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 - 28 September

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

  Pipeline The pace of deals joining the pipeline continued to slow last week. In all, there were thr...

  News    28 September 2015

• Multifamily debt mounts

  Outstanding US multifamily mortgage debt now exceeds US$1trn and is growing at almost 10% a year, ac...

  News Round-up    23 September 2015

• Trups defaults unchanged

  The number of US bank Trups CDO combined defaults and deferrals remained at 18.8% for the second mon...

  News Round-up    23 September 2015

• SCI Start the Week - 21 September

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

  Pipeline Fewer deals joined the pipeline last week. At the final count there were three new ABS, tw...

  News    21 September 2015

• ABS CDO transferred

  Dock Street Capital Management is set to replace Chotin Group as collateral advisor to Saturn Ventur...

  Job Swaps    21 September 2015

• Euro secondary stalemate

  The European securitisation secondary market stalemate is continuing as participants stay on the sid...

  SCIWire    17 September 2015

• Large Trups list circulating

  The largest and most diverse Trups CDO BWIC seen for a while is circulating for trade today at 12:00...

  SCIWire    15 September 2015

• LBA pay-outs begin

  Former clients of Lehman Brothers Australia (LBA) who sustained losses on CDO investments received i...

  News Round-up    15 September 2015

• SCI Start the Week - 14 September

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

  Pipeline It was another active week for the pipeline, with four new ABS and six CMBS added. There w...

  News    14 September 2015

• CDO manager steps in again

  Dock Street Capital Management has replaced Vanderbilt Capital Advisors as the collateral manager fo...

  Job Swaps    14 September 2015

• Dock Street steps in for CDO

  Dock Street Capital Management is taking over as collateral manager for Kleros Preferred Funding. Ve...

  Job Swaps    10 September 2015

• CDO settlement 'credit positive'

  Taberna Capital Management's recent settlement with the SEC in relation to charges made over its fra...

  News Round-up    7 September 2015

• SCI Start the Week - 7 September

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

  Pipeline Last week six ABS, five RMBS, one CMBS and two CLOs were added to the pipeline. The CMBS w...

  News    7 September 2015

• Fee fraud settlement reached

  The US SEC has approved a settlement concerning Taberna Capital Management (TCM) and its alleged inv...

  Job Swaps    3 September 2015

• SCI Start the Week - 24 August

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

  Pipeline Primary market activity was limited last week, with three new ABS and a single CLO added t...

  News    24 August 2015

• Trups defaults steady

  The number of US bank Trups CDO combined defaults and deferrals remained at 18.8% at the end of July...

  News Round-up    21 August 2015

• Counterparty-linked review underway

  S&P has placed 70 RMBS, 10 CDO, six CLO and five ABS tranches from Europea...

  News Round-up    19 August 2015

• Hedge fund fraud settled

  Two Citigroup affiliates have agreed to pay nearly US$180m to the US SEC to settle charges that they...

  Job Swaps    18 August 2015

• SCI Start the Week - 17 August

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

  Pipeline There were fewer additions to the pipeline last week than there had been the week before....

  News    17 August 2015

• Structured credit pro tapped

  Lloyds has bolstered its financial institutions business with the appointment of Thomas Sandberg as...

  Job Swaps    14 August 2015

• SCI Start the Week - 10 August

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

  Pipeline Pipeline activity picked up again last week, with significant ABS additions. There were...

  News    10 August 2015