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Global CDO market Issuance Data
1. SecuritieS induStry and financial MarketS aSSociation
Global CDO Market Issuance Data1
By IssuanCe Type ($MM)
TOTal Cash Flow and synthetic Balance
Market Value4 arbitrage5 long Term7 short Term8
IssuanCe Hybrid2 Funded3 sheet6
2004-Q1 24,982.5 18,807.8 6,174.7 0.0 23,157.5 1,825.0 20,495.1 4,487.4
2004-Q2 42,861.6 25,786.7 17,074.9 0.0 39,715.5 3,146.1 29,611.4 13,250.2
2004-Q3 42,086.6 36,106.9 5,329.7 650.0 38,207.7 3,878.8 34,023.9 8,062.7
2004-Q4 47,487.8 38,829.9 8,657.9 0.0 45,917.8 1,569.9 38,771.4 8,716.4
2004 TOTal 157,418.5 119,531.3 37,237.2 650.0 146,998.5 10,419.8 122,901.8 34,516.7
2005-Q1** 49,610.2 40,843.9 8,766.3 0.0 43,758.8 5,851.4 45,175.2 4,435.0
2005-Q2** 71,450.5 49,524.6 21,695.9 230.0 62,050.5 9,400.0 65,043.6 6,406.9
2005-Q3** 52,007.2 44,253.1 7,754.1 0.0 49,636.7 2,370.5 48,656.3 3,350.9
2005-Q4** 98,735.4 71,604.3 26,741.1 390.0 71,957.6 26,777.8 88,763.5 9,971.9
2005 TOTal 271,803.3 260,225.9 64,957.4 620.0 227,403.6 44,399.7 247,638.6 24,164.7
2006-Q1** 108,012.7 83,790.1 24.222.6 0.0 101,153.6 6,859.1 104,084.0 3,928.7
2006-Q2** 124,977.9 97,260.3 24,808.4 2,909.2 102,564.6 22,413.3 119,986.1 4,991.8
2006-Q3** 138,628.7 102,167.4 14,703.8 21,757.5 125,945.2 12,683.5 135.928.5 2,700.2
2006-Q4** 180,090.3 131,525.1 25,307.9 23,257.3 142,534.3 37,556.0 180,090.3 0.0
2006 TOTal 551,709.6 414,742.9 89,042.7 47,924.0 472,197.7 79,511.9 540,088.9 11,620.7
2007-Q1** 184,757.4 138,614.2 27,417.7 18,725.5 155,768.5 28,988.9 177,391.7 7,365.7
2007-Q2** 179.493.0 132,197.3 14,930.2 32,365.5 156,997.7 22,495.3 175,532.6 3,960.4
2007-Q3** 91,529.2 54,663.9 5,211.6 31.653.7 85,410.8 6,118.4 89,475.6 2,053.6
2007-Q4** 29,946.7 21,930.1 3,950.0 4,066.6 22,033.3 7,913.4 29,946.7 0.0
2007 TOTal 485,726.3 347,405.5 51,509.5 86,811.3 420,210.3 65,516.0 472,346.6 13,379.7
Source: Thomson Financial
Totals may not foot due to rounding.
**Revised to reflect changes in classification or information submitted after prior cut-off date.
1 Unfunded synthetic tranches are not included in this analysis. SME deals are classified as ABS 4 Market value CDOs are structured to support liabilities through the value of the collateral.
and are not included in this analysis. 5 Arbitrage CDOs attempt to capture the mismatch between the yields of assets (CDO col-
2 Cash flow CDOs are structured to pay off liabilities with the interest and principal payments lateral) and the financing costs of the generally higher rated liabilities (CDO tranches).
(cash flows) of their collateral. Hybrid CDOs combine the funding structures of cash and 6 Balance sheet CDOs remove assets or the risk of assets off the balance sheet of the origina-
synthetic CDOs. tor. Balance sheet CDOs may be cash or synthetic. In cash deals they are used to move
3 Synthetic CDOs sell credit protection via credit default swaps (CDS) rather than purchase cash assets off of a balance sheet (frequently to reduce regulatory capital requirements, among
assets. Synthetic CDOs use credit default swaps (CDS) to synthetically replicate a cash flow other reasons, similar to traditional ABS securitizations). In synthetic deals, the risk is moved
CDO. Funded tranches require the deposit of cash to an SPV at the inception of the deal to off balance sheet by the originator ‘s purchasing protection from the SPV through CDS.
collateralize portions of the SPV’s potential swap obligations in the transaction; losses result in 7 Long term tranches are defined as tranches with maturities of greater than 18 months.
principal writedowns of the issued notes. 8 Short term tranches are defined as tranches with maturities of less than 18 months.
2. SecuritieS induStry and financial MarketS aSSociation
Global CDO Market Issuance Data
By unDerlyInG COllaTeral ($MM)
Investment Investment
TOTal High yield High yield structured Mixed Other
Grade Grade Other 16
IssuanCe loans10 Bonds12 Finance13 Collateral14 swaps15
loans9 Bonds11
2005-Q1 49,610.2 0.0 17,285.9 1,241.6 1,520.6 28,177.1 0.0 649.5 735.5
2005-Q2 71,450.5 0.0 18,963.1 1,979.8 498.8 46,720.3 0.0 927.7 2,360.8
2005-Q3 52,007.2 0.0 13,906.8 500.9 700.0 34,517.5 45.0 739.9 1,597.1
2005-Q4 98,735.4 0.0 21,049.9 322.6 355.0 67,224.2 42.0 144.7 9,597.0
2005 TOTal 271,803.3 0.0 71,205.7 4,044.9 3,074.4 176,639.1 87.0 2,461.8 14,290.4
2006-Q1 108,012.7 0.0 24,470.8 12,822.8 600.8 66,220.2 0.0 202.8 3,695.3
Source: Thomson Financial
2006-Q2
Totals may not foot due to rounding. 124,977.9 0.0 53,276.7 4,472.0 0.0 65,019.6 20.0 145.7 2,043.9
2006-Q3 138,628.7 0.0 41,971.8 3,224.4 340.1 89,190.2 0.0 362.3 3,539.9
2006-Q4 180,090.3 0.0 61,165.2 20,036.2 0.0 93,663.2 0.0 0.0 5,225.7
2006 TOTal 551,709.6 0.0 180,884.5 40,555.4 940.9 314,093.2 20.0 710.8 14,504.8
2007-Q1 184,757.4 0.0 52,670.7 30,607.6 700.0 100,071.3 0.0 103.2 604.6
2007-Q2 179,493.0 0.0 51,340.3 23,565.0 1,200.7 102,692.5 0.0 140.6 553.9
2007-Q3 91,529.2 0.0 31,317.8 20,199.2 0.0 39,130.0 0.0 882.2 0.0
2007-Q4 29,946.7 0.0 13,019.9 3,723.4 250.0 12,932.3 0.0 21.1 0.0
2007 yTD TOTal 485,726.3 0.0 148,348.7 78,095.2 2,150.7 254,826.1 0.0 1,147.1 1,158.5
Source: Thomson Financial
Totals may not foot due to rounding.
9 Investment grade loans are defined as loans with ratings at or above Baa3 from Moody’s or 13 Structured Finance collateral includes assets such as RMBS, CMBS, CMOs, ABS, CDOs,
BBB- from S&P. CDS, and other securitized/structured products.
10 High Yield loans are defined for the purposes of this exercise as transactions of borrowers with 14 If a CDO has 51% or more of a single collateral type, it goes into that bucket, otherwise it
senior unsecured debt ratings at financial close below Baa3 from Moody’s or BBB- from S&P. goes into ‘Mixed Collateral’.
11 Investment grade bonds are defined as bonds with ratings equal to or above above Baa3 from 15 Other Swaps are non-CDS which are collateral for a transaction.
Moody’s or BBB- from S&P. 16 ‘Other’ includes collateral such as funds, insurance receivables, cash, and assets that are not
12 High Yield Bonds are defined as bonds with ratings below Baa3 from Moody’s or BBB- from captured by the other categories shown above.
S&P.
3. SecuritieS induStry and financial MarketS aSSociation
Global CDO Market Issuance Data
By CurrenCy ($MM)
TOTal
us euro yen sterling Other
IssuanCe
2005-Q1 49,610.2 38,781.8 8,436.4 2,288.6 0.0 103.4
2005-Q2 71,450.5 46,212.1 19,492.8 1,847.0 365.7
3,532.9
2005-Q3 52,007.2 46,116.3 4,326.3 1,184.1 0.0 380.5
2005-Q4 98,735.4 77,993.5 11,222.2 216.9 9,302.8 0.0
2005 TOTal 271,803.3 209,103.7 43,477.7 5,536.6 9,668.5 4,016.8
2006-Q1 108,012.7 90,281.4 14,286.3 3,205.1 0.0 239.9
2006-Q2 124,977.9 90,833.1 31,822.6 1,016.5 89.6 1,216.1
2006-Q3 138,628.7 114,495.5 20,489.2 1,366.3 0.0 2,277.7
2006-Q4 180,090.3 125,989.0 43,522.4 886.0 8,294.1 1,398.8
2006 TOTal 551,709.6 421,599.0 110,120.5 6,473.9 8,383.7 5,132.5
2007-Q1 184,757.4 124,479.8 47,949.6 1,615.9 7,903.1 1,809.0
2007-Q2 179,493.0 136,157.5 40, 445.5 877.6 105.9 1,906.5
2007-Q3 91,529.2 53,825.0 34,426.6 815.9 689.5 1772.2
2007-Q4 29,946.7 19,219.9 9,017.4 0.0 0.0 1,709.4
2007 yTD TOTal
485,726.3 334,682.2 131,839.1 3309.4 8,698.5 7,197.1
Source: Thomson Financial
Totals may not foot due to rounding.
