CDOs are essentially structured asset backed securities that can be tailored to a group or large markets need. Essentially its a portfolio of fixed income securities- Bonds, Loans, Mortgage backed pass through securities...etc.
CDS are essentially a tool for transfering credit risk- a form of insurance. One party pays the other party a premium and in return gets debt default protection
You can have a hybrid instrument- what is called a Synthetic CDO which is a just a portfolio of many CDS. This allows investors to get exposure to a market without actually owning such securities.
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