Traders see interest in short-dated protection for insurers
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A trader at a leading credit derivatives house in London said his firm had sold more than $200 million of protection on one-, two-, and three-year protection over the past few days on insurers including Allianz, Munich Re and Swiss Re. “There are a number of short-dated convertibles on the market right now, which is probably driving this demand,” said the trader. He added that counterparty credit and loan portfolio teams in banks were interested in short-dated protection, as well as one-year
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