One of the CDO market's best innovators, AXA Investment Management, is said to have a first-of-its-kind, actively managed single-tranche issuance vehicle in the works via JPMorgan Securities.

According to sources, the transaction is being called ARIA, in line with other AXA musically inspired deal names. Through JPMorgan's management, ARIA can continually issue new series designed to meet specific risk and rating appetites in just about any currency. All ST issuances will reference the AXA actively managed portfolio.

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