PHOENIX - Delegates lined the walls for a standing room only session dedicated to CDOs, credit derivatives and synthetics at Information Management Network ABS West 2005 conference held here last week.

The conference has been rife with talk of the unrelenting CDO bid, and how that demand has become manifest in the shape of new issuers. "I'm competing with a crowd of novices with piles of money from warehouses," said Frederick Horton, managing director of Trust Company of the West. "There are only four or five credible CDO issuers out there in each sector."

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