Last week Salomon Smith Barney launched and priced Northland Funding I CDO, a $400 million arbitrage cashflow CBO for Trust Company of the West.

The deal saw aggressive pricing at 44 basis points over the six-month Libor on the triple-As, compared to Pacific Coast Asset Management's LIDO IG CDO, which Lehman Brothers brought at plus 47 the prior Friday, according to IFR Asset-Backed Securities.

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