MassMutual launches new CDPC
New York-based Invicta will act as a counterparty on CDS exclusively within structured credit rather than the single-name market, which its rivals serve
A new entrant has launched into the niche, but fast maturing, market for credit derivative product companies. Invicta Capital, wholly owned by the Massachusetts Mutual Life Insurance Co, becomes the third CDPC, following on from rivals Primus and Athilon. Babson Capital Management, a subsidiary of Massachusetts Mutual, manages Invicta - the first big name in the structured credit sector to run a CDPC.
Like its predecessors, Invicta will invest in credit risk portfolios by acting as a counterparty
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