A new direction

Equity/credit hybrids

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It is getting increasingly difficult for Japanese investors to make a decent profit by investing in the country’s credit market. Just over a year ago, investing in a portfolio of Japan’s 50 most liquid credit default swaps (CDS) would have offered investors around 80 basis points over five years. That same portfolio now pays a fraction of that amount, with the sheer volume of Japanese investors selling protection in return for premium pushing spreads to historic tights. The CJ 50 index, whic

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