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.

• Taberna CDO EOD waived

  Barclays has settled with Taberna European Capital Management, the collateral manager for both Taber...

  News Round-up    3 November 2016

• CMBS partner poached

  Reed Smith has appointed Jodi Schwimmer as a partner in its global financial industry group in New Y...

  Job Swaps    2 November 2016

• SCI Start the Week - 31 October

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

  Pipeline As with the preceding week, last week's additions to the pipeline were relatively modest....

  News    31 October 2016

• Credit manager adds partner

  River Birch Capital has recruited a former Pine River Capital Management portfolio manager. Gaurav T...

  Job Swaps    26 October 2016

• SCI Start the Week - 24 October

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

  Pipeline The balance appeared to shift last week, as fewer deals joined the pipeline and far more d...

  News    24 October 2016

• Further Stanton meeting called

  A class B noteholder meeting has been convened in connection with Stanton MBS I, following one for t...

  News Round-up    19 October 2016

• SCI Start the Week - 17 October

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

  Pipeline The long list of additions to the pipeline last week was once more driven by auto ABS. The...

  News    17 October 2016

• Trups CDO cures reported

  The number of US bank Trups CDO combined defaults and deferrals declined to 14.8% at end-September f...

  News Round-up    17 October 2016

• Manager replacement mooted

  A meeting of the Stanton MBS I controlling class has been convened for 31 October to pass an extraor...

  Job Swaps    11 October 2016

• Liquidation order challenged

  A district court in Minnesota has ruled on the correct interpretation of the Gramercy Real Estate CD...

  News Round-up    5 October 2016

• Sherwood CDO manager replaced

  Dock Street Capital Management has replaced Church Tavern Advisors as collateral manager for Sherwoo...

  Job Swaps    28 September 2016

• US CLOs limited

  The US CLO secondary market is yet to experience the usual post-conference volume boom. "Everyone'...

  SCIWire    27 September 2016

• 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