Bulging pipeline points to huge CDPC growth

The number of credit derivatives product companies in operation is set to explode judging by the pipeline of firms waiting for a Moody's rating. The 24 proposals in the agency's hands - "several" of which will be completed before the end of March - indicates the scale of interest in this confined but fast-growing sector.

Only three have been launched so far: Primus and Athilon, launched in 2002 and 2005, and MassMutual's Invicta Capital, which closed its debt in December.

Three quarters of the

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