collateralized debt obligation

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A structured finance instrument consisting of a bond or note backed by a pool of fixed-income assets. Rights to the cash flows from this pool, along with different levels of credit risk, are allocated to different classes (tranches) of note. Some specific types of CDO include collateralized bond obligations (CBOs), collateralized loan obligations (CLOs), and collateralized mortgage obligations (CMOs). A structured investment vehicle is a specialized form of CDO.

Subjects: Accounting — Financial Institutions and Services.

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