Idiosyncratic risk threat to credit derivatives

Idiosyncratic risk poses a greater threat than a systematic widening in the credit markets over the next six months, according to John Tierney, head of credit derivatives research at Deutsche Bank. Tierney said the wider picture for credit markets remains "benign" because of strong underlying credit fundamentals and a steady US economic outlook for 2006.

But he told delegates attending a GFI-hosted event in New York in December that credit short funds are focusing on single-name companies, and

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