Issuance of collateralized debt obligations keeps hitting record highs and shows no signs of slowing, according to recent reports from Moody’s Investors Service and Fitch Ratings. Moody’s expects to see at least a 35 percent increase in the total dollar volume of CDO transactions rated this year. In fact, Moody’s rated more CDOs in the first half of 2006 than all of 2005. The “expectations of ‘usual’ and ‘normal’ have undergone something of a sea change” for CDOs, according to Moody’s...