I joined IFR as reporter from Risk magazine at the beginning of 2011, covering derivatives across all asset classes. This has resulted in scoops on a wide range of subjects such as CDS, Basel capital rules and fallout from the Eurozone crisis. In my two and a half years at Risk I wrote a series of cover stories, most notably on dealers over-hauling valuation of derivatives portfolios.
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The International Swaps and Derivatives Association (ISDA) will include two yen-denominated bonds in the list of securities used to settle Argentina’s credit default swaps, a move that will likely reduce the payout for protection holders.
The flow of money into Japanese equities is once more picking up pace, as investors eye more upside in what was the most successful macro trade of 2013.
Thin secondary bond market liquidity spurred investors to step up their use of credit default swaps during the past month’s sell-off in US high-yield. There is, however, still a risk of substantial losses even though there has been no major change to underlying credit fundamentals.