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A collateralized debt obligation (CDO) pays out in tranches where each tranche has a specific level of credit protection. Which of the following lists tranches from highest priority of payment to lowest priority of payment? A. Mezzanine tranche, equity tranche, senior tranche. B. Collateralized tranche, equity tranche, mezzanine tranche. C. Senior tranche, mezzanine tranche, equity tranche. D. Equity tranche, collateralized tranche, mezzanine tranche. |