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Topic: Collateralized debt obligation

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	Collateralized Debt Obligation 101 (Site not responding. Last check: 2007-11-02)
		The underlying collateral may be static or may be managed by an asset manager who generally has demonstrated experience in managing the asset classes mandated by the transaction.
		The securities issued by the CDO are split into rated and unrated classes of bonds and equity, where the rating of each bond class is determined by its position in the priority of payments and other rating criteria.
		The CDO equity represents a leveraged investment in the collateral; it has both a higher expected return (assuming of course that the expected return of the underlying return is positive, ie that expected losses are lower than coupon payments) and a higher volatility of return than the underlying assets.
	www.juiceenewsdaily.com /1105/business/obligation.html?1131137450390 (886 words)

	Collateralized debt obligation - Wikipedia, the free encyclopedia
		Collateralized debt obligations (CDOs) are a type of asset-backed security or structured finance product.
		CDO transactions use swaps whenever there is a mismatch between interest payments of collateral and bonds.
		The underlying collateral may be static or may be managed by an asset manager (alternatively referred to as the "collateral manager" or "portfolio manager") who generally has demonstrated experience in managing the asset classes mandated by the transaction.
	en.wikipedia.org /wiki/Collateralized_debt_obligation (1443 words)

	[No title] (Site not responding. Last check: 2007-11-02)
		Collateralized debt obligation, or CDO, funds could be a catalyst for further growth in Europe's high-yield market, which has been used to finance risky new ventures, especially in the telecommunications and cable industries.
		CDOs are essentially special-purpose vehicles designed to invest in a diversified portfolio of subinvestment grade assets.
		The investments in CDOs are financed through the sale of different classes of securities, which supply the capital for the funds' investment in the junk bonds.
	www.sba.uconn.edu /users/jgolec/collateralized-debt.htm (504 words)

	Collateralized Debt Obligation
		Collateralized debt obligations are securitized interests in pools of—generally non-mortgage—assets.
		Much of the "arbitrage" in a CDO arises from a persistent market imperfection related to the somewhat arbitrary distinction between investment grade and junk debt.
		CDOs are appealing to investors because of the attractive yields they offer, but this market, more than most, is one of caveat emptor.
	www.riskglossary.com /articles/collateralized_debt_obligation.htm (1528 words)

	Eurocastle Inv Debt Offerings
		Eurocastle CDO II #158 million, or approximately 79%, of the issue is expected to be rated AAA/AAA by S&P and Fitch respectively.
		The total collateral value of the portfolio after the end of the investment period is expected to be approximately #200 million and consist of approximately 40% commercial mortgage backed securities.
		The total collateral value of the portfolio after the end of the investment period is expected to be approximately Euro400 million and consist of approximately 50% commercial mortgage backed securities.
	www.advfn.com /news_debt-offerings_11094084.html (749 words)

	Press Release, CDO Committee (Site not responding. Last check: 2007-11-02)
		CDOs are structured securities that are backed by underlying debt obligations of various types, including but not limited to corporate bonds (both investment grade and high yield), emerging market debt, mortgage and asset-backed securities, loans and credit derivatives.
		According to the Association's 2nd Quarter 2002 Research Quarterly, outstanding CDO volume totaled $191 billion as of June 30, 2002, up 14.4 percent from the $167 billion outstanding at the end of 2001.
		Their extensive knowledge and direct involvement in the CDO market is a tremendous asset that will help advance the committee's goals.
	www.bondmarkets.com /pr/2002/CDOCommittee.shtml (714 words)

	Atlantic Asset Management Collateralized Debt Obligations (CDOs) (Site not responding. Last check: 2007-11-02)
		CDOs provide a very effective way for institutional investors to diversify risk in private equity portfolios because the return potential is equivalent to venture capital but the risks are extremely different and diversified.
		A Collateralized Debt Obligation (CDO) is an asset-backed security supported by an underlying portfolio of collateral.
		Typically, a CDO issues multiple debt "tranches" which, when purchased by investors, finance the purchase of the underlying portfolio.
	www.atlanticasset.com /invest/cdos.html (284 words)

	Collateralized Debt Obligations & Structured Finance
		Filled with expert advice as well as helpful charts and graphs, Collateralized Debt Obligations and Structured Finance gives you all the information you need to understand and excel in some of the most complex markets in the world.
		Collateralized Debt Obligations (CDOs) are structured fixed income securities with cash flows linked to the performance of debt instruments.
		Collateralized Debt Obligations and Structured Finance provides a state-of-the-art look at the exploding CDO and structured credit products market, exploring the types of products offered, predicting the potential for product growth and extinction, and examining securitization topics never before seen in print.
	www.defaultrisk.com /bk_cdo_sf.htm (201 words)

	Collateralized debt obligation (via CobWeb/3.1 planetlab2.cs.virginia.edu) (Site not responding. Last check: 2007-11-02)
		fair debt corelcton act, bureau of public debt is required by buliau of oublic debt, in debt and related to.
		wolld debt is debt to equity ratio, debt to eqwitie ratoi and the national debt, the nationa debt is required by debt consolidators and related to debt cinsolidators distressed debt and debt reduction services.
		debt rediction carculator, eliminate debt, leiminate debt bank debt and and this is the best resource on sovereign debt and related to soburin debt with debt consolidation mortgage.
	www.crazydebtleads.com.cob-web.org:8888 /collateralized_debt_obligation.html (2587 words)

	Collateralized Debt Obligations (Site not responding. Last check: 2007-11-02)
		Collateralized debt obligations are privately placed securitizations that were created in the late 1980s.
		The CMO structure was established in the 1970s and proved readily adaptable to different collateral types because of its ability to repackage and redistribute risk, thereby achieving equivalent returns through higher-rated securities.
		At their genesis in the late 1980s, the primary CDO collateral types were high-yield bonds and loans.
	accounting.smartpros.com /x20636.xml (1080 words)

	Collateralized Debt Obligation - CDO
		CDOs do not specialize in one type of debt but are often non-mortgage loans or bonds.
		Similar in structure to a collateralized mortgage obligation (CMO) or collateralized bond obligation (CBO), CDOs are unique in that they represent different types of debt and credit risk.
		In the case of CDOs, these different types of debt are often referred to as 'tranches' or 'slices'.
	www.investopedia.com /terms/c/cdo.asp (181 words)

	Collateralized debt obligation - Nmgzx (Site not responding. Last check: 2007-11-02)
		Also reported are estimates of the public debt implicit in the obligation of the pre-reform state pension system to pay benefits to current...
		Obligation (CDO) is an asset-backed security supported by an underlying portfolio of collateral.
		Secured, collateralized debts, such as a home or automobile, are another story.
	www.nmgzx.net /credit/debt/collateralized-debt-obligation.html (365 words)

	Morrison & Foerster : Practices : Practice Areas : Secondary Debt Trading & CLOs (Site not responding. Last check: 2007-11-02)
		The firm’s debt trading specialists represent many of the largest players in the marketplace, including numerous investment banks, commercial banks, hedge funds and asset managers as well as collateralized loan obligation vehicles (CLOs) and collateralized debt obligation vehicles (CDOs).
		The firm’s debt trading practice focuses on three general types of trading activities: trading distressed debt; trading par debt; and transfers of portfolios of debt assets (e.g., pursuant to auctions or securitization transactions such as CLOs and CDOs).
		The firm’s debt trading practice includes attorneys with expertise in the areas of banking, securities, structured finance and derivatives.
	www.mofo.com /practice/practice/secondaryDebt.html (309 words)

	SSRN-Semi-analytic Approaches to Collateralized Debt Obligation Modelling by Christian Bluhm, Ludger Overbeck
		Collateralized debt obligations (CDOs) constitute an important class of asset-backed securities.
		On the other side, banks and other financial institutions invest in CDO tranches with a risk/return profile matching their risk appetite and investment policies.
		For both sides (risk selling and risk buying) of a CDO transaction, sound mathematical tools are required for an evaluation of the deal.
	papers.ssrn.com /sol3/papers.cfm?abstract_id=595078 (212 words)

	Standard and Poor's Recognizes PIMCO Expertise as Collateralized Debt Obligation Manager : ArriveNet Press Releases : ... (Site not responding. Last check: 2007-11-02)
		In an inaugural publication analyzing the CDO market, Standard and Poor's (SandP) has concluded that PIMCO is "one of the industry's most effective high-yield CDO managers." In fact, PIMCO was one of only two CDO managers highlighted in the new publication, which is being distributed globally.
		By pooling together bonds of different classes, CDO managers can offer their investors diversified credit exposure and potentially higher returns than would be offered by direct investment in leveraged assets -- as well as less market risk.
		Furthermore, CDOs are non-recourse structures, so an investor can lose no more than his or her initial investment.
	press.arrivenet.com /business/article.php/318880.html (793 words)

	Programs Offered
		CDO Account Managers are assigned a set of CDO transactions and 1-2 CDO Transaction Analysts for support.
		Each CDO Client Service team is led by a CDO Manager and is comprised of 2-3 CDO Account Managers and their supporting CDO Transaction Analysts.
		CDO Transaction Analysts assist CDO Account Managers with monitoring and reconciling cash flows and collateral characteristics, responding to client and market participant inquiries, reviewing legal documents, completing new deal and new asset set up, running trade compliance scenarios and settling trades.
	www.abnamrocareer.com /asp-bin/LaunchProgramPage.asp?program=p6 (761 words)

	European Angles Column:The Industrialization of Credit
		Collateralized debt obligation (CDO) technology is converging with fund management techniques more and more.
		Historically, a CDO was part of an attempt to package up and commoditize a market advantage that was perceived to come from credit modeling.
		They are good for investors since CDO equity is where the value is right now,” he explains.
	www.fenews.com /fen50/euro_angles/euro_angles.html (1106 words)

	Collateralized Debt Obligations - Koch Financial Corporation -A Leader in Municipal Finance & Trading - tax exempt ... (Site not responding. Last check: 2007-11-02)
		Collateralized Debt Obligations - Koch Financial Corporation -A Leader in Municipal Finance and Trading - tax exempt lease, tax exempt leasing, municipal leasing, municipal finance, municipal financing (via CobWeb/3.1 planetlab2.cs.virginia.edu)
		With employees in Scottsdale, Arizona and New York City Koch Global Capital operates as an asset manager of collateralized debt obligations (“CDOs”).
		CDOs are securitized interests in pools of both cash and synthetic securities and derivative structures.
	www.kochfinancial.com.cob-web.org:8888 /collateralized_debt_obligation.asp (166 words)

	=> Nachrichten \| Arbor Realty Trust Closes Collateralized Debt Obligation <=
		The facility has a four-year replenishment period that allows the principal proceeds from repayments of the collateral assets to be reinvested in qualifying replacement assets, subject to certain conditions.
		The notes offered pursuant to the CDO are not registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
		Arbor expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward- looking statements contained herein to reflect any change in Arbor's expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based.
	www.finanznachrichten.de /nachrichten-2005-01/artikel-4325964.asp (712 words)

	Single tranche CDO pricing, Single-tranche CDO pricer
		SciSTCDO is a standalone credit derivatives pricing, risk, calibration and implied correlation engine for single-tranche collateralized debt obligations (STCDO), including standardized tranched indices.
		Over-the-counter STCDOs are a growing segment of the collateralized debt obligation (CDO) field and a fast, accurate CDO pricing and risk management solution is a market necessity.
		(CDO, CDO squared, CDS, defaultable bonds, etc.) SciFinance automates coding and delivers source code (C/C++) for custom credit derivatives pricing and risk models.
	www.scicomp.com /derivativepricingmodels/CDOpricing (653 words)

	Securitization.Net
		A wave of collateralized debt obligations backed by trust preferred securities are approaching the end of their non-call periods, with about...more
		Collateralized debt obligation professionals are asking for greater transparency to help investors identify other participants in deals to make replacing CDO managers easier.
		Collateralized debt obligation professionals are at odds over the patentability of new structures and vehicles, with collateral managers, originators, analysts and lawyers all sounding off.
	www.securitization.net /news/articles.asp?id=395 (2784 words)

	Correlation - the hidden risk in Collateralized Debt Obligations
		Beginning Paragraphs: Collateralized Debt Obligations are one of the most interesting innovations of the securitization market in the 90’s.
		The attractiveness to investors is determined exactly by the underlying debt and the rules for sharing the risk and return.
		Correlation between debt securities has not been studied so intensely – possibly because debt securities other than US Treasuries are not liquid and have high transactions cost.
	www.defaultrisk.com /pp_corr_03.htm (248 words)

	I-Tenable - Collateralized Debt Obligation, Basel II (Site not responding. Last check: 2007-11-02)
		CDO Modeling - The case study examines the modeling of a CDO instrument.
		The case study analyzes building the model to review the performance of the CDO periodically and also the probability of default.
		The model uses simulation technique on the asset portfolio to measure CDO performance.
	www.itenableindia.com /download/research.html (284 words)

	Capital Lease Funding, Inc. Closes First Collateralized Debt Obligation Business Wire - Find Articles
		CapLease received net proceeds in the transaction of approximately $263.1 million, approximately $206.0 million of which was used to repay borrowings under its short-term credit facility and $57.1 of which will be used to fund future investments.
		"We are delighted that we have closed our first CDO on terms that provide us with both favorable fixed rate financing of our net lease assets for at least 10 years as well as significant flexibility to redeploy and releverage principal within the structure.
		The securities offered pursuant to the CDO will not be registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
	www.findarticles.com /p/articles/mi_m0EIN/is_2005_March_11/ai_n12419038 (460 words)

	Tavakoli Structured Finance & Collateralized Debt Obligation Operation Risk
		The CBO investors have been trying to get Beacon Hill Asset Management to step down as manager since last year – after the US Securities and exchange Commission pressurized the firm to come clean on losses it was hiding on the hedge funds it managed.
		The equity piece of a mezzanine tranche can be a tricky one when it comes to collateralized debt obligations (CDO) documentation.
		In case of default we are getting delivery of the physical asset (underlying reference obligation) so it is not really a synthetic transaction,” he explains.
	www.tavakolistructuredfinance.com /isr.html (2004 words)

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