A plethora of CDO managers have entered the synthetic market, both as arrangers and third-party administrators. The move comes as investors jump on highly-managed structures to guard them against an expected downturn in the credit cycle. "There will be more defaults, there will be volatility and there will be losses," said William Bohnsack, chief operating officer at Oak Hill Advisors, a New-York based investment firm.
Greenhorn Managers Flood Market
