Hunting for paper



In late 2003, investment bank UBS surprised the fixed-income markets by abandoning plans to issue a collateralised debt obligation backed by other CDOs, and liquidating the portfolio of underlying assets which the bank had accumulated for the deal.

Collateralised debt obligations are tranched securities issued by a special-purpose vehicle against a diversified pool of cash or synthetic credit exposures, such as asset-backed securities, high-yield bonds, leveraged loans or even other CDOs.

In the

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