BMA forms European CDO committee


The Bond Market Association has formed a European collateralised debt obligation (CDO) committee to enhance the acceptance of CDOs in the European market. Fritz Thomas, head of CDO structuring and distribution at Deutsche Bank, becomes chairman of the committee, with Oldrich Masek, co-head of global structured credit origination at JPMorgan, as vice-chairman.

Lynnette Hotchkiss, senior vice-president of the Bond Market Association (BMA) in New York, says Thomas and Masek were chosen because of their high profile in the industry, and because they have the respect of their peers and were willing to take a leadership role. The committee will consist of between 12 and 15 people who are representative of the BMA’s membership base and leading players in the European CDO market.

“The establishment of the committee is an exciting development for the European CDO market and I am hopeful that it will be able to make progress in increasing the overall acceptance of CDOs in the market,” says Deutsche’s Thomas.

He adds that the committee will seek to foster transparency, liquidity and education and also discuss issues that are prevalent within the European market. “The market is young but growing, and there will be unique challenges that need to be addressed,” says Thomas. The first meeting is expected to occur in the near future.

The committee’s aim is similar to the US CDO committee that was formed in December 2002. The BMA’s Hotchkiss states that some of its initial goals are to increase secondary market liquidity and the investor base, introduce league tables and standardise trustee reports.

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