In its new bi-weekly market wrap called CDOpinions, Fitch Ratings notes that some CDO issuers are exploring funding in the MTN market. While it's been limited so far, the use of MTNs has become another option for issuers.

"Anything that enhances the arbitrage is something that people would want to explore," said Hedi Katz, managing director and author of Fitch's newsletter.

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