Synthetic CDO

--no debt obligations are issued to fund the senior section, cash CDO all tranches are up for sale --junior section is issued like CDO stuctue, different tranches --like CDOs, there is an asset manager who manages for junior section proceeds --motivation for synthetic balance sheet CDO a.no notification of selling the loans to another party... for synthetic arbitrage CDO a.no funding for senior section b.ramp-up period is shorter only high-quality need to be assembled