A Brief Review of "The Basis" by James Batterman of Fitch Ratings, Ian Rasmussen of Fitch Ratings, and David Yan of Fitch Ratings January 10, 2008 Summary: Credit derivatives provide an alternative to the cash market, allowing investors to manage exposure to a wide range of corporate entities. In a brief case study looking at several relatively volatile corporate names, we set out to describe, in general terms, the nature and behavior of the relationship between credit default swaps (CDS), loan CDS (LCDS) and bonds over the very recent turbulent past. Download paper (505K PDF) 12 pages

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