Broadening the CDO investor base

11. Investor base

A key trend in the evolution of the market for CDOs over the last decade has been the progressive expansion and diversification of the investor base. That has been reflected in the explosive growth of demand for CDOs in the primary market, routinely leading to very high levels of oversubscription for new transactions from the top-rated managers.

Take the example of a deal such as Geldilux TS-2005, which was the sixth transaction in a programme originally launched by Germany's HVB in 1999, and

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