Japanese CDO market down by 12% in 2008

The CDO market in Japan last year contracted to about Yen1 trillion ($10.2 billion) in terms of deals rated by Moody's, a drop of 12%. The agency rated nine balance sheet CDOs and 26 arbitrage deals last year. The balance sheet deals totalled Yen729 billion, up 6.9% on 2007 volumes due to an increase in the size of portfolios referencing loans to SMEs. The arbitrage deals accounted for Yen249 billion. Moody's downgraded 34 tranches on arbitrage CDOs last year, most of which referenced global

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