Highly Commended: Axa IM’s Capella
In the market for collateralised debt obligations backed by asset-backed securities, the recent tightening in underlying spreads has prompted some structurers to move down the capital structure and in certain cases push the boundaries of what would normally be considered a high-grade portfolio. But Axa Investment Managers bucked the trend in September with a $1.5 billion synthetic collateralised debt obligation (CDO), referencing 100% triple-A rated US residential mortgage-backed securities
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