Synthetic structures

Synthetic CDOs

A cashflow CDO structure, described in a report published in 2004 by Dominion Bond Rating Services as "the quintessential CDO transaction", involves the physical purchasing and holding of credit instruments. Popular in the initial stages of the development of the CDO market in Europe in the mid- to late 1990s, nowadays cashflow structures play second fiddle to synthetic deals in terms of new-issuance volumes.

Synthetic CDOs date back to the late 1990s when they grew in popularity among banks as

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