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38 PROBATE & PROPERTY NOVEMBER/DECEMBER 2007 Although strictly speaking a collateralized debt obligation (CDO) is simply a formof debt security, the termis now commonly used to describe a particular type of capital markets transaction. In a CDO, a special purpose vehicle is organized to hold a diversified portfolio of assets that is financed through the vehicle’s issuance of securities. Even though the CDO structure has been used to finance a wide variety of financiia assets, until fairly...

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