美林的教学手册.pdf

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