Constant proportion debt obligations: what went wrong and what is the future for leveraged credit?
30 November 2008
Mayer Brown Article
November 2008 - When constant proportion debt obligations (‘CPDOs’) were first issued, the credit spreads were so narrow that the products had to use maximum allowed leverage to make profits.
This article was first published in and is reproduced with the kind permission of Butterworths Journal of International Banking Law, November 2008.