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June 10, 2013

These CDO Names Don't Cry 'Wolf'

“The CDO comeback is déjà vu for some investors burned by collateralized debt obligations that blew up during the financial crisis.

But history probably won’t repeat itself in one peculiar way. Creators of the deals are showing little interest in bestowing them with the sort of aspirational, exuberant, mythological, over-the-top and sometimes inexplicable names common before the crisis hit.

In April 2007, investors bought Tourmaline CDO III Ltd. Tourmaline is a gemstone with hues that vary because the stones passed over a rainbow on their journey from the center of the Earth, according to legend. Then came Corona Borealis CDO Ltd., a reference to a constellation that means “northern crown” in Latin.

Several deals were named Coriolanus, which also is the title of a Shakespearean tragedy about a Roman leader killed for his betrayal. Goldman Sachs Group Inc. had the ferocious-sounding Timberwolf I Ltd.”


Read the full Wall Street Journal article here

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