Structuring/Primary market

Structuring is literally the putting together of new deals in the primary structured credit and securitisation markets, typically to sell on to investors.
Beyond the use of high volume programmatic deals, structuring involves the taking of credit derivatives �building blocks� or relatively standardised products � CDS, CLNs and CDOs � and combining them or adding other elements to provide innovative structures or strategies. The aim is to enhance returns or extract value from an existing structure or overcome a tax, legal or regulatory issue or provide specific exposure to certain assets. Innovative structures include anything from structured equity and long-short strategies to CDOs with additional buckets or referencing a new asset class or adding in a manager facility.