Reacting to spreads

Credit derivatives

Wider Japanese credit default swap spreads and the reshuffling in Japan’s banking sector have created the right market conditions for synthetic collateralised debt obligations (CDOs). The recent blow-out in spreads globally following the revelations of accounting scandals in the US has meant onshore Japanese-only synthetic arbitrage CDOs have begun to look more attractive for Japanese investors. And with the Nikkei 225 stock index reaching a 19-year low in early October, causing

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