Collateral concerns



The investment case seems clear enough. Institutional investors are engaged in a constant search for diversification and yield enhancement, yet many are constrained by strict mandates that prohibit investing in non-rated assets. So it was only a matter of time before investment bankers would take the techniques developed in the structured credit market and apply them to new types of assets. Foreign exchange is the most recent target, with two collateralised foreign exchange obligations (CFXOs)

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