Bespoke CDO

It sounds like a Manhattan boutique specializing in personalized lensless glasses. But in reality, it's a kind of financial product.

"CDO" is short for "collateralized debt obligation." These financial instruments earned a bad reputation during the 2007-2008 financial crisis. These suckers provided the vehicle for those toxic subprime mortgage securities that eventually almost destroyed the global financial system.

"Bespoke" is a fancy way to say "customized." The tailor down the street will customize a suit for you. A Savile Row tailor will make you a bespoke suit.

Put the words together, and a "bespoke CDO" is a financial instrument that isn't mass produced. Instead, it's built to fit a particular investment agenda.

Given the stink that attached to the name "CDO" following the financial crisis, these items also go by the AKA of "bespoke tranche opportunity."