Quadiary Cluster

Quadiary clusters developed in the emerging markets of structured financial products, specifically collateralized debt obligations (CDOs) and collateralized mortgage obligations (CMOs).

A quadiary cluster represents two related pairs of floater and inverse-floater tranches that are derived from a fixed-rate tranche. Specifically, each cluster will contain the following tranche types:

# Floating-rate tranche
# Inverse floating-rate tranche
# Floating-rate interest-only tranche
# Inverse floating-rate interest-only tranche