Overview of the CDO market

By Eileen Murphy

This article was first published as a chapter in Credit Derivatives, by Risk Books. INTRODUCTION

Collateralised debt obligations (CDOs) represent one of the fastestgrowing segments of the structured finance world and are sometimes lumped together with asset backed securities (ABSs). However, there are several fundamental differences between CDOs and ABSs. CDOs allow for the pooling and retranching of credit risk with pools that are almost always much lumpier than their ABS cousins and with st

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