Hitting the spot



Large-sized syndicated single-tranche collateralised debt obligations (CDOs) have struck a chord with investors over the past year. A series of globally distributed, $1 billion-plus deals – including Overture and Aria, both launched by JP Morgan and France’s Axa Investment Managers, and Ocelot, from UK-based Prudential M&G working with both Goldman Sachs and Calyon – has shown that investors have a real appetite for single-tranche structures combining the credibility of a third-party manager wit

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