Death by association

Credit’s runaway success over the past decade has frequently inspired imitation across other asset classes. Until the collateralised debt obligation (CDO) market imploded spectacularly in the latter half of 2007, the application of attributes such as tranching and ratings to diverse underlyings was a recurring theme among structuring desks.

Since 2003, dealers have produced CDOs referencing equities, commodities, and a mixture of both equity and credit. In late 2006, this idea was also

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