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Secondary market often determines a CDO's worth, investors say

The CDO secondary market is growing steadily. Reportedly both Lehman Brothers and Morgan Stanley's CDO secondary desks traded about $1.5 billion of CDO secondary paper each in 2001, of which roughly 50% consisted of triple-As, 25% double-As/single-As, with the remaining 25% made up of triple-Bs down to equity.

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