Small bond fund breaks ranks with bumper sovereign CDS bets
Counterparty Radar: Boston Management and Research builds sizeable protection-heavy positions across narrower set of issuers
In a corner of the credit default swap (CDS) market where large US retail funds sell risk in small, diversified clips, one manager has taken the opposite direction: building a concentrated book of large sovereign protection trades.
Boston Management and Research (BMR) has emerged as an outlier in the sovereign, supranational and agency (SSA) CDS market, diverging from peers in both positioning and
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