A market redeemed



Given the past three years of poor corporate performance, with record numbers of investment-grade companies falling to junk, it may be no surprise that many investors in collateralised debt obligations have had their fingers burnt.

Collateralised debt obligations (CDOs) are tranched securities issued by a special purpose vehicle against a pool of cash or synthetic credit exposures. Downward ratings migration and some substantial defaults of once highly rated companies have therefore t

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