX THOUGHTS HAVE THESE IN FOR BID AT 2:15 EST WE ARE DIRECT PX THOUGHTS 15MM FHR 2643 OE 5/5 100// 25MM FHR 2929 PE 5/5 104// 239827089 2005-11-21-13.46.09.000000 MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM VINCENT MCCAMBRIDGE NET SED LTD IN VINMC1@bloomberg.net HAVE THESE IN FOR BID AT 2:15 EST WE ARE DIRECT 15MM FHR 2643 OE 5/5 8.6YR PAC 25MM FHR 2929 PE 5/5 10.1YR PAC Reply: I filled my CMO. Let me see the scale on the CAL muni when you have one. Reply: WHAT DID YOU BUY? CWALTS AT FOB? Reply: We totally changed and Bill bought an agency off 15 yr coll. Nothing special very vanilla. 2609326702 2005-11-21-13.50.07.000000 VINCENT MCCAMBRIDGE NET SED LTD IN VINMC1@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM WE ARE DIRECT OK WELL THANKS FOR THE SHOT....HAVE THESE IN FOR BID AT 2:15 EST WE ARE DIRECT 15MM FHR 2643 OE 5/5 8.6Y R PAC 25MM FHR 2929 PE 5/5 10.1YR PAC Reply: I filled my CMO. Let me see the scale on the CAL muni when you have one. Reply: WHAT DID YOU BUY? CWALTS AT FOB? Reply: We totally changed and Bill bough t an agency off 15 yr coll. Nothing special very vanilla. 3998167446 2005-11-21-13.53.48.000000 SHANE MORDEN STEPHENS INC. SCMORDEN@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net DOWN TO 3+MM SYNTHETIC 6%: FHR 2984 TB 2YR 142//200P 6/5.5 2YR TAC {FHR 2984 TB Mtge YT142//200P <GO>} 3060315657 2005-11-21-14.00.51.000000 NANCY POLLACK FTN FINANCIAL NDPOLLACK@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net A2/A 5010M COCA-COLA ENTERPRISES (CCE) 2 1/2 9/15/06 @L-3 11/23/05 SETTLE 5250101 2005-11-21-14.03.05.000000 JAMES O'HALLORAN WELLS INVST INSTIT.B OHALJ@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net FNMA 5.6 1/16/24 12/1/05 {3136F2H50 Corp DES<GO>} WOULD ANYONE CARE TO PUT A BID INDICATION ON 30K FNMA NOTES? FNMA 5.6 1/16/24 12/1/05 {3136F2H50 Corp DES<GO>} 912006577 2005-11-21-14.03.11.000000 JAMES O'HALLORAN WELLS INVST INSTIT.B OHALJ@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net FNMA 5.6 1/16/24 12/1/05 {3136F2H50 Corp DES<GO>} WOULD ANYONE CARE TO PUT A BID INDICATION ON 30K FNMA NOTES? FNMA 5.6 1/16/24 12/1/05 {3136F2H50 Corp DES<GO>} 3690690175 2005-11-21-14.13.54.000000 E.J. DELAROSA DELAROSA, E.J. DELAROSA@bloomberg.net LA HAISON 939 NEW INVST BANK 141002 4404786 LHAISON4@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net WE WILL BE PRICING 100MM CAL DWRS PUTABLE ON 2/2/2006,TUES,11/29 WE WILL BE PRICING 100MM CAL DWRS PUTABLE ON 2/2/2006,TUES,11/29 {13066YLM9 Muni DES <GO>} Aaa/VMIG1 AAA/A-1+ AAA/F1+ FSA INSURED W/ LOC JP STEEL WEEKLY RATE MODE STARTS 2/2/2006 (THURSDAY RESET) DATED/DEL:12/1/2005 1ST CPN:2/2/2006 (PAYS MONTHLY THEREAFTER) POS AVAILABLE ELECTRONICALLY AT: http://www.MuniOS.com/id.asp?id=%9D%9Dw%81%88%87%ABk%821503 1058580831 2005-11-21-14.14.29.000000 TED WALKER FTN FINANCIAL FISHBAIT@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net **THE PICK OF THE DAY** WOW!! CHECK THE OAS!!! 7.086MM FHLMC 5.625 4/21/15-1/06 QRTLY {3128X2BL8 Corp DES<GO>} @77 OAS 98-24 5.80 YTM 3727695728 2005-11-21-14.19.46.000000 SHANE MORDEN STEPHENS INC. SCMORDEN@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net ** seeking discounts? take a look @ this sequential vs 15yr 4s ** consider this has the same WAL profile as fgci 4s but you get ---> lockout ---> shorter principal payment window ---> 3yr shorter legal final 1mm {fhr 2613 e Mtge yt 75/c <go>} side by side vs {fgci 4 Mtge yt <go>} fh 2613 e is the better buy! lower dollar & corp stl too 1060113135 2005-11-21-14.20.30.000000 JOHN MOYNIHAN EDWARDS (A.G.) & SON JMOYNIHAN@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net O/O 650M CA ST GO A2/A 5.00 2/1/12 @ 3.77 O/O 650M CA ST GO A2/A 5.00 2/1/12 @ 3.77 CA *DES:CA ST CPN:5 MTY: 2/01/2012 13062PNK WE OWN AND OFFER 650M AT 3.77 665148 3808548869 2005-11-21-14.25.59.000000 JOHN MOYNIHAN EDWARDS (A.G.) & SON JMOYNIHAN@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net O/O 150M CAL INFRA&ECONOMIC DEV 5 10/09 @ 3.35 O/O 150M CAL INFRA&ECONOMIC DEV 5 10/09 @ 3.35 CA *DES:CA INFRAS-A-WORKERS CPN:5 MTY:10/01/2009 13044WPL OWN AND OFFER 150M @ 3.35 665148 324609705 2005-11-21-14.27.39.000000 ROGER SHERMAN STEEL LTD & CO. MSSHERMAN@bloomberg.net JOHN KNOX 939 COLD INVST & C 290562 8104 JKNOX@bloomberg.net 5000 cd 6 1/4 1/15/08 92/2 z+49 cds 110/120 2-5 YR Industrial Offers: traded 7mm fd 08's... 5000 cd 6 1/4 1/15/08 92/2 z+49 cds 110/120 5000 kr 7.45 3/1/08 103/3 z+58 cds 90/100 8000 cat 3.7 8/15/08 47/3 z+3 cds 18/23 7000 unp 7 1/4 11/1/08 55/3 z+10 cds 35/40 5000 fd 6 5/8 9/1/08 72/3 z+27 cds 44/49 7000 cargil 3 5/8 3/4/09 52/5 z+10 cds 22/27 15000 de 4.4 7/15/09 52/5 z+9 cds 18/23 10000 ba 5.4 11/30/09 54/5 z+8 cds 16/21 10000 dd 4 1/8 5/1/10 57/5 z+10 cds 23/28 5500 wmi 7 3/8 8/1/10 81/5 z+44 cds 40/45 9000 ctx 4.55 11/1/10 114/10 z+67 cds 68/73 665424 3783744764 2005-11-21-14.28.04.000000 CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM NICHOLAS CAPEZZUTO NEW CAPITAL INC NCAPEZZUTO@bloomberg.net The following trade was accepted: seq# 72 ACCEPT: FMCDN 0 11/14/6 0.078M (NEW CAP) The following trade was accepted: seq# 72 Customer: NEW INVST BANK Bloomberg User Name: CHRIS TROTTA Phone Number: 1-212-259-3657 Sales Person: NICHOLAS CAPEZZUTO Trade Date: 11/21/5 Settle Date: 11/21/5 Trade Type: Client BUY Face Amt: 0.078M Coupon Rate: 0 Price: 4.400 Maturity: 11/14/6 Yield: 4.601 DTC Cusip: 314497P47 Currency: USD Cust Account:FIRSTREP 3111630421 2005-11-21-14.28.06.000000 RORY POST HILLIARD FARBER & CO FARBER7@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM JOHN VALECCE NEW CAPITAL INC NEETER@bloomberg.net The following trade was accepted: seq# 72 ACCEPT: FMCDN 0 11/14/6 0.078M (NEW CAP) The following trade was accepted: seq# 72 Customer: NEW INVST BANK Bloomberg User Name: CHRIS TROTTA Phone Number: 1-212-259-3657 Sales Person: JOHN VALECCE Trade Date: 11/21/5 Settle Date: 11/21/5 Trade Type: Client BUY Face Amt: 0.078M Coupon Rate: 0 Price: 4.400 Maturity: 11/14/6 Yield: 4.601 DTC Cusip: 314497P47 Currency: USD Cust Account:FIRSTREP 430025345 2005-11-21-14.31.20.000000 MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM BILL GLOBE 939 NEW INVST BANK 525752 2157878 BGLOBE 1@bloomberg.net TRDR:MICHAEL MARTINI> COLD INVST & CUSIP: 912795WP2 * TRADE TICKET * As of: 11/21/05 TRDR:MICHAEL MARTINI> COLD INVST & CUSIP: 912795WP2 BUYS : 150 (M) of B 02/16/06 ISSUER: TREASURY BILL (DATED: 8/18/05) DISCOUNT 3.885000 or YIELD 3.97586 (to 2/16/06 @ 100.0000) PRICE 99.0719167 SETTLEMENT on 11/22/05 NOTES: TW BUYS FROM GX CLARKE FOR 44L-304731 SOLO {912795WP Govt DES<GO>} + TRADE NUMBERS + 2856161135 2005-11-21-14.37.32.000000 JOHAN HULTH GRIFFIN, KUBIK, STEP JHULTH@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM CA *DES:L A SANTN SER A CPN:4 MTY: 2/01/2007 54462PAD CA *DES:L A SANTN SER A CPN:4 MTY: 2/01/2007 54462PAD still need 2007 CAL paper? 500m for bid here - if you care on a piece, let me know. bid due ASAP 1166617636 2005-11-21-14.46.39.000000 MARK DEBBS EDWARDS (A.G.) & SON MDEBBS@bloomberg.net MICHAEL MARTINI 939 COLD INVST & C 290562 2571764 MM626@bloomberg.net MMARTINI@TRAINERWORTHAM.COM DEAL ** MI 11/21/2005 OLIVET CMNTY SCH-REFUNDNG DN:131-101964 DEAL ** MI 11/21/2005 OLIVET CMNTY SCH-REFUNDNG DN:131-101964 [NOTE: Deal access MUST be sent from DEAL function: 97<GO> 6<GO> to forward DEAL access.] fsa bkq aa2/a3 under 665148 4206518636 2005-11-21-14.47.54.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM *** BAS INV GRADE *** AERO/DEF CASH FOCUS SELL AXES ************ Boeing Co. (BA) 6 1/2 2/15/12 -55/10yr 6.0mm BAE Systems (BAPLC) 4 3/8 8/15/10 -81/5yr 8.3mm General Dynamics (GD) 4 1/4 5/15/13 -50/10yr 16.9mm Honeywell (HON) 6 1/8 11/01/11 -55/crv 4.2mm Lockheed Martin (LMT) 8 1/2 12/01/29 -110/30yr 30.4mm Northrop Grumman (NOC) 8 10/15/09 -63/5yr 16.3mm Northrop Grumman (NOC) 7 1/8 02/01/11 -70/crv 20.2mm Northrop Grumman (NOC) 7 3/4 03/01/16 -75/10yr 15.6mm Northrop Grumman (NOC) 7 3/4 02/15/31 -110/30yr 3.0mm Textron Finance (TXT) 6 11/20/09 -55/5yr 7.1mm Textron Inc (TXT) 4 1/2 08/01/10 -60/5yr 3.4mm 664852 3876058832 2005-11-21-14.50.04.000000 NANCY POLLACK FTN FINANCIAL NDPOLLACK@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net 5YR MER MARKET MER 4.79 8/10 +69/+67 5YR 5MM/5MM 4034423006 2005-11-21-14.50.59.000000 SEAN KIRK UNITED CAPITAL MARKE SEANX@bloomberg.net WILLIAM MARDEN 939 COLD INVST & C 443442 925000 WWM3@bloomberg.net 20 aft 99-1a a2 gone, 35mm left, plenty of upside left 55/27mm AFT A2 @ $92.0 BASE 120 110 100 90 80 YIELD 10.45% 10.16% 9.25% 7.36% 4.51% DM 560 530 435 240 -52 PW 0% 0% 0% 9% 34% M. DUR 1.7 1.8 2.2 3.1 4.4 this deal has had a very high expense year (50+mm) which has caused delay in amortization. this is a great pool of assets. the more expenses spent now, the less spent later. this deal also has positive asset from swap (10mm). 586744928 2005-11-21-14.50.59.000000 SEAN KIRK UNITED CAPITAL MARKE SEANX@bloomberg.net JOHN KNOX 939 COLD INVST & C 290562 8104 JKNOX@bloomberg.net 20 aft 99-1a a2 gone, 35mm left, plenty of upside left 55/27mm AFT A2 @ $92.0 BASE 120 110 100 90 80 YIELD 10.45% 10.16% 9.25% 7.36% 4.51% DM 560 530 435 240 -52 PW 0% 0% 0% 9% 34% M. DUR 1.7 1.8 2.2 3.1 4.4 this deal has had a very high expense year (50+mm) which has caused delay in amortization. this is a great pool of assets. the more expenses spent now, the less spent later. this deal also has positive asset from swap (10mm). 3590179816 2005-11-21-14.53.43.000000 JEFF GLASCOTT INTER FIN SECURITIES LLC JGLASCOTT@bloomberg.net WILLIAM MARDEN 939 COLD INVST & C 443442 925000 WWM3@bloomberg.net N .5BP AND VOLS LOWER (VOL ACCOUNTING FOR HALF THE TIGHTENING). PASSTHRU UPDATE: MTGS ARE TRADING 3 TIGHTER VS TSY WITH SWAPS I N .5BP AND VOLS LOWER (VOL ACCOUNTING FOR HALF THE TIGHTENING). MTGS LOOK A LITTLE CHEAP TO US IN HERE BUT WE THINK A BETTER EN TRY POINT IS LIKELY. THAT SAID, WE HAVE SEEN BETTER BUYING TODA Y AS ACCTS BECOME MORE COMFORTABLE WITH THE TRADING RANGE. MONT H END INDEXER SHOULD KEEP THE MKT BID WHICH WILL LEND SUPPORT TO MTGS. WITH THE ECONOMIC CALENDAR LIGHT THIS WEEK, THE FOCUS IS ABOUT TO SHIFT TO THE CHRISTMAS SHOPPING SEASON (WHICH BEGINS O N FRIDAY). 3851964997 2005-11-21-14.54.01.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM SHORT CORPS: LOCKED MKTS TO CLEAN-UP LINE ITEMS...... PAGE 1 BA 6.35 11/15/07 45/2YR~SWAPS+2 2.846MM X 2.154MM BA 5.75 2/15/07 43/2YR~SWAPS+0 2.900MM X 2.100MM BK 4.14 8/01/07 45/2YR~SWAPS+2 2.870MM X 2.130MM MASSMU 3.25 6/15/07 48/2YR~SWAPS+5 2.961MM X 2.039MM CFC 5.5 2/01/07 54/2YR~SWAPS+11 2.981MM X 2.019MM VOD 6.65 5/01/08 53/3YR~SWAPS+10 2.985MM X 2.015MM TWX 8.18 8/15/07 65/2YR~SWAPS+22 2.000MM X 3.000MM BPLN 3.375 10/31/07 42/2YR~SWAPS-2 3.000MM X 2.000MM 664852 3956677241 2005-11-21-14.54.29.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM SHORT CORPS: LOCKED MKTS TO CLEAN-UP LINE ITEMS...... PAGE 2 PRU 4.104 11/15/06 EDSF+4 2.000MM X 3.000MM COF 4.875 5/15/08 67/3YR~SWAPS+23 3.000MM X 2.000MM MO 7.2 2/01/07 65/2YR~SWAPS+23 2.345MM X 2.655MM MWD 5.8 4/01/07 42/2YR~SWAPS+0 2.500MM X 2.500MM MO 5.625 11/04/08 70/3YR~SWAPS+25 2.495MM X 2.505MM CIT 7.375 4/02/07 47/2YR~SWAPS+4 2.375MM X 2.625MM 664852 2636975954 2005-11-21-14.55.44.000000 SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net NICHOLAS CAPEZZUTO NEW CAPITAL INC NCAPEZZUTO@bloomberg.net The following trade was accepted: seq# 74 ACCEPT: FHDN 0 5/19/6 0.565M (NEW CAP) The following trade was accepted: seq# 74 Customer: NEW INVST BANK Bloomberg User Name: SAM SCHONER Phone Number: 1-415-262-4118 Sales Person: NICHOLAS CAPEZZUTO Trade Date: 11/21/5 Settle Date: 11/22/5 Trade Type: Client BUY Face Amt: 0.565M Coupon Rate: 0 Price: 4.269 Maturity: 5/19/6 Yield: 4.361 DTC Cusip: 314485WZ5 Currency: USD Cust Account:FIRSTREP 2242247117 2005-11-21-14.55.35.000000 SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net JOHN VALECCE NEW CAPITAL INC NEETER@bloomberg.net The following trade was accepted: seq# 74 ACCEPT: FHDN 0 5/19/6 0.565M (NEW CAP) The following trade was accepted: seq# 74 Customer: NEW INVST BANK Bloomberg User Name: SAM SCHONER Phone Number: 1-415-262-4118 Sales Person: JOHN VALECCE Trade Date: 11/21/5 Settle Date: 11/22/5 Trade Type: Client BUY Face Amt: 0.565M Coupon Rate: 0 Price: 4.269 Maturity: 5/19/6 Yield: 4.361 DTC Cusip: 314485WZ5 Currency: USD Cust Account:FIRSTREP 234065275 2005-11-21-14.56.43.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net 3YR AGENCY VALUE SWITCH CUSTOMER SELLS FHLMC 3 5/8 9/08 BUYS FHLMC 4 5/8 12/08 PICKS 2.5BP * CURVE WORTH ONLY 0.5BP * 100MM UP 664852 3819728026 2005-11-21-14.56.43.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net LA HAISON 939 NEW INVST BANK 141002 4404786 LHAISON4@bloomberg.net 3YR AGENCY VALUE SWITCH CUSTOMER SELLS FHLMC 3 5/8 9/08 BUYS FHLMC 4 5/8 12/08 PICKS 2.5BP * CURVE WORTH ONLY 0.5BP * 100MM UP 664852 540750090 2005-11-21-15.00.26.000000 SHANE MORDEN STEPHENS INC. SCMORDEN@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net 2.9+MM GNR 02-45 QE 6.50% +122// LOCKOUT! {GNR 02-45 QE Mtge YT122// <GO>} 6.5/G2 6.5 44 WALA 2775935900 2005-11-21-15.03.15.000000 NANCY POLLACK FTN FINANCIAL NDPOLLACK@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net we bot the 6mm SBC 7.00 15...see below: END ACCTS 6mm a2/a Southwestern Bell Tel (SBC) 7.00 7/01/15 +120 10yr 250mm deal z+65 reference: SBC 5.10 9/14 106-103 z53/49 SBC 5 5/8 6/16 118-113 z61/56 416795481 2005-11-21-15.12.00.000000 E.J. DELAROSA DELAROSA, E.J. DELAROSA@bloomberg.net LA HAISON 939 NEW INVST BANK 141002 4404786 LHAISON4@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net 11/22: 16,750M CAL WEEKLIES AVAILABLE THIS WEEK: 11/22: 1,000M EAST BAY MUD @3.00 Aaa/VMIG1 AAA/A-1+ XLCA W/ SPA DEXIA {271014NM0 Muni DES <GO>} 11/23: 12,500M LA DWAP @3.00 Aa3/VMIG1 AA-/A-1+ SPA W/ BOFA, BAYERISCHE, DEXIA, JP STEEL, ST STREET BK TRST, LANDESBANK BADEN-WURTT, WESTLB AG {544495DF8 Muni DES <GO>} 2,250M EAST BAY MUD @3.00 Aaa/VMIG1 AAA/A-1+ XLCA W/ SPA DEXIA {271014NM0 Muni DES <GO>} 1,000M OXNARD @3.00 Aaa AAA/A-1+ AMBAC W/ SPA WACHOVIA {69187AP3 Muni DES <GO>} PLEASE LET ME KNOW IF YOU HAVE ANY INTEREST, THANKS. 2989516457 2005-11-21-15.13.09.000000 TOM MCLAUGHLIN STATE SECU TMCLAUGHLIN5@bloomberg.net CHRIS TROTTA 939 NEW INVST BANK 317978 2443944 CTROTTA@bloomberg.net CTROTTA@FIRSTREPUBLIC.COM Two bid lists on diff. pieces over the last couple of days, *** BAS Corning (GLW) - 3:10 Update *** Two bid lists on diff. pieces over the last couple of days, we have bought everything from both. Mkts below: CDS Curve: GLW 6.3 '09 103/95 S 3+mm 3yr 32/42 6 3/4 '13 140/135 S 3mm 5yr 68/73 S 10mm 5.9 '14 141/136 S 6+mm 7yr 78/88 6.2 '16 162/155 S 1+mm 10y 97/107 6.85 '29 215/205 664852 2135034187 2005-11-21-15.28.32.000000 JOSEPH CAGNO TBONE JCAGNO@bloomberg.net SAM SCHONER 939 NEW INVST BANK 141002 1202220 SSCHONER@bloomberg.net 153M GMAC 7.35% 12/15/16 @ 78.30 ~ 10.75% 37042GUH7 3845170801 2005-11-21-15.28.32.000000 JOSEPH CAGNO TBONE JCAGNO@bloomberg.net DENNIS JOE 939 NEW INVST BANK 128870 701771 FIRSTREPBK@bloomberg.net 153M GMAC 7.35% 12/15/16 @ 78.30 ~ 10.75% 37042GUH7 3040050436 2005-11-21-15.29.01.000000 MIKE HENRY GLOBE NET/WFC, S MIHENRY@bloomberg.net DAVID CASPAR 939 COLD INVST & C 443442 2070403 DAVIDCASPAR@bloomberg.net SEE HOW I HAVE LEFT U ALONE ALL DAY TO DO UR HOMEWORK?? 27909