CDO issuance at record high

Global issuance of funded collateralised debt obligations reached a record $489 billion in 2006. Synthetic CDO issuance also surged last year, doubling to $450 billion from 2005 issuance levels, according to the latest Bank for International Settlements (BIS) Quarterly Review.

The report also shed some light on the yen carry trade - borrowing yen to fund acquisitions in higher-yielding currencies. Central bankers fear this trade will be a source of instability this year as hedge funds unwind

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