The April showers raining down last month produced increased CDO volume. However, while issuance was strong, market research shows it was just a few key storms that filled the CDO pool, which totaled $13.2 billion year-to-date by at least one account.

According to sources, the easing of tensions in Iraq helped boost market sentiment. A flight to quality has also benefited the market. Such highlights helped to pry open investors' bank accounts, improving volume last month and subsequently benefiting the pricing of one of the year's most talked-about new issues.

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