Introduction

Even the eternal optimists in the structured credit markets, who were convinced the halcyon credit days would last forever, will have to admit the market has slowed dramatically.The once prolific market for collateralised debt obligations (CDOs) of asset-backed securities (ABSs) has come to a standstill as the repercussions of the US subprime mortgage crisis have made completing deals almost impossible. While collateralised loan obligations continue to be priced, they have not been immune to