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Asian investors and asset managers have seen collateralised debt obligations (CDOs) in every asset class and structure: cash and synthetic, high yield and investment grade, various portfolio combinations, currency alternatives. Competition for innovation is fierce. Reception is varied.

When a new product comes to Asia, it is first introduced in US dollars. As investors become more familiar with a product, they begin to take on more risky asset classes and tranches. With increased exposure to exo

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