Fitch expects more China CDOs

Fitch Ratings expects increased issuance of collateralised debt obligations (CDOs) in China in 2006, following the launch of the country's first CDO in December last year.

The deal was a collateralised loan obligation (CLO) originated by China Development Bank with a portfolio size of RMB4.2 billion ($500 million). It was a cashflow balance-sheet securitisation with 29 obligors in the pool, comprising predominantly large Chinese corporates.

Charles Chang, Fitch's Hong Kong-based director of

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