The synthetic route



Issuance of arbitrage synthetic collateralised debt obligations (CDOs) this year has been nothing short of phenomenal. In addition to static portfolios, we have seen the emergence of managed synthetic CDOs. In this short timeframe, the synthetic CDO market has seen many new innovations regarding the selection and management of the underlying portfolio. Other innovations include alternative structuring of the first loss piece; issuance of individual synthetic CDO tranches and tranche-

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