// definition
CFO
Collateralised Fund Obligation
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Short definition
A vehicle that finances directly or indirectly held fund interests by issuing debt and equity. Fund distributions pay investors in a contractual order. Subordination allocates losses; reserves and liquidity facilities address cash-flow timing. Here CFO refers to the financing structure, rather than a company’s chief financial officer.
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Intuition
A claim can be protected against the first losses while depending on irregular distributions.