Contrary to rumors circulating last week, Centre Pacific did not shed its entire CDO group, although the firm did in fact pull its Cascade CLO from the market, liquidating the loan warehouse facility in full profit, sources said.

According to Centre, the firm was concerned with the restructuring of the CDO effort at UBS Warburg, which was lead underwriter on the deal. Said Heather Creeden, Centre Pacific's CEO, "We decided to pull that deal from UBS because they restructured the CDO team. And we felt there was a lack of commitment."

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