Editor’s letter
In the past few years, CDOs have experienced a baptism of fire. Just as ‘CDO’ was beginning to be a recognisable term in the financial markets the structure was hit by the record downgrades and defaults of 2001 and 2002. The natural leverage of the subordinated tranches caused many such tranches to be entirely wiped out. At that time it was difficult to see CDOs being rehabilitated back into mainstream finance, and especially not within the space of one year. But a succession of developments to
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