March Credit Derivatives Report: a monthly report from GFI Group on the performance of Global and Sovereign Credit Default Swaps (CDS)

Autos, Hotel and Lodging Most Active Sectors in US Telecom, Banking Most Active in Europe.

Consumer Electronics, Computing & Financial Services Dominate in Asia GMAC, Cendant, BT, VNU, Toshiba Among Most Active Issues

New York, April 3, 2006 - The credit default swap market saw active trading in March with the automotive sector dominating in the US, according to GFI, a leading inter-dealer broker for credit derivatives*. GMAC was the most actively traded CDS for the third consecutive month, with Cendant, General Motors Corp, Jones Apparel and Ford Motor Credit rounding out the most active CDS in the US.

In Europe, fixed line telecom again emerged as the most active sector, boosted by British Telecom. Banking was in the most active column for the second month in a row, highlighted by Icelandic banks Kaupthing Bunadarbanki and Landsbanki Islands. VNU and KPN rounded out the most active CDS.

In Asia, consumer electronics was the most active sector, highlighted by Sony, Toshiba, NEC and Pioneer Corp CDS activity. The computing sector was in the most active column for the second consecutive month and Takefuji rounded out the most active single name column.

Brazil, Turkey and the Philippines were the most actively traded sovereigns.

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