The reason to issue

CDO guide: market evolution


An apparent paradox associated with the rapid expansion of the CDO market is that it has come against a backdrop of a performance track record that can hardly be said to have been distinguished. A study published by Moody’s in February 2003 found that between 1991 and 2002, CDOs had what the agency described as an “extremely high downgrade rate” (of 10.9%) and a very low upgrade rate (of 0.6%). That, Moody’s explained, was “primarily due to the extraordinary number of downgrades and defaults in

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