While many focused their attention on JPMorgan Chase’s acquisition of the hedge fund Highbridge, another nimble operator was busily getting ready for its initial public offering. On September 30 Primus Guaranty raised $139.7 million.
Primus is an interesting animal. It’s a special investment vehicle that started trading in 2002 and concentrates almost exclusively on selling protection using default swaps. It was the first credit derivatives operating company, according to Standard and Poor’s, which along with Moody’s has assigned Primus Financial, the firm’s principal subsidiary, a triple-A rating.
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