The next generation

Credit guide: future of CDOs

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The emergence of equity default swaps (EDS) has led to the development of a market for more EDS/CDS hybrid structured products following in the footsteps of the JPMorgan Odysseus transaction. But beyond hybrid EDS/CDS products, the development of a range of innovative structures linked to other asset classes testifies to the adaptability, flexibility and dynamism of the basic CDO template.

For example, equity-linked structures have been tailored so that the coupon on a CDO’s mezzanine tranche

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