Credit Derivatives: Trading & Management of Credit & Default by Satyajit Das

By Satyajit Das

Credits derivatives has emerged as a space of vital curiosity in international derivatives and hazard administration perform, promising to alter the administration of credits threat. This quantity explains tips to resolve hazard administration difficulties in addition to tips on how to rate and cost items.

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Bankers’ acceptances are considered very safe assets because traders can substitute the bank’s credit standing for their own. They are used widely in foreign trade where the creditworthiness of one trader is unknown to the trading partner. Acceptances sell at a discount from the face value of the payment order, just as T-bills sell at a discount from par value. Eurodollars Eurodollars are dollar-denominated deposits at foreign banks or foreign branches of American banks. By locating outside the United States, these banks escape regulation by the Federal Reserve Board.

Introduction 1. The Investment Environment © The McGraw−Hill Companies, 2001 CHAPTER 1 The Investment Environment 25 9. Consider again the GM executive in Problem 8. In light of the fact that the design of the annual bonus exposes the executive to risk that she would like to shed, why doesn’t GM instead pay her a fixed salary that doesn’t entail this uncertainty? 10. What is the relationship between securitization and the role of financial intermediaries in the economy? What happens to financial intermediaries as securitization progresses?

Aside from their differing maturities at issuance, the only major distinction between T-notes and T-bonds is that T-bonds may be callable during a given period, usually the last five years of the bond’s life. The call provision gives the Treasury the right to repurchase the bond at par value. Although the Treasury hasn’t issued these bonds since 1984, several previously issued callable bonds are still outstanding. 4 is an excerpt from a listing of Treasury issues in The Wall Street Journal. Note the highlighted bond that matures in November 2008.

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