The last thing ABS CDO managers want is to be compared to the TABX. For them, it is like being on par with a disowned relative. And one can only imagine how recent speculation that the price of new issue ABS CDO notes might fall in line with those of the TABX has further strained this relationship.

But alas, incentives can sometimes turn around even the most estranged relationships. Some CDO managers have decided to use the market's decision to price the TABX at a relative discount to their advantage.

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