Von Herabstufungen aus der Bahn geworfen
Die aus der Krise bei US-Hypotheken schlechter Bonität entstandenen Probleme haben die Märkte für strukturierte Kredite in Mitleidenschaft gezogen. Die Händler waren zwar darauf eingestellt, dass besorgte Investoren in diesem Zusammenhang die Zweckmäßigkeit von Collateralised Commodity Obligations anzweifeln würden, aber mit Änderungen der Ratingkriterien und den daraus folgenden drastischen Herabstufungen hatte keiner gerechnet. Von John Ferry
Mit der Markteinführung der ersten Collateralised Commodity Obligation (CCO) 2004 war Barclays Capital sich gewiss, dass das eine gute Sache werden würde. Renditehungrige institutionelle Investoren suchten Diversifikationsmöglichkeiten und rissen sich um die Notes, die die strukturellen Merkmale einer Collateralised Debt Obligation (CDO) - Nachrangigkeit, Tranchierung und ein Rating - mit dem
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