Not surprisingly, Enron Corp. and its impact on the market was the hottest topic at last Monday's synthetic CDO conference put on by Financial Research Associates.

Spicing things up a bit, one rating agency analyst commented that of the six managed synthetic CDOs the agency rated in 2001, five had Enron exposure, and the sixth deal probably would have had there been more time to stuff it in its portfolio. The analyst added that, most likely, all five of the Enron exposed deals will see mezzanine tranche downgrades.

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