Credit risk

Introduction

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Investors’ appetite for yield, and investment banks’ willingness to provide it, has spurred the global collateralised debt obligation market on to new heights in terms of new issuance this year.

The number of transactions in the global CDO market grew by almost 100% in 2003 over 2002, according to Standard & Poor’s. From January through to May this year, the market grew by 90% over a similar period last year. This year the market has seen a proliferation of CDOs backed by asset-backed securi

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