LOGIN
 

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 - 27 April

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

    Pipeline A modest number of deals remained in the pipeline at the end of last week. The new entrant...

    News    27 April 2015
  • US CDO/CLO lists added

    After two days of being all but becalmed there are a growing number of lists being added to the US C...

    SCIWire    22 April 2015
  • SCI Start the Week - 20 April

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

    Pipeline The number of deals joining the pipeline was steady last week, with more RMBS than the wee...

    News    20 April 2015
  • Trups CDO case concluded

    The London High Court has ruled in favor of Taberna Europe in a misrepresentation judgment against f...

    Job Swaps    15 April 2015
  • SCI Start the Week - 13 April

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

    PipelineSeveral deals were added to the pipeline last week as the market started up again after the...

    News    13 April 2015
  • Flicker of life in US CDO/CLO BWICs

    The US CDO/CLO BWIC calendar is flickering into life for tomorrow. After a relatively quiet week l...

    SCIWire    13 April 2015
  • CDO manager swapped

    Chotin Fund Management has resigned from its role as the collateral manager for Mercury CDO 2004-1 a...

    Job Swaps    13 April 2015
  • Slow end for US CLOs

    Today looks set to be a slow end to a slow week for the US CLO secondary market. "It's been a slow...

    SCIWire    10 April 2015
  • RMBS upgraded on Radian merger

    S&P has raised its ratings to double-A on 14 classes of mortgage pass-through certificates f...

    News Round-up    9 April 2015
  • Euro secondary slowly picking up

    As expected yesterday was quiet in the European secondary securitisation markets, but there are sign...

    SCIWire    8 April 2015
  • Quiet start for European secondary

    It looks set to be a reasonably quiet start for European secondary securitisation markets after the...

    SCIWire    7 April 2015
  • US CLOs remain robust

    The US CLO secondary market remains robust in the face of continuing supply. "Secondary spreads ar...

    SCIWire    1 April 2015
  • US CDO/CLO BWIC flurry

    Secondary US CDO/CLO volumes are down this week, but a flurry of BWICs has emerged for trade today a...

    SCIWire    31 March 2015
  • ABS CDO manager switched

    Rabobank International has resigned from its role as the collateral manager for Solstice ABS CDO III...

    Job Swaps    25 March 2015
  • US CLOs refocus

    After a distracted end to last week, the US CLO secondary market is beginning to refocus. The comb...

    SCIWire    23 March 2015
  • Euro BWICs pick up again

    The European BWIC calendar is picking up again for today and the remainder of this week. As was th...

    SCIWire    23 March 2015
  • Slight decline for Trups defaults

    The number of US bank Trups CDO combined defaults and deferrals marginally decreased to 20.7% at end...

    News Round-up    17 March 2015
  • Liquidation list looms

    The hectic pace in European secondary securitisation markets looks set to continue today with six BW...

    SCIWire    13 March 2015
  • Dutch prime slows as CLOs pick up

    European secondary markets continue to see discrete activity with Dutch prime the latest area to see...

    SCIWire    11 March 2015
  • SCI Start the Week - 9 March

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

    Pipeline Deals stayed in the pipeline a little longer last week. At Friday's end there were 10 new...

    News    9 March 2015
  • SME-backed CDO criteria updated

    Fitch has updated its global rating criteria for CDOs backed by loans to SMEs. The updates particula...

    News Round-up    9 March 2015