Risk.net

Fallen angels | Winner JPMorgan

Credit awards 2002

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Fallen angels are a new phenomenon for many of Europe’s credit market participants – both on the buy and sell side – and banks are moving quickly to properly cover the new opportunities that crossover credits present. Analysis that helps investors avoid the pitfalls of investment-grade credits that find themselves in rapid decline is also at a premium, and by definition such analysis is hugely credit intensive. “Fallen angels require a level of analysis and research which is not th

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