Westpac launches CDO of CDOs

New angles

Australian bank Westpac has closed a $1.25 billion synthetic collateralised debt obligation (CDO) backed by a pool of structured finance transactions. The deal, arranged by JP Morgan Chase, is thought to be the first such structure issued in Asia-Pacific.

The transaction, called Quadrum, is referenced to a pool of US and European CDOs, synthetic CDOs, portfolio credit default swaps and Australian mortgage-backed securities, and is aimed at freeing up economic capital within the bank. “This

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