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.
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SCI Start the Week - 8 October
A review of securitisation activity over the past seven days
Market commentary The European ABS primary market saw a lull in activity last week, which left some...
News 8 October 2018 -
Perfect ingredients
Liquidity boosts Euro CLO pipeline
Increased liquidity and strong demand suggest that the European CLO pipeline will continue to be bus...
News Analysis 5 October 2018 -
Double counting
US CLO primary market update
Up to 30 US CLO transactions are being prepped in the primary market this week, with four or five se...
Market Reports 4 October 2018 -
SCI Start the Week - 1 October
A look at the major activity in structured finance over the past seven days
Conference SCI’s 4th Annual Capital Relief Trades Seminar is taking place on 16 October...
News 1 October 2018 -
CDO misconduct alleged
Goldman Sachs in court over legacy CDO
Astra Asset Management is suing Goldman Sachs over allegations that the bank engaged in misconduct t...
News 28 September 2018 -
Widening spreads eyed
US CDO secondary market update
Several ABS CDO bonds are expected to be in high demand today, which have not been prevalent on the...
Market Reports 20 September 2018 -
Market moves - 31 August
The latest hires and company developments in the structured finance market
Acquisition Moody’s Corp is set to acquire all outstanding shares of Reis in an all-cash...
Market moves 31 August 2018 -
Market moves - 24 August
The week's structured finance hires and company developments, all in one place.
Consent solicitation NN Bank has issued a consent solicitation seeking investor approval for th...
Market moves 24 August 2018 -
Firms favour floating rate
Investors find value in range of SF asset classes
US investors are seeing relative value in a number of pre- and post-crisis securitised asset classes...
News Analysis 22 August 2018 -
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