- 1、本文档共34页,可阅读全部内容。
- 2、原创力文档(book118)网站文档一经付费(服务费),不意味着购买了该文档的版权,仅供个人/单位学习、研究之用,不得用于商业用途,未经授权,严禁复制、发行、汇编、翻译或者网络传播等,侵权必究。
- 3、本站所有内容均由合作方或网友上传,本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺!文档内容仅供研究参考,付费前请自行鉴别。如您付费,意味着您自己接受本站规则且自行承担风险,本站不退款、不进行额外附加服务;查看《如何避免下载的几个坑》。如果您已付费下载过本站文档,您可以点击 这里二次下载。
- 4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等,请点击“版权申诉”(推荐),也可以打举报电话:400-050-0827(电话支持时间:9:00-18:30)。
查看更多
February 2000
Credit Derivatives
Handbook
Tools for the Efficient Management of Credit Risk
Highlights
This Handbook provides participants in the credit markets with a general
introduction to the instruments of the rapidly expanding credit derivatives
market.
Credit derivative instruments are standard financial contracts that are
now mastered by standardized International Swap Dealers Association
(ISDA) documentation.
Credit derivative applications are far reaching. Most importantly, many
types of credit derivative applications are not available in traditional
corporate bond or loan markets.
The brisk growth of the market has been a result of several factors, but
namely the fact that credit derivatives: (1) can offer superior economics
to cash market credit instruments; and (2) allow for the efficient hedging
of credit risk.
Merrill Lynch Co.
Global Securities Research Economics Group
Fixed Income Strategy
Credit Derivatives Handbook – February 2000
Executive Summary traded.
The credit derivatives market has expanded more than Table 1: Current High Volume Credits
tenfold since its inception in 1993 (See Chart 1). Several
factors have contributed to the ma
文档评论(0)