Primus looks to collateral posting
Primus Guaranty, the Bermuda-based credit derivatives product company (CDPC) and asset manager, is considering setting up a new entity to sell credit protection. But unlike its existing business model, the venture would post collateral.
CDPCs sell protection on single-name credit default swaps (CDSs) and senior tranches of collateralised debt obligations. As they are not required to post collateral, CDPCs relied on AAA ratings to entice banks and other parties to conduct business with them. But
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