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.

• 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

• SCI Start the Week - 12 March

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

  Upcoming event SCI Risk Transfer & Synthetics Seminar – Tomorrow (13 March), New...

  News    12 March 2018

• Market moves - 9 March

  North America Anthony Orso has joined NKF Capital Markets as president of capital markets stra...

  Market moves    9 March 2018

• SCI Start the Week - 5 March

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

  Upcoming event SCI Risk Transfer & Synthetics Seminar - 13 March, New York SCI...

  News    5 March 2018

• LCR amendments could be STS 'game-changer'

  The European Commission's recent draft regulation on the LCR does not ensure STS securitisations are...

  News    28 February 2018

• SCI Start the Week - 26 February

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

  Upcoming event SCI Risk Transfer & Synthetics Seminar - 13 March, New YorkSCI's Synthetic Sec...

  News    26 February 2018

• Synthetics spur CDS expansion

  An evolving synthetic securitisation landscape is fuelling the expansion of the CDS market and CDS-l...

  News Analysis    21 February 2018

• SCI Start the Week - 19 February

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

  Upcoming event SCI Risk Transfer & Synthetics Seminar - 13 March, New York SCI...

  News    19 February 2018

• SCI Start the Week - 12 February

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

  Pipeline It was yet another busy week of pipeline additions. There were nine ABS, 11 CLOs, three CM...

  News    12 February 2018

• Carillion impact gauged

  Capital relief trade issuers and investors have been assessing the effect of Carillion's def...

  News Analysis    5 February 2018

• Call for transparency underlined

  A push for transparency is a common thread among European initiatives to reinvigorate the securitisa...

  News Analysis    2 February 2018

• SCI Start the Week - 29 January

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

  Pipeline The balance of additions to the pipeline last week closely followed that of the week befor...

  News    29 January 2018