If not, then nobody told Trust Company of the West, which is putting the final touches on two emerging market collateralized debt obligations.

The first deal, called TCW GEM Leveraged Investment Grade Opportunities (LIGOS) CDO, is worth approximately $305 million, and will be an investment-grade average CDO. Morgan Stanley is lead manager. LIGOS is expected to be backed 100% by emerging market debt, and should price in early May. Between 70% and 75% of the transaction will be investment grade and the remaining will be speculative grade. The speculative grade bonds cannot fall below the B1/B+ threshold.

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