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[n]" accesskey="n"><span>Discussió per aquest IP</span></a></li> </ul> </div> </div> </div> </div> </nav> </div> </header> </div> <div class="mw-page-container"> <div class="mw-page-container-inner"> <div class="vector-sitenotice-container"> <div id="siteNotice"></div> </div> <div class="vector-column-start"> <div class="vector-main-menu-container"> <div id="mw-navigation"> <nav id="mw-panel" class="vector-main-menu-landmark" aria-label="Lloc"> <div id="vector-main-menu-pinned-container" class="vector-pinned-container"> </div> </nav> </div> </div> <div class="vector-sticky-pinned-container"> <nav id="mw-panel-toc" aria-label="Contingut" data-event-name="ui.sidebar-toc" class="mw-table-of-contents-container vector-toc-landmark"> <div id="vector-toc-pinned-container" class="vector-pinned-container"> <div id="vector-toc" class="vector-toc vector-pinnable-element"> <div class="vector-pinnable-header vector-toc-pinnable-header vector-pinnable-header-pinned" data-feature-name="toc-pinned" data-pinnable-element-id="vector-toc" > <h2 class="vector-pinnable-header-label">Contingut</h2> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-toc.pin">mou a la barra lateral</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-toc.unpin">amaga</button> </div> <ul class="vector-toc-contents" id="mw-panel-toc-list"> <li id="toc-mw-content-text" class="vector-toc-list-item vector-toc-level-1"> <a href="#" class="vector-toc-link"> <div class="vector-toc-text">Inici</div> </a> </li> <li id="toc-Estructura" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Estructura"> <div class="vector-toc-text"> <span class="vector-toc-numb">1</span> <span>Estructura</span> </div> </a> <ul id="toc-Estructura-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Tipologia" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Tipologia"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Tipologia</span> </div> </a> <ul id="toc-Tipologia-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Referències" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Referències"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Referències</span> </div> </a> <ul id="toc-Referències-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Bibliografia" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Bibliografia"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Bibliografia</span> </div> </a> <ul id="toc-Bibliografia-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contingut" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Commuta la taula de continguts." > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Commuta la taula de continguts.</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Obligació de deute garantida</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Vés a un article en una altra llengua. Disponible en 20 llengües" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-20" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">20 llengües</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%A7%D9%84%D8%AA%D8%B2%D8%A7%D9%85_%D8%A7%D9%84%D8%AF%D9%8A%D9%86_%D8%A7%D9%84%D9%85%D9%83%D9%81%D9%88%D9%84" title="التزام الدين المكفول - àrab" lang="ar" hreflang="ar" data-title="التزام الدين المكفول" data-language-autonym="العربية" data-language-local-name="àrab" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/T%C9%99minatl%C4%B1_borc_%C3%B6hd%C9%99likl%C9%99ri" title="Təminatlı borc öhdəlikləri - azerbaidjanès" lang="az" hreflang="az" data-title="Təminatlı borc öhdəlikləri" data-language-autonym="Azərbaycanca" data-language-local-name="azerbaidjanès" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Zaji%C5%A1t%C4%9Bn%C3%A1_dluhov%C3%A1_obligace" title="Zajištěná dluhová obligace - txec" lang="cs" hreflang="cs" data-title="Zajištěná dluhová obligace" data-language-autonym="Čeština" data-language-local-name="txec" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Collateralized_Debt_Obligation" title="Collateralized Debt Obligation - alemany" lang="de" hreflang="de" data-title="Collateralized Debt Obligation" data-language-autonym="Deutsch" data-language-local-name="alemany" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%95%CE%B3%CE%B3%CF%85%CE%B7%CE%BC%CE%AD%CE%BD%CE%B5%CF%82_%CE%B4%CE%B1%CE%BD%CE%B5%CE%B9%CE%B1%CE%BA%CE%AD%CF%82_%CF%85%CF%80%CE%BF%CF%87%CF%81%CE%B5%CF%8E%CF%83%CE%B5%CE%B9%CF%82" title="Εγγυημένες δανειακές υποχρεώσεις - grec" lang="el" hreflang="el" data-title="Εγγυημένες δανειακές υποχρεώσεις" data-language-autonym="Ελληνικά" data-language-local-name="grec" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-en mw-list-item"><a href="https://en.wikipedia.org/wiki/Collateralized_debt_obligation" title="Collateralized debt obligation - anglès" lang="en" hreflang="en" data-title="Collateralized debt obligation" data-language-autonym="English" data-language-local-name="anglès" class="interlanguage-link-target"><span>English</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Obligaci%C3%B3n_colateralizada_por_deuda" title="Obligación colateralizada por deuda - espanyol" lang="es" hreflang="es" data-title="Obligación colateralizada por deuda" data-language-autonym="Español" data-language-local-name="espanyol" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Collateralized_debt_obligations" title="Collateralized debt obligations - francès" lang="fr" hreflang="fr" data-title="Collateralized debt obligations" data-language-autonym="Français" data-language-local-name="francès" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%B8%E0%A4%82%E0%A4%AA%E0%A4%BE%E0%A4%B0%E0%A5%8D%E0%A4%B6%E0%A5%8D%E0%A4%B5%E0%A4%BF%E0%A4%95_%E0%A4%8B%E0%A4%A3_%E0%A4%A6%E0%A4%BE%E0%A4%AF%E0%A4%BF%E0%A4%A4%E0%A5%8D%E0%A4%B5" title="संपार्श्विक ऋण दायित्व - hindi" lang="hi" hreflang="hi" data-title="संपार्श्विक ऋण दायित्व" data-language-autonym="हिन्दी" data-language-local-name="hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Collateralized_debt_obligation" title="Collateralized debt obligation - italià" lang="it" hreflang="it" data-title="Collateralized debt obligation" data-language-autonym="Italiano" data-language-local-name="italià" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E5%82%B5%E5%8B%99%E6%8B%85%E4%BF%9D%E8%A8%BC%E5%88%B8" title="債務担保証券 - japonès" lang="ja" hreflang="ja" data-title="債務担保証券" data-language-autonym="日本語" data-language-local-name="japonès" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EB%B6%80%EC%B1%84%EB%8B%B4%EB%B3%B4%EB%B6%80%EC%A6%9D%EA%B6%8C" title="부채담보부증권 - coreà" lang="ko" hreflang="ko" data-title="부채담보부증권" data-language-autonym="한국어" data-language-local-name="coreà" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Turtu_garantuota_obligacija" title="Turtu garantuota obligacija - lituà" lang="lt" hreflang="lt" data-title="Turtu garantuota obligacija" data-language-autonym="Lietuvių" data-language-local-name="lituà" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Collateralized_debt_obligation" title="Collateralized debt obligation - neerlandès" lang="nl" hreflang="nl" data-title="Collateralized debt obligation" data-language-autonym="Nederlands" data-language-local-name="neerlandès" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Collateralised_Debt_Obligation" title="Collateralised Debt Obligation - polonès" lang="pl" hreflang="pl" data-title="Collateralised Debt Obligation" data-language-autonym="Polski" data-language-local-name="polonès" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Obriga%C3%A7%C3%A3o_de_d%C3%ADvida_colateralizada" title="Obrigação de dívida colateralizada - portuguès" lang="pt" hreflang="pt" data-title="Obrigação de dívida colateralizada" data-language-autonym="Português" data-language-local-name="portuguès" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%9E%D0%B1%D0%B5%D1%81%D0%BF%D0%B5%D1%87%D0%B5%D0%BD%D0%BD%D1%8B%D0%B5_%D0%B4%D0%BE%D0%BB%D0%B3%D0%BE%D0%B2%D1%8B%D0%B5_%D0%BE%D0%B1%D1%8F%D0%B7%D0%B0%D1%82%D0%B5%D0%BB%D1%8C%D1%81%D1%82%D0%B2%D0%B0" title="Обеспеченные долговые обязательства - rus" lang="ru" hreflang="ru" data-title="Обеспеченные долговые обязательства" data-language-autonym="Русский" data-language-local-name="rus" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sl mw-list-item"><a href="https://sl.wikipedia.org/wiki/Zadol%C5%BEnice,_zavarovane_z_dolgom" title="Zadolžnice, zavarovane z dolgom - eslovè" lang="sl" hreflang="sl" data-title="Zadolžnice, zavarovane z dolgom" data-language-autonym="Slovenščina" data-language-local-name="eslovè" class="interlanguage-link-target"><span>Slovenščina</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Ngh%C4%A9a_v%E1%BB%A5_n%E1%BB%A3_th%E1%BA%BF_ch%E1%BA%A5p" title="Nghĩa vụ nợ thế chấp - vietnamita" lang="vi" hreflang="vi" data-title="Nghĩa vụ nợ thế chấp" data-language-autonym="Tiếng Việt" data-language-local-name="vietnamita" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E5%82%B5%E5%8B%99%E6%93%94%E4%BF%9D%E8%AD%89%E5%88%B8" title="債務擔保證券 - xinès" lang="zh" hreflang="zh" data-title="債務擔保證券" data-language-autonym="中文" data-language-local-name="xinès" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q1108930#sitelinks-wikipedia" title="Modifica enllaços interlingües" class="wbc-editpage">Modifica els enllaços</a></span></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div class="vector-page-toolbar-container"> <div id="left-navigation"> <nav aria-label="Espais de noms"> <div id="p-associated-pages" class="vector-menu vector-menu-tabs mw-portlet mw-portlet-associated-pages" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-nstab-main" class="selected vector-tab-noicon mw-list-item"><a href="/wiki/Obligaci%C3%B3_de_deute_garantida" title="Vegeu el contingut de la pàgina [c]" accesskey="c"><span>Pàgina</span></a></li><li id="ca-talk" class="vector-tab-noicon mw-list-item"><a href="/wiki/Discussi%C3%B3:Obligaci%C3%B3_de_deute_garantida" rel="discussion" title="Discussió sobre el contingut d'aquesta pàgina [t]" accesskey="t"><span>Discussió</span></a></li> </ul> </div> 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class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-page-tools.pin">mou a la barra lateral</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-page-tools.unpin">amaga</button> </div> <div id="p-cactions" class="vector-menu mw-portlet mw-portlet-cactions emptyPortlet vector-has-collapsible-items" title="Més opcions" > <div class="vector-menu-heading"> Accions </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-more-view" class="selected vector-more-collapsible-item mw-list-item"><a href="/wiki/Obligaci%C3%B3_de_deute_garantida"><span>Mostra</span></a></li><li id="ca-more-edit" class="vector-more-collapsible-item mw-list-item"><a href="/w/index.php?title=Obligaci%C3%B3_de_deute_garantida&action=edit" title="Modifica el codi font d'aquesta pàgina [e]" accesskey="e"><span>Modifica</span></a></li><li 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aria-labelledby="firstHeading" data-mw-ve-target-container> <div class="vector-body-before-content"> <div class="mw-indicators"> </div> <div id="siteSub" class="noprint">De la Viquipèdia, l'enciclopèdia lliure</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="ca" dir="ltr"><p>Una <b>obligació de deute garantida</b> o <b>obligació garantida per deute</b><sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> (en <a href="/wiki/Angl%C3%A8s" title="Anglès">anglès</a>: <i>collateralized debt obligation</i>; <a href="/wiki/Acr%C3%B2nim" title="Acrònim">acrònim</a>: <i>CDO</i>) és un <a href="/wiki/Valor_(finances)" class="mw-redirect" title="Valor (finances)">valor financer</a> de tipus <a href="/wiki/Derivat" class="mw-redirect" title="Derivat">derivat</a>, el valor i pagaments del qual es deriven d'un <a href="/w/index.php?title=Col%C2%B7lateral&action=edit&redlink=1" class="new" title="Col·lateral (encara no existeix)">col·lateral</a> (o garantia) format per una cistella d'actius. Allò que caracteritza una CDO i la diferencia d'un <a href="/wiki/Asset-backed_security" class="mw-redirect" title="Asset-backed security">Asset-backed security</a> és la segmentació en trams de risc (en <a href="/wiki/Angl%C3%A8s" title="Anglès">anglès</a>: <i>risk tranches</i>). El pagament i l'interès que renda el CDO no és homogeni per a tots els inversors, sinó que aquests poden escollir el grau de risc a què volen estar exposats. Les CDO ofereixen tres graus de risc: "senior tranches", "mezzanine tranches", i "subordinated/equity tranches"; les "senior" reben una qualificació AAA i ofereixen un interès menor, mentre que les "subordinated/equity" ofereixen un interès major però tenen la qualificació de bons escombraria. La principal motivació per a la creació de CDO prové dels bancs que volen convertir actius a llarg termini del seu balanç en efectiu. Per a aconseguir-ho creen una societat intermèdia (SPE) que serà l'encarregada de comprar-los els actius i al seu torn revendre'ls als inversos. El principal punt fort de les CDO és que una cistella d'actius a llarg termini que rep una qualificació de B, pot ser revenuda a curt termini en tres trams de risc, per exemple AAA (senior), B (mezzanine) i BBB (subordinated/equity). Per contra, el tram de més risc d'impagament "subordinated/equity" normalment acaba sent recomprat pel mateix banc emissor, raó per la qual aquests foren els primers a rebre l'impacte durant la <a href="/wiki/Crisi_hipotec%C3%A0ria_de_2007" title="Crisi hipotecària de 2007">Crisi hipotecària de 2007</a>, fet que derivà en la <a href="/wiki/Crisi_financera_2007-2010" class="mw-redirect" title="Crisi financera 2007-2010">Crisi financera 2007-2010</a>. Analistes i acadèmics com <a href="/wiki/Warren_Buffett" title="Warren Buffett">Warren Buffett</a> i <a href="/w/index.php?title=Raghuram_Rajan&action=edit&redlink=1" class="new" title="Raghuram Rajan (encara no existeix)">Raghuram Rajan</a> havien advertit que aquests productes derivats allò que realment fan no és reduir el risc a través de la diversificació, sinó que en realitat dispersen el risc sobre el valor dels actius subjacents. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Estructura">Estructura</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Obligaci%C3%B3_de_deute_garantida&action=edit&section=1" title="Modifica la secció: Estructura"><span>modifica</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Malgrat que les CDO varien en estructura i actius subjacents el principi bàsic sempre és el mateix. A fi d'estructurar una CDO el promotor, normalment un banc, constitueix una societat intermèdia anomenada <a href="/wiki/Entitat_de_prop%C3%B2sit_especial" title="Entitat de propòsit especial">Entitat de propòsit especial</a> (ESE), que tindrà en propietat els actius subjacents que formen la garantia (col·lateral), i al seu torn vendrà els <a href="/wiki/Fluxos_de_caixa" class="mw-redirect" title="Fluxos de caixa">fluxos de caixa</a> que generen aquests actius als inversors en diferents trams de risc (<i>risk tranches</i>): </p> <ul><li>Es constitueix la ESE, normalment a instàncies d'un banc</li> <li>La SPE emet <a href="/wiki/Obligaci%C3%B3_(economia)" class="mw-redirect" title="Obligació (economia)">Obligacions</a> (CDOs) amb diferents trams de risc (<i>risk tranches</i>); normalment el mateix banc promotor de la ESE és qui compra les obligacion amb més risc.</li> <li>Amb els fons aconseguits dels inversors la SPE compra al banc promotor els actius que formaran la cartera d'actius subjacents que generaran els fluxos de caixa</li></ul> <div class="mw-heading mw-heading2"><h2 id="Tipologia">Tipologia</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Obligaci%C3%B3_de_deute_garantida&action=edit&section=2" title="Modifica la secció: Tipologia"><span>modifica</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><b>A) Actius de renda fixa:</b> </p> <ul><li><a href="/w/index.php?title=Collateralized_bond_obligation&action=edit&redlink=1" class="new" title="Collateralized bond obligation (encara no existeix)">Collateralized bond obligations</a> (CBO) -- Són CDOs garantides per <a href="/wiki/Valor_financer" class="mw-redirect" title="Valor financer">valors financers</a> de <a href="/wiki/Renda_fixa" title="Renda fixa">renda fixa</a>, normalment bons corporatius.</li> <li><a href="/wiki/Collateralized_loan_obligation" title="Collateralized loan obligation">Collateralized loan obligations</a> (CLO) -- Són CDO garantides principalment per préstecs bancaris.</li> <li><a href="/w/index.php?title=Collateralized_fund_obligation&action=edit&redlink=1" class="new" title="Collateralized fund obligation (encara no existeix)">Collateralized fund obligations</a> (CFO)</li> <li><a href="/w/index.php?title=Collateralized_mortgage_obligation&action=edit&redlink=1" class="new" title="Collateralized mortgage obligation (encara no existeix)">Collateralized mortgage obligations</a> (CMO)</li></ul> <p><b>B) Actius estructurats i sintètics:</b> </p> <ul><li><a href="/w/index.php?title=Structured_finance_CDOs&action=edit&redlink=1" class="new" title="Structured finance CDOs (encara no existeix)">Structured finance CDOs</a> (SFCDO) -- Són CDOs garantides per productes estructurats com ara <a href="/wiki/Asset-backed_security" class="mw-redirect" title="Asset-backed security">asset-backed securities</a> i <a href="/w/index.php?title=Mortgage-backed_security&action=edit&redlink=1" class="new" title="Mortgage-backed security (encara no existeix)">Mortgage-backed securities</a></li> <li><a href="/w/index.php?title=Collateralized_synthetic_obligations&action=edit&redlink=1" class="new" title="Collateralized synthetic obligations (encara no existeix)">Collateralized synthetic obligations</a> (CSO) -- Són CDOs garantides per <a href="/w/index.php?title=Credit_derivative&action=edit&redlink=1" class="new" title="Credit derivative (encara no existeix)">credit derivatives</a></li> <li><a href="/w/index.php?title=CDO-Quadr%C3%A0tica&action=edit&redlink=1" class="new" title="CDO-Quadràtica (encara no existeix)">CDO-Quadràtica</a> (CDO^2)-- Són CDO garantides per trams de risc emesos per CDOs de primer nivell.</li> <li><a href="/w/index.php?title=CDO-C%C3%BAbica&action=edit&redlink=1" class="new" title="CDO-Cúbica (encara no existeix)">CDO-Cúbica</a> (CDO^3) -- Són CDO garantides per trams de risc emesos per CDO-Quadràtiques i CDO de primer nivell.</li> <li><a href="/w/index.php?title=CDO%5En&action=edit&redlink=1" class="new" title="CDO^n (encara no existeix)">CDO^n</a>—Són CDO garantides per trams de risc emesos per CDOs/CDO^2/CDO^3 i superiors. Són particularment difícils de modelar degut a la possible repetició a l'expoisició de l'actiu subjacent.</li></ul> <p><b>C) Altres tipus de CDOs</b> </p> <ul><li>Commercial Real Estate CDOs (CRE CDOs) -- Són CDO garantides per commercial real estate assets</li> <li>Collateralized Insurance Obligations (CIOs) -- Són CDO garantides per assegurances o contractes de reassegurança.</li></ul> <p>El 2007 el 10% de les CDO estaven garantides per valors de renda fixa, el 45% per préstecs bancaris i el 45% restant estava format per CDO garantides per productes estructurats i sintètics. </p> <div class="mw-heading mw-heading2"><h2 id="Referències"><span id="Refer.C3.A8ncies"></span>Referències</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Obligaci%C3%B3_de_deute_garantida&action=edit&section=3" title="Modifica la secció: Referències"><span>modifica</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="reflist {{#if: | references-column-count references-column-count-{{{col}}}" style="list-style-type: decimal;"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><a href="#cite_ref-1">↑</a></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.invertir.org/2011/06/09/invertir-dinero-guia-de-siglas-en-el-mundo-de-los-negocios-ii/">Guía de siglas</a><sup class="noprint Inline-Template"><span title="" style="white-space: nowrap;"><i>[<a href="/wiki/Viquip%C3%A8dia:Enlla%C3%A7os_externs#Manteniment_d'enllaços_externs" title="Viquipèdia:Enllaços externs">Enllaç no actiu</a>]</i></span></sup></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="Bibliografia">Bibliografia</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Obligaci%C3%B3_de_deute_garantida&action=edit&section=4" title="Modifica la secció: Bibliografia"><span>modifica</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><span class="citation" style="font-style:normal">«<a rel="nofollow" class="external text" href="https://web.archive.org/web/20100125100338/http://www.bionicturtle.com/learn/article/what_is_a_collateralized_debt_obligation_cdo_75_minute_screencast">What is a collateralized debt obligation (CDO)?</a>». <i>Bionic turtle</i>. Arxivat de l'<a rel="nofollow" class="external text" href="http://www.bionicturtle.com/learn/article/what_is_a_collateralized_debt_obligation_cdo_75_minute_screencast/">original</a> el 2010-01-25. [Consulta: <b>9 juny 2010</b>].</span> <style data-mw-deduplicate="TemplateStyles:r33711417">.mw-parser-output .languageicon{font-size:0.95em;color:#555;background-color:inherit}@media screen{html.skin-theme-clientpref-night .mw-parser-output .languageicon{background-color:inherit;color:white}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .languageicon{background-color:inherit;color:white}}</style><span class="languageicon" title="En anglès">(anglès)</span></li></ul> <div role="navigation" class="navbox" aria-labelledby="Finances_estructurades" style="wide;padding:3px"><table class="nowraplinks collapsible collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div class="plainlinks hlist navbar mini"><ul><li class="nv-view"><span typeof="mw:File"><a href="/wiki/Plantilla:Finances_estructurades" title="Plantilla:Finances estructurades"><img 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