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A constant proportion debt obligation (CPDO) is a fixed-income instrument paying a regular coupon and principal at maturity. Both coupon and principal can be fully rated, with typical deals rated triple-A. The product has been popular among fixed-income investors as it provides them with an attractive return compared with other, similarly rated investments.

CPDOs are able to generate return by taking a leveraged exposure to a portfolio of credits. In the most common form of CPDO, this portfolio

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