Loan derivatives: laying down the law
A lack of standardisation is hampering the development of CDS on leveraged loans. So the industry has made a concerted effort to codify the terms and conditions for this market, as Saskia Scholtes discovers
The market for secured loans in both the US and Europe has undergone a quiet revolution in recent years. It has evolved from a relatively narrow field involving commercial banks syndicating lines of credit, to a broad dynamic market with efficient new issuance conditions and a liquid secondary trading environment where prices adjust to reflect credit quality and market technicals. Increased demand from institutional investors for exposure to secured high-yield credit, based on its consistent and
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