Bear Stearns adds CDO evaluator to Pacre

“This new credit-adjusted spread model represents another step in our effort to enhance liquidity and transparency in the secondary market for CDOs, an effort which Bear Stearns has dedicated increasing levels of resources to over the past three years,” said Michael Nierenberg, head of CDO trading at Bear Stearns.

Gyan Sinha, head of asset-backed securities and CDO research at Bear Stearns, added: “We are applying valuation frameworks such as option-adjusted spread, which are routinely used by investors in the mortgage markets to better understand the risks and rewards in the tranching of credit risk.”

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