Scorched credit
The structured credit market worldwide is undergoing a major contraction and if the cycle is allowed to run its course in 2008, the result could be far fewer market participants and a halving or greater of the volume of issuance. Kathleen Kearney reports
The degree and length of the contraction phase in the global structured credit market looks set to be determined by the severity of write-offs to be announced by international financial institutions and Asia's big regional banks in coming weeks.
In Asia's credit market - once described as a "virtual wasteland" by a top hedge fund manager - the pain may not be as great as elsewhere. A revival of the market is forecast by many in the second half of 2008, and with it, the adoption of basic, less
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