Morgan Stanley creates CDS on leveraged loans

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Morgan Stanley has extended the realm of the credit default swap (CDS) market from the traditional investment-grade and high-yield asset classes to European leveraged loans. It is hoped that broadening the credit derivative product will also help promote growth of the loan market.

It is understood that Morgan Stanley has been working on this project for a number of months and is close to redeveloping and structuring CDS referencing leveraged loans. Morgan Stanley initially plans to price prot

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