Actively managed synthetic collateralised debt obligations (CDOs) – introduced in 2001 to the rapidly evolving credit derivatives market – are expected by most pundits to see a surge in popularity in 2002. Indeed, according to figures from Goldman Sachs, at least seven actively managed deals with a total dollar notional of $7.24 billion were completed last year, and the firm expects as many as 15 in 2002, with a notional amount of $1 billion each. With each new deal, this product evolves one
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