Last week, JPMorgan Securities priced Sankaty Advisor's $400 million cashflow CLO at 48 basis points over three-month Libor on the triple-As (7.2-year average life). While the ABS CDO bid is said to be holding - and CLOs have generally shown impressive performance - dealers are finding very long execution periods ahead of them, with few deals pricing and a growing pipeline.

Credit Suisse First Boston's CDO Market Watch Weekly counts 53 U.S. dollar CDOs in the pipeline, many stuck in debt marketing.

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