(Bloomberg) -- The Wall Street money-machine known
as collateralized debt obligations is grinding to a halt,
imperiling $8.6 billion in annual underwriting fees and reducing
credit for everyone from buyout king Henry Kravis to homeowners.
Sales of the securities -- used to pool bonds, loans and
their derivatives into new debt -- dwindled to $3.7 billion in
the U.S. this month from $42 billion in June, analysts at New
York-based JPMorgan Chase & Co. said yesterday. The market is
``virtually shut,'' the bank said in a July 13 report.
Read more at Bloomberg Bonds News
as collateralized debt obligations is grinding to a halt,
imperiling $8.6 billion in annual underwriting fees and reducing
credit for everyone from buyout king Henry Kravis to homeowners.
Sales of the securities -- used to pool bonds, loans and
their derivatives into new debt -- dwindled to $3.7 billion in
the U.S. this month from $42 billion in June, analysts at New
York-based JPMorgan Chase & Co. said yesterday. The market is
``virtually shut,'' the bank said in a July 13 report.
Read more at Bloomberg Bonds News
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