中国的CDO市场——机遇与挑战

The CDO market in China： Opportunities and challenges

历经多年筹备，中国首例债权资产证券化项目（国开行开元信贷资产支持证券）于2005年年底问世，这代表中国CDO市场发展正式迈出了第一步。文章主要从监管、市场以及机构技术层面分析了国内CDO市场发丧所面临的机遇与挑战。从前景看，资产管理型现金CDO是短期内最可能采取的形式，而其它CDO交易类型还面临着来自监管和市场方面的制约。

After years of preparation, China＇s first CDO （the China Development Bank CDO） was launched at the end of 2005, representing the first official step towards the development of a CDO market in China, This paper analyzes the opportunities and challenges of China＇s CDO market from regulatory, market and institutional aspects, The mostly likely deal type in the near future is cash balance sheet CDOs, since other deal types are severely challenged by regulatory and market issues.