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Synthetic CDOs

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Almost every foreign dealer active in Japan’s credit derivatives market leapt into the synthetic arbitrage collateralised debt obligation (CDO) business at the end of last year. With Japanese credit spreads inching slightly wider in the fourth quarter of 2002 – a grudging reaction to US accounting scandals, several high-profile corporate bankruptcies and a drop in the Nikkei 225 stock index – dealer banks took the opportunity to structure a flurry of Japanese arbitrage deals aimed at

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