After the Maiden Lane III MAX CDO sale, last week roughly $1.5 billion face value of super-senior CDO bonds or the entire remaining balance of WAVE 2007-1 and 2007-2 A1s were put out for bid, according to JPMorgan Securities analysts reported.

Like MAX, some dealers appear to have elected to collapse the transaction and have been taking bids on the cusips, they said.

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