In another sign of a booming CDO market, a handful of credit derivative product companies (DPCs) are cropping up and offering credit enhancement products similar to those offered by monoline bond insurers.

In the last year, companies like Athilon Structured Investment Advisors are among those that have either launched or are looking to do so. Armed with triple-A credit ratings, they typically provide credit protection on the super senior tranches of CDOs. In that line of business, they regularly bump shoulders with traditional monoline bond insurers.

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