Single-tranche collateralised debt obligations (CDOs) have made significant stepstowards becoming mainstream products within the dealer community this year. Around20 firms now offer these products, and their metamorphosis from exotica is evidencedby the emergence of a common language. When traders speak about deltas and impliedcorrelation, other traders now know what is being specified. But for the averagebuy-side or loan portfolio manager wanting to buy structured credit, this kindof talk i
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