Tighter credit conditions have prompted some corporations to turn to conduits where they borrow by staking their receivables as assets, according to one market participant who said the CDO market is still subdued.

"Corporates are looking for alternative options at the best rates,'' said Peter Gatehouse, associate director of Ogier, a legal and fiduciary services firm based in the Jersey Islands that are located in the English Channel off the coast of France.

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