The credit trap

Cover Story


Credit is widely perceived as the root of the financial crisis, prompting a complete shift in attitudes during the past year. The burgeoning market in structured finance 18 months ago - when products such as constant proportion debt obligations were in the pipeline - has been stopped in its tracks, and the products are now anathema to banks wary of the public's attitude towards exotic debt packages. Pervasive uncertainty has taken its place.

Traditionally, investing in credit has meant putting to

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