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  • Dresdner Kleinwort Wasserstein priced a rare true-sale cash collateralised debt obligation (CDO) of high grade ABS this week for Cambridge Place Investment Management. The $60m ?A2' junior triple-A tranche of Camber 4 plc came at 55bp over three month Libor, 15bp inside the equivalent tranche of Camber 1, a similar deal placed by BNP Paribas in February this year.
  • Who are the best bond salesmen in the Euromarkets?
  • The board of the Loan Syndications and Trading Association has voted to file an amicus brief in support of bank lenders in the Owens Corning case.
  • The already compressed spread differential between prime and non-conforming RMBS in the UK shrank even further this week as two well established lenders priced deals with record tight margins, at the top and bottom of the capital structure.
  • Non-conforming lender Kensington Mortgage Co changed tack this week when it did not include a dollar tranche in its latest securitisation.
  • Nikko Principal Investments is expected to complete its sale of Mortgages plc, the UK non-conforming lender and a regular securitisation issuer, in the next few weeks.
  • Nikko Principal Investments is expected to complete its sale of Mortgages plc, the UK non-conforming lender and a regular securitisation issuer, in the next few weeks.
  • Lenders are hoping that Owens Corning's bank debt can recover after taking a serious hit last week when Judge John Fullam ruled that all the company's assets and debt would be consolidated under one entity in what is known as substantive consolidation.
  • Owens Corning's bank debt has dropped to the 60-65 range after Judge John Fullam ruled that all the bankrupt company's assets and debt would be consolidated under one entity.
  • Good to see Merrill Lynch back in the news, although perhaps not always for the right reasons. On the positive side, Merrill insiders are enthusing about the hiring of Rohit D'Souza from Morgan Stanley to be the new global head of equity trading. D'Souza will report to both Greg Fleming and Dow Kim.
  • OOwens Corning's bank debt fell 11 points to the 75-77 range as lenders fear the judge overseeing its bankruptcy case will rule against their interests.