More than a year after pulling a similar offering, insurer American International Group was in the market with an insurance premium-backed security last week. The official reason given for pulling last year's offering was "market conditions." Sources close to the situation have called it a pricing issue.

This time around, AIG tapped Salomon Smith Barney as lead manager, instead of last year's lead Goldman Sachs. Goldman was not even offered the crumbs of a co-managing role in this year's rendition of the deal.

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