Look for mortgage collateralized bond obligations to get a little spicier in the next year as a tight fixed-income market is making fund managers grow more creative.

Mortgage CBO volume for 1999 was slightly over $5 billion, marking a small increase from 1998's volume. The issuance volume remains an impressive leap from the roughly $50 million years of the mid-1990s, but the slight stagnation indicates the sector has not been immune from the travails of the broader capital markets.

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