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- Product code: 17086
- ISBN: 0954544730,
ISBN13: 9780954544737,
100 pages, paperback
Published by YieldCurve.publishing, 2003
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Description of A Primer on Synthetic Collateralised Debt Obligations |
The Collateralised Debt Obligation (CDO) was a natural development in securitisation, first introduced in 1988. A CDO is a structured finance product in which a distinct legal entity known as a special purpose vehicle issues bonds or notes against an investment in cashflows of an underlying pool of assets. These assets can be bonds, commercial bank loans or a mixture of both bonds and loans. Originally CDOs were developed as repackaging structures for high-yield bonds and illiquid instruments such as certain convertible bonds, but they have developed into sophisticated investment management vehicles in their own right.
Through the 1990s CDOs were the fastest growing asset class in the asset-backed securities market, due to a number of features that made them attractive to issuers and investors alike. A subsequent development was the synthetic CDO, a structure that combines credit derivatives and securitisation technology in its construction. It has become very popular with banks and fund managers, both from an originator and investor perspective.
This book looks at the analysis and use of synthetic CDOs. It begins by considering the genesis of the CDO, principally the economic advantages of these products for both issuers and investors. This focuses on the comparative advantage of the CDO structure. It then looks at the products themselves. It concludes with case studies of selected CDO transactions.
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