Findeton, your logic is astounding,
First you argue correctly, that a security that is exchanged for debt money is itself treated as money by the banks, then you say its not debt?
How is a Collaterilzed DEBT olbigation not debt? of for that matter a CDO^2?!
A bank guarantee is not a CDO. You can have a bank guarantee without creating a CDO (in fact you need many bank guarantees to create a CDO, because a CDO is a type of structured asset-backed security).