The second CDO from Texas-based hedge fund manager HBK Investments priced to yield the tightest visible print on a senior triple-A structured finance CDO class to date at 27 basis points over three-month Libor, sources said.

The $450 million mezzanine grade offering, dubbed Gemstone, recently priced via lead underwriter Lehman Brothers and is slated to settle in early December. The deal is comprised of 20% ABS and 80% RMBS collateral.

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