Following Enron Corp.'s filing for bankruptcy protection early last week, researchers began tallying the impacts of the largest-ever U.S. bankruptcy on the various structured finance markets globally, including both cash and synthetic collateralized debt obligations, derivatives and CMBS.

Quite visibly, Enron's distressed debt has negatively impacted several synthetic CDOs referencing the Texas energy concern. According to Standard & Poor's, Enron appears in roughly 50 credit derivative transactions, a large portion of which are investment-grade synthetic CDOs, with a total notional value of nearly $80 billion (all transactions). Total exposure to Enron in these transactions is in the neighborhood of $3.3 billion, S&P said.

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