Goldman Sachs seeks to boost CDO transparency

“We are not benefiting from this directly, but we think we will benefit because the market will become more liquid and will grow,” said Alex Reyfman, head CDO strategist for Goldman Sachs in New York. Goldman Sachs hopes other CDO underwriters will also follow suit and offer the wider investing public details on their CDOs on Intex. Goldman Sachs has not actively encouraged other CDO underwriters to join in the new policy to date, Reyfman said.

Reyfman cited another unilateral attempt by Goldman Sachs to improve CDO market transparency in 1999, when the bank began issuing monthly surveillance reports on its CDOs. “Other underwriters followed very quickly,” said Reyfman. Referring to the current initiative, Reyfman said: “Our experience with the monthlies makes us kind of optimistic that others will follow.”

A lack of transparency has plagued the CDO market since its inception, Reyfman said. Goldman Sachs thinks that allowing Intex users to view the cashflow mechanics and collateral behind its CDOs on a monthly basis will attract more interest in the market. For example, investors can now more easily compare tranches of different CDOs, according to Reyfman. Data on Intex can be easily downloaded into investors’ risk management systems, which is an advance over data received through Goldman Sachs’ monthly CDO reports, he said.

Intex users can now access around 40 Goldman Sachs cashflow CDOs. Reyfman said access to more deal types, like managed CDOs, could soon follow.

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Next-generation technologies and the future of trading

At a webinar in association with capital markets technology provider Numerix, panellists discuss the potential for increased adoption of the public cloud to boost investment performance, its impact on risk management and overcoming barriers to…

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here