What lies beneath?

Credit derivatives


Dealers pitch portfolio credit products to investors as a safe way to stay afloat in the market, distant from the dire straits of equities and bonds. And some dealers’ sophistication – combined with growing default swap liquidity – has enabled their desks to sell individual tranches of credit risk without issuing the remainder of the capital structure. During the past 18 months, these so-called bespoke mezzanine and equity tranches have become popular among yield-hungry investors su

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