Signs of life in the secondary market

Trading

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New issuance in the collateralised debt obligation (CDO) market has ground to a near halt in the past six months. There were only 10 new US issues in the first quarter of this year, compared with 35 this time last year. Downgrades quadrupled in 2002, leaving investors increasingly jittery about CDOs. With many anticipating another record year of CDO downgrades, there is no shortage of institutions looking to shed CDO risk. Yet despite the large numbers of sellers and the attractive spreads o

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