JPM Merits CDOs

Credit tech

JPMorgan is launching a new credit derivatives-based product that allows the bank to sell actively managed collateralised debt obligations (CDOs) in which not every tranche needs to be sold. The product line, called Merit, means that investors will be able to buy any tranche within a CDO without the bank having to find buyers for every part of the deal’s capital structure.

The first such transaction was completed in August with an unnamed investor buying a tranche rated Aa2 by Moody’s

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