Enter the CDO-squared


One of the fastest-growing areas of the CDO universe in recent years has been the market for CDOs of CDOs, or CDOs-squared, which date back to September 1999 when the first structure of its kind was launched by the ZAIS Group. The $345.3 million ZING 1 is described by ZAIS as "the first CDO solely securitized by other CDO paper" and was aimed at bolstering returns for investors by increasing leverage.

Since then the market for CDOs-squared has developed rapidly, and in 2004, according to figu

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