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A ________ pays out cash flows from a collection of assets in different tranches, with the highest rated tranch paying out first, while lower ones
A ________ pays out cash flows from a collection of assets in different tranches, with the highest
rated tranch paying out first, while lower ones paid out less if there are losses on the underlying
assets.
A. adjustable-rate mortgage
B. negotiable CD
C. discount bond
D. collateralized debt obligation (CDO)
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