Voldstad on the birth of DPCs

Credit derivatives product companies (CDPCs) have suddenly become all the rage. Along with incumbents Primus Guaranty and New York-based Athilon Capital, some new entrants have emerged - New York-based Invicta Credit being the most recent - and more are set to follow. At the start of this year, Moody's Investors Service revealed that it is evaluating 24 proposals for CPDCs - six from Europe and 18 from the US.

One of these is Pallium Investment Management, a joint venture between Bank of