债务担保证券的中文解释
英文Collateralized Debt Obligation的缩写,指以债券、贷款或其他资产的组合为抵押而发行的有资产担保的证券。发起人以作为抵押的资产,组合成立特定目的投资机构(SPV),由SPV发行CDO。 CDO的信用评级有时可高过所有作为抵押的个别资产,但其风险的透明度可能会有所降低。CDO的结构与CMO(抵押担保证券,collateralized
mortgage obligation)和CBO(债券担保证券,collateralized bond obligation)类似。不同之处在于CDO的抵押资产包含不同类型的债务。
CDO的英文解释
Collateralized Debt Obligation. An asset-back
security which uses a portfolio of bonds or loans as collateral, or security. A
sponsor uses the portfolio to set up a special purpose
investmentvehicle which issues securities or CDOs, sometimes with a higher credit rating than any of the individual
underlying assets. There may be reduced transparency in assessing the
underlying risks.