Axa IM launches two synthetic CDOs

Axa Investment Managers has closed two synthetic collateralised debt obligations, Capella $1.5 billion CDO I and Aria EUR2.6 billion CDO II. Capella contains triple-A rated US residential mortgage-backed securities and the structure combines market value and cashflow securitisation mechanics, implementing new synthetic techniques for optimal risk return. Aria II references a portfolio of credit default swaps and incorporates a new feature that allows for the monetisation of subordination that

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