Re-securitising CDOs
As collateralised debt obligations have become more popular, issuers have started looking for new assets against which to collateralise them, including asset-backed securities, equity default swaps and even other CDOs
An increasingly popular variant on the CDO theme in recent years has been CDOs of asset-backed securities (ABS), also sometimes known as re-securitisations. The growth of the market for CDOs of ABS reflects the very rapid growth of the securitisation market in recent years, especially in Europe.
According to figures published by the European Securitisation Forum (ESF), new-issuance volume in the market rose in 2003 to a new record of €217.2 billion, up from €157.7 billion in 2002, which itself
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