The new breed

Credit hybrids


The combination of narrow credit spreads and a relative scarcity of traditional fixed-income instruments in Asia to underpin collateralised debt obligations (CDOs) is forcing the region's institutional investors to look at alternative asset classes. And dealers, sensing an opportunity, have started offering new types of structured credit products, including collateralised commodity obligations (CCOs), collateralised foreign exchange obligations (CFXOs) and credit hybrid obligations (CHOs).


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