Collateralised debt obligations
Improvements in credit quality of CDOs and investor demand for more flexible structures has led to the development of synthetic CDOs
If first-to-default baskets offer exposure to a limited number of credits, a natural extension of this concept is products providing exposure to a much larger pool of underlying credits, which is the basic premise of the market for collateralised debt obligations (CDOs). The term CDO has evolved in recent years into a generic name for securitisations of assets such as mortgages (collateralised mortgage obligations), loans (collateralised loan obligations) and bonds (collateralised bond
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