Morgan Stanley is expecting to bring to market in February a $650 million hybrid cash and synthetic CDO. Rabobank International will act as collateral advisor and JPMorgan Chase as trustee.

The CDO is another in a growing line of hybrid cash and synthetic structures to hit the market since the latter part of 2005. A growing acceptance of the use of home equity ABS credit default swaps within the market - thanks, in large part, to the release of standard closing documentation - has spurred the growth.

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