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.

• Retail opportunity

  Singapore CFO adds to PE fund investment products

  The launch of the US$510m-equivalent Astrea IV collateralised fund obligation in June marked the fir...

  News Analysis    21 August 2018

• Market moves - 10 August

  Company developments and new hires in the structured finance sector

  CDOs transferred Dock Street Capital Management has replaced Deerfield Capital Management as collat...

  News    10 August 2018

• Market moves - 3 August

  Company developments and new hires in the structured finance sector

  Acquisitions Savills Investment Management is set to acquire a 25% interest in DRC Capital. In ad...

  News    3 August 2018

• SCI Start the Week - 23 July

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

  Pipeline The pipeline returned to full flow last week. Unusually, CMBS accounted for the majority o...

  News    23 July 2018

• Market moves - 20 July

  A weekly breakdown of new hires and company developments in the global structured finance industry.

  Acquisition agreed Stone Point Capital’s Trident VII fund is set to acquire Sabal Capita...

  Market moves    20 July 2018

• SCI Start the Week - 16 July

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

  Pipeline Marketing of new securitisations continued to gain momentum last week, following the Indep...

  News    16 July 2018

• SCI Start the Week - 9 July

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

  Pipeline With 4 July having a typically big impact on the issuance calendar, the pipeline was ligh...

  News    9 July 2018

• SCI Start the Week - 25 June

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

  Pipeline The securitisations remaining in the pipeline at the end of last week were fairly evenly s...

  News    25 June 2018

• SCI Start the Week - 18 June

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

  Pipeline A mixed bag of securitisations remained in the pipeline at the end of last week. ABS once...

  News    18 June 2018

• SCI Start the Week - 11 June

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

  Pipeline Non-auto related ABS deals have dominated the pipeline recently. Indeed, transactions repr...

  News    11 June 2018

• Chinese issuance growing strongly

  Chinese securitisation issuance surged to a record high in 2017 but significant challenges remain. O...

  News Analysis    4 June 2018

• Managers set out stalls post-repeal

  Of open-market CLO managers that have issued a risk retention-compliant CLO, 61% are seeking to sell...

  News    29 May 2018

• Market moves - 18 May

  Europe CIFC has hired Joshua Hughes as head of European marketing, based out of London and reporti...

  Market moves    18 May 2018

• Investors seek more Trups CDO issuance

  EJF Capital recently launched a US$535.090m Trups CDO, TFINS 2018-1, which is its sixth Trups CDO si...

  News Analysis    26 April 2018

• Market moves - 20 April

  Acquisitions BlackRock has acquired Tennenbaum Capital Partners (TCP), complementing its global cr...

  Market moves    20 April 2018

• Market moves - 13 April

  Aircraft ABS on watch KBRA has placed the class A, B and C notes of the US$411m Prop 2017-1 ABS o...

  Market moves    13 April 2018

• SCI Start the Week - 9 April

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

  Pipeline A mixed bag of securitisations remained in the pipeline at the end of last week. ABS domin...

  News    9 April 2018

• Market moves - 6 April

  Europe CSC has hired Robert Berry as chairman of its capital markets group in London and Debra Par...

  Market moves    6 April 2018

• Market moves - 23 March

  CDS clearing developments Intercontinental Exchange has transitioned index CDS open interest from...

  News    23 March 2018

• Increase in liquidity 'hard to measure'

  Liquidity in structured products is difficult to quantify, and perhaps even to define. Whichever way...

  News Analysis    22 March 2018

• SCI Start the Week - 19 March

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

  Pipeline There was a somewhat more measured pace of pipeline additions last week. The final count...

  News    19 March 2018