The breadth of Citi's Global Securitized Markets franchise is unparalleled. Unlike many of its competitors, which focus on certain niche markets, Citi is a major player in practically every major asset class in every corner of the globe. Citi's seasoned expertise enables it to respond to the challenges posed by the current environment in the global real estate and securitization markets. With the global ABS market expanding at an unprecedented rate, Citi is rapidly ramping up its business abroad, and striking a balance between serving its core group of clients, while at the same time leading the charge to bring ABS technology to new asset classes and markets. During the past year, Citi strengthened its RMBS franchise to accommodate the maturing subprime mortgage markets; and our CMBS platform also gained substantial traction over the past year, culminating in landmark transactions such as Grand, the largest non-government CMBS deal ever done.