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The Evolution of Synthetics: Excerpted from "Structured Credit Portfolio Transactions" by Lang Gibson, head of research, in the Structured Credit Product group at Banc of America Securities

Synthetic credit portfolio transactions are similar to traditional cash CDOs except that the trust involved obtains credit exposure through the use of credit derivatives on an unfunded basis. The notes are issued in either funded or unfunded form to the investors. Much attention in research has been given to...

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