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Innovative ways of wrapping the first-loss piece of synthetic collateralized debt obligations are emerging as dealers race to tailor value-rich equity structures to investors' specific credit views.
Innovative ways of wrapping the first-loss piece of synthetic collateralized debt obligations are emerging as dealers race to tailor value-rich equity structures to investors' specific credit views. "We are all trying to come up with bespoke structures that will play on this," said one senior structured credit salesman.
Credit officials say appetite for equity risk is raging, driven by high...