Understanding the product

CDO guide: market information

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As volumes in the CDO market began to expand rapidly in the mid to late 1990s on both sides of the Atlantic, misgivings were frequently expressed about the level of transparency (or lack of it) in the primary and secondary market. As one analyst was quoted as telling the Wall Street Journal in September 1997, when NationsBank launched its record-breaking $4 billion transaction: “You’re blind to the underlying obligors.”

Misgivings about the transparency of the CDO market may have receded since

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