PHOENIX, Ariz. - CDO investors, privately, confessed to growing discomfort with the credit side of the business at last week's ABS West, hosted by the Information Management Network. As a result, collateral managers and bankers alike were not waving around solicitation materials for new deals, but instead were placing their ears to the ground, hoping find the next bid.

Real estate-related vehicles, by far, received the most attention, with commercial real estate in particular singled out most often. Bonds based on real assets seem doubly attractive in an adverse market.

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