“We’re not quite back to the heyday of 1993 but the structured asset market is definitely back in a big way.” The period this global head of derivatives is fondly recalling was characterized by highly leveraged bets on falling interest rates that culminated in the debacles at Procter & Gamble, Orange County, and elsewhere. Today the bets are less leveraged but they express views on ever more exotic currencies and assets using an ever more complex combination of non-vanilla products.
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