Pearl unwinds CDO
Closed life-specialist Pearl has unwound a highly complex collateralised debt obligation (CDO) in a move which doubled the value of its equity tranche compared to resale on the secondary markets.
As part of a strategic review of its investments, Pearl looked at the construction of the Balthazar 1 - a synthetic CDO, based on a portfolio of credit default swaps - and decided that in the current
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