Coming off the holiday-shortened week, investors were greeted in early December with an investment-grade synthetic CDO that Banc of America Securities began marketing last week.

According to buyside sources, BofA is showing investors Westmoreland Capital Management's Westmoreland CDO 2002-1, a deal referencing a $1 billion portfolio of investment grade credit accumulated from the credit default swap market. It will target a broad range of industries and a large number of individual credits, all acquired in the open market.

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