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Financial instruments that belong to the group of asset-backed securities and structured credit products
A collateralized debt obligation (CDO) is a type of structured asset-backed security. Originally developed as instruments for the corporate debt markets, after 2002 CDOs became vehicles for refinancing mortgage-backed securities (MBS). Like other private label securities backed by assets, a CDO can be thought of as a promise to pay investors in a prescribed sequence, based on the cash flow the CDO... Wikipedia