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Headline: The difficulty of defining a default Source: Euromoney Date: April 2001 Author: Jennifer Morris Credit default swaps have proved a popular derivatives instrument with banks and other credit investors, but one possible trigger for default – the restructuring of a bond or loan – has cast uncertainty over the market. It is possible that liquidity might be damaged by the proliferation of different classes of instruments. It’s not difficult to see why the market is so taken with credit default swaps. |
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