Deriving credit for change

GAM's David Smith guides us through the tools, tranches and mezzanines of the modern credit market. As you'll see, it's not what it used to be...

In recent months, investors and the media have both raised concerns about the state of the credit market and potentially increased levels of risk developing within the financial system. Commentary has centred on several important issues:

nTight credit spreads

nSystematic concerns regarding the use of new credit derivative instruments including credit default swaps (CDS) and structured credit

nMore leverage in credit markets

nNew, untested investors in credit.

All of these issues are valid, and anyone

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