CDO investors and bankers who subscribe to Standard & Poor's proprietary CDO Evaluator are in for a nice surprise. Version 2.2 is set to debut in the coming weeks, the rating agency said.

Besides an increase in execution speed, CDO Evaluator E2.2 promises to be less cumbersome in execution with fewer keystrokes needed to perform tasks. The most noticeable improvement will be a worksheet feature. Using a theoretical CDO, the worksheet can be used to produce a breakdown of the entire capital structure for the theoretical deal, down to calculating subordination required at each tranche level. A pool generator creates a complete CDO portfolio, both for corporates and ABS assets, either separately or together.

While an exact release date has not been set, the debut is likely to take place at upcoming CDO conferences, perhaps in Europe, as several conferences on the horizon are slated abroad, said a contact at S&P. Version E2.1 is set to expire in November, at which time all clients using the software will have to move to E2.2.

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