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.

• 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

• SCI Start the Week - 18 July

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

  Pipeline Last week's pipeline additions included a decent mix of MBS names. In the end there were s...

  News    18 July 2016

• CRE CDO switches jurisdiction

  All membership interests in the DivCore CLO 2013-1 CRE CDO, together with the issuer's ordinary and...

  News Round-up    18 July 2016

• Manager replacement rejected

  A second successor collateral manager has been rejected by Gramercy Real Estate CDO 2007-1 noteholde...

  Job Swaps    14 July 2016

• SCI Start the Week - 11 July

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

  Pipeline Pipeline activity picked up again last week, with ABS leading the charge. There were nin...

  News    11 July 2016

• Secondary markets advisors sought

  ESMA has published a call for candidates to form a consultative working group (CWG) for its secondar...

  Job Swaps    5 July 2016

• SCI Start the Week - 4 July

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

  Pipeline Additions to the pipeline were limited once again last week, although two large Chinese de...

  News    4 July 2016

• SCI Start the Week - 27 June

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

  Pipeline Pipeline additions were limited last week. The only ABS was €1bn Silver Arrow...

  News    27 June 2016

• Second successor manager selected

  The holders of a majority of the controlling class of Gramercy Real Estate CDO 2007-1 have selected...

  Job Swaps    23 June 2016

• SCI Start the Week - 20 June

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

  Pipeline The industry conference in Barcelona reduced primary market activity last week. There were...

  News    20 June 2016

• MBIA-wrapped CDOs downgraded

  S&P has lowered the ratings on 11 classes of notes from six US CDOs to triple-C from single-...

  News Round-up    20 June 2016

• MBIA Corp liquidity warning

  S&P has lowered its financial strength rating on MBIA Insurance Corp to triple-C from single...

  News Round-up    17 June 2016

• Trups CDO cures slow

  Defaulted and deferring US Trups CDO exposures increased in Q1 for the first time since the beginnin...

  News Round-up    17 June 2016

• SCI Start the Week - 13 June

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

  Pipeline The total number of deals joining the pipeline remained consistent last week, although ABS...

  News    13 June 2016

• Euro secondary stable

  The European securitisation secondary market continues to show stability. Secondary spreads across...

  SCIWire    9 June 2016

• CFO deal prepped

  Astrea Capital, a subsidiary of Azalea Asset Management, is in the market with a collateralised fund...

  News Round-up    7 June 2016

• Steady CDO growth projected

  The global CDO market is expected to grow at an annual growth rate of 5% between 2016 and 2020, acco...

  News Round-up    7 June 2016

• Trups trinity

  CDO trio, attractive spreads spark optimism

  The Trups CDO sector has shown signs of resurgence in recent months. A trio of new deals, improved p...

  News Analysis    7 June 2016

• SCI Start the Week - 6 June

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

  Pipeline The holiday-shortened week resulted in a slowing of the pace of pipeline additions. As wel...

  News    6 June 2016

• Tilton loses appeal

  The US Court of Appeals for the Second Circuit has affirmed the district court's dismissal of Lynn T...

  Job Swaps    2 June 2016

• Euro secondary stays positive

  The European securitisation secondary market is retaining its positive tone and momentum. Despite...

  SCIWire    2 June 2016