The newest spin on the ABX index, the ABX tranche indices (TABX), debuted in the market on Valentine's Day, bringing with it hopes of a benchmark for CDO pricing.

Some, however, questioned whether Cupid's arrow misfired when it paired the TABX and CDOs, citing significant differences in underlying collateral and structure. But even though some ABS CDO issuers shuddered at the thought of having their portfolio performance compared with, say, the ABX's 06-2 series, the TABX is the closest thing to a benchmark that exists - and was widely expected last week to eventually widen mezzanine CDO pricing.

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