The rapid development of a secondary CDO market attracted a standing room-only crowd during the Bond Market Association's inaugural CDO conference last Tuesday. Seven traders from leading CDO dealers weighed in on what has been, from some perspectives, a historic year.

Panelists envisioned a future during which an expanded investor base drives liquidity in all parts of the capital structure, from senior and mezzanine portions, to PIK-able and non PIK-able assets, with valuation more easily arrived by all parties involved in secondary trades.

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