Until the early months of 2007, one of the fastest-growing sub-segments of the CDO market (and of the CDO-squared space) was the market for CDOs of asset-backed securities (ABS), also sometimes referred to as re-securitisations.
The growth of this market was a reflection of two important and interrelated developments in the global capital market in recent years. The first of these is the powerful recent growth of the securitisation market, especially in Europe. According to Moody's Review of 2006
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