In a 1994 conference presentation, David Marks, head of MTNs at JP Morgan, identified credit-linked notes as the MTN market’s next big product. Four years and a fair few conferences later, it appears his prediction is finally coming true. “Every week we’re getting more borrowers interested,” he says. As if on cue, a credit-derivatives trader appears at his shoulder to show him an idea.
A credit-linked note is usually a bond incorporating a default swap on a credit other than that of the issuer.
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