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ARCHIVE | Criteria | Structured Finance | CDOs: Global Cash Flow And Synthetic CDO Criteria: CDO Manager Quality: A Critical Consideration Mar 02
Standard & Poors, March 2002
Abstract
Editor's Note: This criteria is no longer current. CDOs have become a mature investment vehicle and an important liquidity source for the high-yield and leveraged-loan markets. As non-investment-grade markets experience turbulence and many of the early CDO deals season, differentiating between CDOs is becoming more and more important. CDO investors face many considerations when picking an appropriate transaction for purchase. CDO structure, projected economic assumptions, and manager quality are the most important drivers for success, regardless of where in the capital structure the investment is taking place. Of the three factors influencing CDO performance, manager quality is probably the most important and difficult to predict. As evidenced by the table below, manager performance within an asset class/vintage can vary dramatically....
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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