Though talked up for several years, project finance CDOs have yet to make the dent once anticipated, considering the size of the potential collateral market and the drive of structurers into new products.

The overseas market saw a project finance loan CDO called RMPA Services Ltd. earlier this year, which contained all U.K.-based collateral. The top A-rated, 10-year average life tranche priced at Gilt plus 59 in February.

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