Mortgage Miracles Happen

July 28, 2010

Zions Bank Unloads CDO Risk In Deal With Deutsche Bank

Zions Bancorp. (ZION) said late Wednesday that it unloaded risks from a $1.16 billion portfolio of collateralized debt obligations to Germany's Deutsche Bank AG (DB).
Shares of Zions climbed 2.5% to $21.78 in evening trading after the announcement.
Collateralized debt obligations, or CDOs, are complex vehicles that often contain asset-backed securities such as mortgage-backed securities.

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