The battle cry for managers who have experienced downgraded HY deals is, "It's the vintage, not us." Investors say they take this excuse for poorly performing deals seriously, but with a large grain of salt as well. One 1999 vintage HY CDO which is suffering made matters worse by swapping the double-B notes of its deal with that of a friendly asset manager who couldn't sell their double-Bs either. Unfortunately, since they're both in the same vintage, they are both suffering together, although the Summit CBO I (see below) is suffering far worse. "This kind of old-boys network' swap is why we argue for tight restrictions on the size of the CDO bucket in new CDO issues," added one investor.

Summit CBO of April 99

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