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The Virtues of Investment Grade CDOs Abridged from "Investment-Grade CDOs" by Glen McDermott, head of global structured bond research, Terry L. Benzschawel and Sohail Khan, at Salomon Smith Barney

A lively debate is taking place in the marketplace over the merits and risks of investment-grade average collateralized debt obligations (IG CDOs). Critics argue the following: investment-grade CDOs are too highly levered; investment-grade credits experience rapid credit deterioration; investment-grade CDO managers pick the yieldiest credits for any given rating...

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