The summer's visible trust preferred securities backed CDO pipeline has just about cleared out, especially now that two separately marketed deals were combined to form one vehicle, which priced last week.

The two deals - formerly Tropic CDO and MM Community Funding IV - brought together the banking teams of Bear Stearns (Tropic deal), Salomon Smith Barney and Sandler O'neil (previously joints on the MMCF issue) to form Trust Preferred Funding (T-PREF).

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