NEW YORK - As the public markets continue to stumble - and with war swiftly moving into the picture - investors are looking for revenue generating havens. That said, interest in alternative financing structures has increased, but it remains unclear how much of an appetite an expanding investor audience really has for instruments as complex as CDOs.

Several factors converged on the CDO market last year, including the drive by deal underwriters towards more transparency, i.e., the posting of modeling information on third-party analytics providers by the likes of Salomon Smith Barney, Goldman Sachs and Morgan Stanley. Privately, bankers have noted the increased sophistication of CDO investors, both with the technology involved and by their expressed interest in floating new types of vehicles during distressed economic times. But these features pertain primarily to existing market mavens.

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