Outlook for Financial Services in second half of 2006

U.S. issuance



• Prospects for CMBS, ABS, and Public Finance look a little soft
• Pipeline for U.S. CDO issuance remains very strong
• Expect strength in corporates in second half
  • Healthy pipeline of bonds maturing for refinancing
  • Debt-financed M&A activity still promising
  • Continued solid spending on capital equipment
  • Balance sheet restructuring will be positive factor

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