ppt课件-c d o manager focus michael wasserman, director(c d o经理关注迈克尔沃瑟曼导演).pptVIP

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ppt课件-c d o manager focus michael wasserman, director(c d o经理关注迈克尔沃瑟曼导演).ppt

Richard Gugliada Managing Director +1-212-438-2474 richard_gugliada@ Cash Flow CDOs Interest and principal for Corporate obligations are used to pay down the investors. Liabilities are subordinated to provide different levels of credit protection. Assets ? SPV ? Class A “AAA” Class B “BBB” Equity NR Cash Flow CDO Structure Synthetic CDO Investors sell credit protection to 3rd party on a referenced pool of obligations. SPV holds the money in Eligible Investments (EI) Investors get interest from EI and 3rd party. If an obligation in the pool defaults, SPV pays 3rd pa

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