CIBC World Markets last week began marketing Ark II, the sequel to the first visible distressed debt CDO, which, back in January, set precedent for the much talked-about and widely anticipated sector - although deal flow has yet to match market interest.

Like Ark I, this new deal is in the spotlight because it's groundbreaking, being the first such CDO to test the waters of this revised, post-Sept. 11 economic landscape.

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