Credit steepener plays gain popularity

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As spreads on credit default swaps (CDSs) continue to hover at an all-time low, credit derivatives traders and strategists are digging deep to find investment opportunities for their clients. The result has been an increase in constant maturity credit default swap (CMCDS) steepener trades, executed in several different formats.

"We've been quite active in CMCDS steepeners," says Olivier Vigneron, global head of structured credit risk management at BNP Paribas in London. "Wide-trading single

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