The CDO new issue market has by no means dried up, with at least two (albeit small) arbitrage cashflow high-yield CBOs poised to print: the $275 million Seneca V (+43A/L AAA), via Salomon Smith Barney, and Pacific Investment Management Co.'s $200-$250 million San Joaquin (+42/L AAA), via Goldman Sachs.

Also, Credit Suisse First Boston has Ellington Management's Duke II, a $300 million ABS CDO lined up, and is talking the A-class notes at 50 basis points over three-month Libor, from informal discussions of +46-47, according to investor sources.

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