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Welcome to the major leagues of debt. Collateralized debt obligations, almost always referred to as a CDOs, are horrendously
complicated deals that often leave anyone without a MBA wondering what was put into these CDOs.
The first thing to
understand about bonds, (aka debt) is that bonds are often backed by something else. Think about your home mortgage. If you
don't pay your mortgage, the bank can take the house. You end up homeless, and the bank sells the house to pay off the rest
of that mortgage. There is something "backing" that mortgage; something lender can fall back on, if you don't pay your bills
like a good human being. That's called collateral.
CDOs are one flavor of an entire sector of investing called structured
finance, and they are also backed. CDOs, in the simplest concept, are just bonds backed by something else. In most cases,
a CDO is backed by a collection of various types of debt. CDOs can be home mortgages, or other types of debt like credit cards,
auto loans, and personal loans. Most of these types of debt are usually considered a bit more risky and they don't have the
backing that a home loan does. So, if you think it through, you can imagine that CDOs are usually considered a risky investment.
To take a step further, understand that CDOs have multiple flavors within each CDO. These flavors are called tranches. If you've taken French, you might recognize the word, it means "slice" or "portion." Each slice of that CDO you invest in is a little different and carries different amounts of risk.
You could invest in the lowest risk tranche of the CDO, which would
provide you lower risk. But, you don't get a good return on that investment. Or, you can be the heroic adventurer of bonds
and invest in the lowest-grade tranche of the CDO. You'll make an amazing return, but if the economy even looks at you wrong,
you might lose the entire investment.
CDOs aren¿t easy, and are almost always invested in by mutual funds, insurance
companies and hedge funds. As an individual investor, you will probably not come across a CDO you can participate in.
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Tuesday, July 22, 2008
AZURE DYNAMICS CORPORATION - Statement re Sales Initiative
Comtex
Jul 22, 2008 (PR Newswire Europe via COMTEX) ----
Azure Dynamics ships record number of units in second quarter and makes progress on key sales initiatives OAK PARK, MI,
July 21 /CNW/ - Azure Dynamics Corporation (TSX: AZD, LSE: ADC & OTCQX: AZDDF) - ("Azure" or the "Company"), a leading
developer of hybrid electric and electric powertrains for commercial vehicles, announced today that it shipped a record number
of units during the second quarter and continues to gain traction on a number of key sales initiatives. 49 hybrid electric
and 37 electric vehicle systems were shipped during the second quarter. Key deliveries were made to FedEx Express, AT&T,
Pennsylvania Department of Transportation and several others. In addition, a number of key sales initiatives are expected
to contribute positively to Azure's performance in the second half of 2008, including the following: - Production has commenced
on the Company's largest order to date of 105 Balance Hybrid Electric systems for Purolator Courier Ltd., Canada's largest
courier company - Four dealers have recently been signed up as part of the Company's plan to sign approximately 50 dealers
over the next year in major metro markets in the United States and Canada. This will broaden Azure's distribution network
for its Balance Hybrid Electric medium- duty trucks - New fleets with over 5,000 estimated annual commercial vehicle purchases
are either currently engaged in an active product trial or demonstration for the Balance Hybrid Electric, or are expected
to enter into one during the third quarter Scott Harrison, Chief Executive Officer for Azure Dynamics, said "We are seeing
unprecedented demand for each of our product lines and are encouraged by the significant number of trials underway with new
customers that have major national fleets. Thanks to exceptional efforts by all of our associates, our Balance Hybrid Electric
system launched this past May. Our product is performing well and we are providing exceptional value to our customers in the
course of executing on our business plan." For more information about Azure Dynamics and its family of hybrid electric and
electric commercial vehicles, please visit www.azuredynamics.com. About Azure Dynamics Azure Dynamics Corporation (TSX: AZD)
(LSE: ADC) (OTCQX: AZDDF) is a world leader in the development and production of hybrid electric and electric components and
powertrain systems for commercial vehicles. Azure is strategically targeting the commercial delivery vehicle and shuttle bus
markets and is currently working internationally with various partners and customers. The Company is committed to providing
customers and partners with innovative, cost-efficient, and environmentally-friendly energy management solutions. For more
information please visit www.azuredynamics.com. The TSX and LSE Exchanges do not accept responsibility for the adequacy or
accuracy of this release. Forward-looking Statements This press release contains forward-looking statements. More particularly,
this press release contains statements concerning Azure's business development strategy, projected commercial revenues and
product deliveries. The forward-looking statements are based on certain key expectations and assumptions made by Azure, including
expectations and assumptions concerning achievement of current timetables for development programs, target market acceptance
of Azure's products, current and new product performance, availability and cost of labour and expertise, and evolving markets
for power for transportation vehicles. Although Azure believes that the expectations and assumptions on which the forward-looking
statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Azure can
give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions,
by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently
anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with Azure's
early stage of development, lack of product revenues and history of losses, requirements for additional financing, uncertainty
as to commercial viability, uncertainty as to product development and commercialization milestones being met, uncertainty
as to the market for Azure's products and unproven acceptance of Azure's technology, competition for capital, product market
and personnel, uncertainty as to target markets, dependence upon third parties, changes in environmental laws or policies,
uncertainty as to patent and proprietary rights, availability of management and key personnel, and acquisition integration
risk. These risks are set out in more detail in Azure's annual information form which can be accessed at www.sedar.com. The
forward-looking statements contained in this press release are made as of the date hereof and Azure undertakes no obligation
to update publicly or revise any forward-looking statements or information, whether as a result of new information, future
events or otherwise, unless so required by applicable securities laws. For further information: Ryan Carr, Chief Financial
Officer, (248) 298-2403, Email: rcarr(at)azuredynamics.com; Pat Liebler, Liebler!MacDonald, (313) 832-4376, Email: pat(at)lieblergroup.com;
Stuart Skinner, Richard Kenny, Tel: +44 207 260 1000, Numis Securities Limited as Nominated Adviser to the Company; David
Poutney, Tel: +44 207 260 1000, Numis Securities Limited as Broker to the Company (ADC) END Copyright (C) 2008 PR Newswire Europe
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