Synthetic CDOs Top 50 'hits'

The following is a list of corporate credit default swaps most frequently used in portfolios of synthetic collateralised debt obligations (CDOs) according to Fitch.

The first column is Fitch Ratings' list of 50 top names in order of popularity.
The second column the percentage of S&P-rated CDOs that include each name.
The final column is the five-year spreads. or upfront, on these names as of end-of-day on 11/20/08.
Not included is Lehman Brothers, which was ranked 11 on the February S&P list and has since defaulted.


1.General Electric Capital Corp. 67% 480 bps

2.Telecom Italia SpA 66% 440 bps

3.CIT Group Inc. 65% 28 percent upfront

4.Radian Group Inc 56% 49 percent upfront

5.Merrill Lynch & Co. Inc. 64% 250 bps

6.PMI Group Inc. 52% 1,365 bps

7.Southwest Airlines Co. 18. 56% 324 bps

8.Macy's Inc. ?% 17.5 percent upfront

9.Goldman Sachs Group Inc.62% 370 bps

10.Volkswagen Group 62% 286 bps

11.Deutsche Telekom AG 67% 160 bps

12.Daimler AG 58% 440 bps

13.Morgan Stanley 66% 503 bps

14.MGIC Investment Corp. ?% 1,377 bps

15.Ambac Assurance Corp. ?% 2,339 bps

16.Royal KPN NV 59% 110 bps

17.Hutchison Whampoa Ltd 63% 387 bps

18.France Telecom 63% 112 bps

19.Bear Stearns Cos. Inc. 49% 153 bps

20.Munich Reinsurance 57% 81 bps

21.Financial Security Assurance Inc. ?% 1,049 bps

22.Verizon Communications ?% 154 bps

23.Swiss Reinsurance Co. 56% 510 bps

24.Siemens AG ?% 184 bps

25.MBIA Insurance Corp. ?% 54 percent upfront

26.British Telecommunications Plc 23. 52% 183 bps

27.Centex Corp. ?% 642 bps

28.Altria Group Inc. ?% 150 bps

29.AT&T Inc. ?% 215 bps

30.American International Group Inc. ?% 19.2 percent upfront

31.CenturyTel Inc ?% 170 bps

32.International Lease Finance Corp. 54% 16.25 percent upfront

33.British American Tobacco Plc ?% 160 bps

34.Bank of America Corp. ?% 181 bps

35.Countrywide Home Loans Inc. 56% 154 bps

36.JPMorgan Chase & Co. ?% 165 bps

37.Citigroup Inc. ?% 410 bps

38.Electricite de France ?% 135 bps

39.Computer Sciences Corp. ?% 146 bps

40.Qantas Airways Ltd. ?% 233 bps

41.Hannover Rueckversicherungs AG 53% 107 bps

42.MBIA Inc. ?% 1,832 bps

43.GDF Suez ?% 105 bps

44.Telefonica SA 54% 206 bps

45.Lennar Corp. ?% 969 bps

46.Vodafone Group Plc 54% 211 bps

47.Masco Corp. ?% 547 bps

48.Compagnie de Saint-Gobain ?% 400 bps

49.Time Warner Inc. ?% 192 bps

50.E.ON AG ?% 113 bps