Back to basics
Collateralised debt obligation (CDO) arrangers were ambushed in August by the most dramatic shifts in credit markets since 2005, while many investors have shied away from complex products. Where does this leave the future of the CDO market? Mark Pengelly investigates
Structured credit markets are picking up the pieces after a tumultuous six months. As 2007 draws to a close, all concerned - from regulators to rating agencies - are feeling the need to take stock. With collateralised debt obligation (CDO) investors tottering under the weight of falling mark-to-market valuations and dealers left reeling from hedging losses, tough questions are being asked about the future of the credit market, with some predicting a dramatic change in the mix of products sold
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