BarCap plans a second private CFXO
NEWS
The product works similar to a collateralised debt obligation (CDO), which typically pools together corporate loans that are then split up into tranches of bonds by credit quality. The tranches pay investors from the cashflows generated. With a CFXO, however, the underlying comprises 10–30 different currencies, packaged into tranches. The 'credit' quality of each tranche is determined by the expected performance of the currencies, rather than a corporate's risk of default, as with a CDO.
"Instea
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