Credit investors prepare for new wave of defaults

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Credit investors are bracing themselves for a new wave of defaults, following a succession of credit events in September, October and November.

Ecuador became the latest entity to default, having refused to make a $30.6 million interest rate payment in December. The International Swaps and Derivatives Association announced on December 17 it will launch a credit default swap (CDS) auction protocol to facilitate the settlement of trades referencing the country's debt - the first protocol on a

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