The best replacement for cdo is clo.

The best alternatives to cdo are rated as following:
★★★★★  clo
★★★★  cds
★★★★  mbs
★★★★  cdonts
★★★★  cmo
★★★  cmbs
★★  abs
★  ocd
★  cdosys
★  cio
★  mapi
★  credit default swap
★  davao
★  mortgage backed security
  synthetic cdo
  ironwood
  emfstore
  cdont
  extended mapi
  cienega
  sabino
  ews
  saguaro
  securitization
  davao city

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Google Trends

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cdo
clo
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