CDO

A CDO is a collateralized debt obligation or collateralised debt obligation known collectively as CDOs. CDOs are a type of asset-backed security or structured credit product that offers exposure to the credit of a portfolio of fixed income assets, such as corporate or government debt, loans, asset-backed securities (ABS), including mortgage-backed securities (MBS) such as CMBS and MBS, known as CDOs of ABS or ABS CDOs, or other CDOs, known as CDO-squared or CDOs of CDOs. CDOs can be cashflow CDOs (referencing real assets) or synthetic CDOs (referencing credit derivatives, such as CDS) or hybrid CDOs (a mix of cashflow and synthetic). Typical CDOs divide the credit risk among different tranches: senior tranches (rated AAA), mezzanine tranches (AA to B) and equity tranches (unrated). Losses are applied in reverse order of seniority and so junior tranches offer higher coupons to compensate for the added risk. However, synthetic CDOs can be structured to offer single-tranche CDOs as well.

• SCI Start the Week - 26 September

  A look at the major activity in structured finance over the past seven days.

  Pipeline Pipeline activity seemed elevated again last week. There were eight new ABS added, along...

  News    26 September 2016

• Dock Street brought in for CRE CDO

  Dock Street Capital Management has been named as replacement collateral administrator to JPMorgan-CI...

  Job Swaps    21 September 2016

• SCI Start the Week - 19 September

  A look at the major activity in structured finance over the past seven days.

  Pipeline After the flood of additions in the week before, last week's pipeline activity was calmer....

  News    19 September 2016

• Software firm acquires GFS

  SS&C Technologies has acquired Wells Fargo Global Fund Services (GFS), adding 250 employees...

  Job Swaps    16 September 2016

• Euro CLOs stay active

  The European CLO secondary market is continuing to see healthy levels of activity. "There's been l...

  SCIWire    15 September 2016

• Third replacement rejected

  A third proposed replacement collateral manager has been rejected by Gramercy Real Estate CDO 2007-1...

  Job Swaps    14 September 2016

• SCI Start the Week - 12 September

  A look at the major activity in structured finance over the past seven days.

  Pipeline A flood of ABS and CMBS additions swelled the pipeline last week. There were 18 of the fo...

  News    12 September 2016

• Ischus management affirmed

  Moody's has issued another change of control notice in connection with a Resource America entity, fo...

  Job Swaps    2 September 2016

• ABS CDO manager replaced

  Dock Street Capital Management has replaced Declaration Management & Research as collateral...

  Job Swaps    31 August 2016

• Resource America merger approved

  Resource America stockholders have approved the merger of the firm with a subsidiary of C-III Capita...

  Job Swaps    26 August 2016

• Junior Trups to be redeemed?

  Institutional Financial Markets subsidiary Star Asia Finance has entered into a supplemental indentu...

  News Round-up    26 August 2016

• SCI Start the Week - 22 August

  A look at the major activity in structured finance over the past seven days.

  Pipeline The outstanding deal pipeline has shrunk significantly over the past few weeks as the year...

  News    22 August 2016

• Third manager nominated

  A third collateral manager has been put forward to replace CWCapital Investments as manager of Grame...

  Job Swaps    10 August 2016

• SCI Start the Week - 8 August

  A look at the major activity in structured finance over the past seven days.

  Pipeline A further 11 deals joined the pipeline last week. This was split into three ABS, three RMB...

  News    8 August 2016

• Specially serviced loans increase

  Moody's reports the share of specially serviced US conduit CMBS loans increased by 82bp to 6.86% in...

  News Round-up    5 August 2016

• CLO refinancing scenario RFC issued

  Moody's has previously outlined proposed changes to how it examines refinancing scenarios i...

  News Round-up    2 August 2016

• SCI Start the Week - 1 August

  A look at the major activity in structured finance over the past seven days. Print last week's news ...

  Pipeline The final week of July brought six new ABS deals to the pipeline, as well as two CMBS and...

  News    1 August 2016

• Soloso sales underway

  Wells Fargo - as trustee for Soloso CDO 2005-1 - has conducted a series of public and private sales...

  Job Swaps    27 July 2016

• SCI Start the Week - 25 July

  A look at the major activity in structured finance over the past seven days

  Pipeline Last week's pipeline activity was largely in line with the week before it. There were four...

  News    25 July 2016

• Euro secondary firm

  Spreads across the European securitisation secondary market are remaining firm. Wider market posit...

  SCIWire    21 July 2016

• Trups CDO deferrals dip

  The number of US bank Trups CDOs combined defaults and deferrals decreased from 16.6% at the end of...

  News Round-up    20 July 2016