Moody's publishes report on CPDO deals

Moody’s Investors Service is the latest rating agency to publish a special report on the constant proportion debt obligation (CPDO) market. Entitled ‘CPDOs: A Primer’, the report aims to describe the mechanism behind CPDOs and the key risks involved in such transactions.

Initiated by ABN Amro’s Surf programme in September, the CPDO market has developed as an offshoot of the credit index tranche market and represents an attempt by banks to repackage the equity tranches of synthetic CDOs in a rated

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