CIBC has recently finished up its European roadshow for Callidus Capital Management's Ambac-wrapped inaugural CDO, according to investors. The arb cashflow HY CBO is said to be talking its triple-A-wrapped notes at +45-50 basis points over Libor, the same level as last week.

Callidus is a brand new company formed by a group of Wall Street heavies with the plan of managing assets via structuring and issuing CDOs. The team is comprised of Rick Ivers, Wayne Mueller, Gary Neems, Jerry Nichols and Mavis Taintor.

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