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Structured
CSOs have become unmanageable, says Fitch
Wednesday, April 1, 2009
Fitch commented today that the ability of CSO managers to trade has been dramatically reduced due to structural constraints, a lack of market liquidity and unprecedented spread widening. It notes that CSO managers have held off from making any trades that would erode surbordination, making a number of CSO virtually unmanageable and exposed to credit events.
The comments are published in an article entitled "Corporate synthetic CDO management in a time of illiquidity".
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Trading
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CFlux secondary
CLO index levels:
| Index | 21 May |
|
| CFlux USD AAA | ↑ | 96.2 |
| CFlux USD AA | ↑ |
88.3 |
| CFlux USD A | ↓ | 84.1 |
| CFlux USD BBB | ↓ | 75.3 |
| CFlux USD BB | ↓ |
74.1 |
| CFlux USD EQ | ↑ | 77.5 |
