New type of CDS gets off the ground

Constant maturity credit default swaps (CDS) are now being offered by a handful of dealers in the US and Europe, with other firms to soon follow suit. The instruments are similar to standard CDS, except they have a maturity that is periodically reset and a varying premium.

One of the early entrants to the market is JP Morgan Chase – it quoted constant maturity CDS trades on an occasional basis during 2003. “Interest among clients in this product has picked up since the beginning of 2004,” says

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