Les Clefs Pour Comprendre du Mardi 23 Décembre 2014: L’ Illusion de l’assurance Par Bruno Bertez
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December 19 – Financial Times (Tracy Alloway): “Big investors have been buying hundreds of billions of dollars worth of exotic credit derivatives to protect themselves against the possibility that growing numbers of corporate bond issuers will default.
Options that give investors the right to buy insurance against bond defaults have exploded in popularity this year as asset managers and hedge funds seek to affordably offset the risk of a big blow-up in credit.
Trading volumes of the instruments — known as credit index options or swaptions — have jumped 148% in the past 12 months, with about $1.4tn of the instruments exchanging hands in 2014 compared with $573bn in 2013.
‘You can buy a very leveraged bet that…
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