Making sense of the alphabet maze of securitisation

Hybrid Structured Credit Funds: Securitisation moves into new paradigm

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The financial crisis saw the rise of some intricate and complex financial structures that few could understand and value.

These structures used bewildering abbreviations that served to mask the underlying difficulties the buyers (mainly banks) had in knowing the exact extent of the risks they were taking.

For example, leveraged super-senior products used leverage to enhance the potential returns on CDO senior tranches that were trading at extraordinarily narrow spreads.

Some of w

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