Credit risk



Now corporates have changed their tune. This summer, Casino, the French grocer, pioneered credit spread warrants with Dresdner Kleinwort Wasserstein. Now a handful of bankers report that their corporate clients are beginning to use credit derivatives to hedge against spread widening on future issues. Most agree this kind of use is on a small scale, but expect this section of the market to develop further in 2005.

Corporates that have spent the past few years cleaning up their balance sheets and

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