Taiwan's CDO explosion
Since its launch in 2005, Taiwan's CDO market has been surprisingly buoyant. But with investors reaching saturation point, is the market nearing its natural limits? Hardeep Dhillon investigates
The Taiwanese collateralised bond obligation market has blossomed since its inception in July 2005, when Capital Securities launched a NT$3.27 billion deal as the market's first transaction. By the end of the year, Moody's reported that a total of NT$150bn of CDO and collateralised loan obligation deals had either launched or were awaiting approval from the regulator. Of these, six term deals hit the market for a combined volume of NT$72.3bn. Indeed, Taiwanese CBOs have now become so popular
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