People who watch financial markets for a living tend to become blasé about big numbers. Nevertheless, the latest activity in the collateralised debt obligation (CDO) world, could make anybody blink.

According to data released by JPMorgan this week, total issuance of CDOs - repackaged portfolios of debt securities or debt derivatives - reached $503bn worldwide last year, 64 per cent up from the year before. Impressive stuff for an asset class that barely existed a decade ago.