CDO shakeout puts focus on manager performance

Unsettled structured credit markets are causing investors to become more scrupulous in their choice of collateralised debt obligation (CDO) manager, say market participants.

CDO markets have been hit by snowballing delinquencies in the US subprime mortgage market. Despite the continuing soundness of much of their underlying collateral, investment-grade corporate CDOs have not gone unscathed by the crisis. By November 20, the five-year on-the-run iTraxx 3-6% index tranche, representing mezzanine

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