Citi is building a central risk book for credit

Talking Heads 2023: Putting CDSs, ETFs and bonds into the same pot will result in better pricing, says credit head Bhatia

This article is the third in a five-part series of interviews with people shaping the future of the credit markets. The others are available here.

In traded credit, investors have a range of ways to express a view on a name or sector. They can trade cash bonds individually or in a batch via portfolio trading, use credit default swaps (CDSs), or turn to exchange-traded funds (ETFs).

While these instruments are all tied to the same underlying names, banks tend to run the businesses – and manage