Editor's letter

Editor's letter

Confused by collateralised debt obligations? Baffled by terms such as 'true sale', 'attachment points' and 'waterfall payments'? Well, worry no longer, because Credit's latest guide - The new ABC of CDO - is here to answer all your questions about these complex instruments.

Since the last guide was published in May 2004, much has changed in this fast-developing industry. The creation of a single tradable credit default swap (CDS) instrument in the form of the DJ iTraxx index last June has

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