Growing pains

A bad year for collateralised debt obligations has not dampened AXA’s enthusiasm for the product. Mark Pelham talks to Pierre-Emmanuel Juillard, head of securitisation structured products, about the attraction.


Collateralised debt obligations (CDOs) have taken a pummelling in 2002. According to Moody’s there have been roughly 140 downgrades of the products so far this year.

Yet Pierre-Emmanuel Juillard insists there is still a market for these structures. “While it’s true that there has been some bad press for CDOs this year, I would not say that it jeopardises our business. People who bought CDOs for the right reasons – for exposure to an asset class with a certain risk-reward profile –

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