The predicament of primary loan book hedging
WHO WOULD WANT to be a bank credit portfolio manager in the fourth quarter of 2007?
Fear has led to substantial reductions in liquidity in the cash bond, loan and CDS markets, leaving banks scrambling to manage their leveraged loan exposures and assess the damage in their structured credit positions.
Credit portfolio management groups have been preparing themselves for the bad times since banks pulled themselves out of the last recession, which was marked by several high-profile corporate defaults.
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