Managed CDOs from Cheyne Capital Management and Axa Investment Managers have pushed structured credit technology in new directions as investors look for enhanced yield in a tight credit spread environment.
Cheyne Correlation CDO 1 combines cash and synthetic CDO structures. It is a managed cash CDO of static single tranche CDOs.
CDO investors increasingly want a say in the composition of underlying portfolios. On Aria, Simmons & Simmons gave legal advice to arranger CSFB. ?Last year… investors had less time for static deals, because they have no way of preventing losses that arise out of credit events,? says Simmons partner David Roylance.
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