* Drum roll please! The fickle CDO market has crowned this year's hot topic, collateral managers, and just in time for the ABS conferences in Arizona. Expect to hear mucho discussion about who's hot and who's not - backed up by factual evidence, of course. We hear a certain rating service is pushing out a "Deal Score Report" this week, dedicated to the performance of CDO collateral managers. Expect to see that picked over at the 19th hole much more than those flimsy scorecards...

* Ahoy mates! Word from abroad is that Harbourmaster Capital Management Ltd. is readying to ship out a E$1 billion synthetic ABS CDO backed by two tranches of triple-A's. Investors report Banc of America Securities is marketing the E$100 million senior triple-A tranche at 55 basis points over LIBOR. What are the strong selling points? According to our sources, with a WAL of approximately six years, all management fees are deferred until year five and serve as additional subordination and the junior super senior tranche has roughly three times the level of subordination normally required to achieve a triple-A rating -IFR Markets.

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