Synthetic cdo in raa wee lotion to an option like spreads , iron condors and selling naked,

Basically my question is as stated in the title. While doing some work and looking into synthetic CDOs I noticed some complex charts that after reviewing kind of seem like how selling prem would work but on different assets and more complicated. For instance, I know a cdo would be collecting payout if a “portfolio” went bankrupt, so is selling a call kind of like a cousin to this. This is just a thought experiment so don’t get to upset with me. I hope to stimulate some interesting comments.