"Credit derivatives and structured credit A Guide for Investors"
Richard Bruyere with Rama Cont, Rgis Copinot, Loc Fery,
Christophe Jaeck and Thomas Spitz
Over the past decade, credit derivatives have emerged as the key
financial innovation in global capital markets. At end 2004, the
market size hit $6.4 billion (in notional amounts) from virtually
nothing in 1995. This rise has been spurred by the imperative for
banks to better manage their risks, not least credit risks, and the
appetite shown by institutional investors and hedge funds for
innovative, high yielding structured investment products. As a
result, growth in collateralized debt obligations and other
second-generation products, such as credit indices, is currently
phenomenal. It is enabled by the standardization and increased
liquidity in credit default swaps - the building block of the
credit derivatives market.
Written by market practitioners and specialists, this book
covers the fundamentals of the credit derivatives and structured
credit market, including in-depth product descriptions, analysis of
real transactions, market overview, pricing models, banks business
models. It is recommended reading for students in business schools
and financial courses, academics, and professionals working in
investment and asset management, banking, corporate treasury and
the capital markets.
Highlights include: Written by market practitioners and
specialists with first-hand experience in the credit derivatives
and structured credit market A clearly-written, pedagogical book
with numerous illustrations Detailed review of real-case
transactions A comprehensive historical perspective on market
developments includingup-to-date analysis of the latest trends
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