The European collateralized debt obligation (CDO) market is brandishing its third emerging market collateralized bond obligation this year with Citigroup's $350 million securitization expected to close by the end of the month, revealed Stroma Finston, a director at S&P's structured ratings group in London.

A triple-A rating has been assigned to the $280 million A tranche, a double-B rating has been assigned to its $63 million B tranche and the remaining $7 million C tranche has been left unrated, reports S&P.

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