Credit derivatives: the past, the present and the future

By Robert Reoch

This article was first published as a chapter in Credit Derivatives, by Risk Books.


The credit derivatives market saw its earliest trades in 1993, when CSFB and the then Bankers Trust were transacting basket structures to lighten up credit exposures to the banking and sovereign sector. A few other banks followed suit in 1994, driven by, among other things, the desire to hedge sovereign credit exposures resulting from long-dated cross-currency swaps on the back of sizeable sove

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