Credit portfolio products multiply

Credit portfolio trading products have proliferated in the US in the past year, but end-users say there is no clear winner.

Last month, Bank of America and JP Morgan Chase issued a little over $2 billion of Core Investment Grade Bond Trust, a public instrument consisting of 22 newly issued bonds. The underlying bonds have the same maturities and coupon cycle, so Core should effectively trade like a bond. Bank of America provides the intrinsic values of the portfolio bonds via Bloomberg.

In July,

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