Managed CDOs versus static CDOs

Credit guide: CDO management


In the early days of the market, most CDOs were static, or passive, instruments, where a pool of assets is selected and held constant over the life of the transaction. “The early static deals appealed to investors because of their simplicity, transparency, shorter maturities and relatively wide spreads,” comments a Deutsche Bank report published in April 2003.

More recently, however, the very well-documented credit events at companies such as Enron and WorldCom in the US, and at Parmalat in

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