Risk USA 2003: Loan managers increasingly rely on credit derivatives, says CIBC's Bennett
Stephen Bennett, global head of portfolio management at Canadian Imperial Bank of Commerce (CIBC), believes credit derivatives are playing an increasingly important role in the loan market, both as hedging instruments and by helping facilitate mark-to-market and mark-to-model valuations.
Improved liquidity in the credit default swaps (CDS) market is producing opportunities for more sophisticated trading opportunities, such as basis trades, for example. Bennett recounted a recent opportunity where selling $10 million worth of one
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