Credit too hot to handle

Prior to the collapse of global credit markets in 2007, credit-linked structured products represented only a modest slice of the average Asian retail investor's portfolio, with the bulk of products confined to Singapore and Hong Kong. In the aftermath of the crisis, credit-linked products are struggling to attract retail investors' attention, and sales are almost non-existent in some markets, such as Malaysia.

However, some issuers and distributors are offering first-to-default (FTD) notes to th

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