Collateralized debt obligations (CDOs) are a type of structured asset-backed security (ABS) whose value and payments are derived from a portfolio of fixed-income underlying assets. CDOs are assigned different risk classes, or tranches, whereby "senior" tranches are considered the safest securities. Interest and principal payments are made in order of seniority, so that junior tranches offer higher coupon payments (and interest rates) or lower prices to compensate for additional default risk.

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  • Collateralized debt obligations (CDOs) are a type of structured asset-backed security (ABS) whose value and payments are derived from a portfolio of fixed-income underlying assets. CDOs are assigned different risk classes, or tranches, whereby "senior" tranches are considered the safest securities. Interest and principal payments are made in order of seniority, so that junior tranches offer higher coupon payments (and interest rates) or lower prices to compensate for additional default risk. A few academics, analysts and investors such as Warren Buffett and the IMF's former chief economist Raghuram Rajan warned that CDOs, other ABSs and other derivatives spread risk and uncertainty about the value of the underlying assets more widely, rather than reduce risk through diversification. With the advent of the 2007-2008 credit crunch, this view has gained substantial credibility. Credit rating agencies failed to adequately account for large risks (like a nationwide collapse of housing values) when rating CDOs and other ABSs. Many CDOs are valued on a mark to market basis and thus have experienced substantial write-downs on the balance sheet as their market value has collapsed.
  • Collateralized Debt Obligation (CDO) ist ein Überbegriff für Finanzinstrumente, die zu der Gruppe der forderungsbesicherten Wertpapiere (Asset Backed Securities) und strukturierten Kreditprodukte gehören. CDOs bestehen aus einem Portfolio aus festverzinslichen Wertpapieren. Diese werden in drei Tranchen aufgeteilt: Senior Tranche, Mezzanine Tranche und die Equity Tranche. Das Ausfallrisiko steigt – aufgrund der nachrangigen Bedienung im Fall eines Ausfalls – mit sinkendem Rating, daher bietet die Equity Tranche als Ausgleich den höchsten Kupon. CDOs sind ein wichtiges Refinanzierungsmittel für Banken auf dem Kapitalmarkt. Im Zuge der Finanzkrise sind sie allerdings in die Kritik geraten, da mittels ihres Einsatzes in hohem Maße risikobehaftete Kreditforderungen, getarnt als vermeintlich sichere Investments, auf dem Kapitalmarkt platziert wurden.
  • Una CDO (Collateralized debt obligation) è letteralmente una obbligazione che ha come garanzia (collaterale) un debito. Una CDO è formata unendo decine o centinaia di ABS, obbligazioni a loro volta garantite da centinaia di debiti individuali. L'enorme numero di debiti inividuali sottostanti la singola obbligazione CDO rende di fatto impossibile valutare i rischi di ciascuna obbligazione. La conseguenza è che più facilmente gli acquirenti, non potendo valutare correttamente le potenziali perdite dovute all'insolvenza dei debitori, si libereranno delle CDO non appena comprendono che sta aumentando la quota di debitori insolventi. Ciò avviene nonostante secondo alcune teorie economiche affermino che strumenti come i CDO, realizzando un investimento particolarmente diversificato, riducano il rischio di perdite. Un'altra conseguenza è la difficoltà per le agenzie di rating di valutare correttamente tali obbligazioni. La prima CDO è stata emessa nel 1987 dalla Drexel Burnham Lambert Inc. per conto della Imperial Savings Association. Nel 2007 negli USA sono stati emessi CDO per un valore di 481 miliardi di dollari.
  • 債務担保証券(Collateralized Debt Obligation)は、金銭債権で構成される資産を担保として発行される証券であり、証券化における商品の一つである。 担保資産(裏付資産)が債券類のみで構成される場合はCBO(Collateralized Bond Obligation)と呼ばれ、同じく貸付債権のみで構成される場合はCLO(Collateralized Loan Obligation)と呼ばれるが、CDOはこれらを包括した商品である。
  • Collateralized debt obligation (afgekort CDO) is de algemene aanduiding van een type obligatie waarbij zekerheid is verschaft door de aanwezigheid van onderpand ("collateral"), meestal bestaande uit vorderingen zoals een verzameling gebundelde hypotheken. Kenmerk van CDO's is dat ze typisch zijn onderverdeeld in tranches waarbij een rangorde is bepaald voor de terugbetaling van de schuld aan de houders van elke tranche. CDO's zijn te beschouwen als een vorm van covered bonds: bij die laatste term wordt geen uitspraak gedaan omtrent de aanwezigheid van een rangorde van crediteuren, hetgeen bij CDO's juist op de voorgrond staat. (Opgemerkt moet echter worden dat in de financiële wereld definities niet altijd even zuiver zijn. ) CDO's zijn als financiëel instrument gericht op professionele marktpartijen, en niet bedoeld voor particuliere beleggers. In dit artikel wordt uitgegaan van hypotheken als onderpand van de obligaties, maar dit kan men vervangen door andere varianten zoals creditcardleningen.
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  • Bear Stearns subprime mortgage hedge fund crisis
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  • Collateralized debt obligations (CDOs) are a type of structured asset-backed security (ABS) whose value and payments are derived from a portfolio of fixed-income underlying assets. CDOs are assigned different risk classes, or tranches, whereby "senior" tranches are considered the safest securities. Interest and principal payments are made in order of seniority, so that junior tranches offer higher coupon payments (and interest rates) or lower prices to compensate for additional default risk.
  • Collateralized Debt Obligation (CDO) ist ein Überbegriff für Finanzinstrumente, die zu der Gruppe der forderungsbesicherten Wertpapiere (Asset Backed Securities) und strukturierten Kreditprodukte gehören. CDOs bestehen aus einem Portfolio aus festverzinslichen Wertpapieren. Diese werden in drei Tranchen aufgeteilt: Senior Tranche, Mezzanine Tranche und die Equity Tranche.
  • Una CDO (Collateralized debt obligation) è letteralmente una obbligazione che ha come garanzia (collaterale) un debito. Una CDO è formata unendo decine o centinaia di ABS, obbligazioni a loro volta garantite da centinaia di debiti individuali. L'enorme numero di debiti inividuali sottostanti la singola obbligazione CDO rende di fatto impossibile valutare i rischi di ciascuna obbligazione.
  • 債務担保証券(Collateralized Debt Obligation)は、金銭債権で構成される資産を担保として発行される証券であり、証券化における商品の一つである。 担保資産(裏付資産)が債券類のみで構成される場合はCBO(Collateralized Bond Obligation)と呼ばれ、同じく貸付債権のみで構成される場合はCLO(Collateralized Loan Obligation)と呼ばれるが、CDOはこれらを包括した商品である。
  • Collateralized debt obligation (afgekort CDO) is de algemene aanduiding van een type obligatie waarbij zekerheid is verschaft door de aanwezigheid van onderpand ("collateral"), meestal bestaande uit vorderingen zoals een verzameling gebundelde hypotheken. Kenmerk van CDO's is dat ze typisch zijn onderverdeeld in tranches waarbij een rangorde is bepaald voor de terugbetaling van de schuld aan de houders van elke tranche.
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  • Collateralized debt obligation
  • Collateralized Debt Obligation
  • Collateralized debt obligation
  • Collateralized Debt Obligation
  • Collateralized debt obligation
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