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Submitted by fadibk on February 20, 2008
Category: Miscellaneous
Words: 1327 | Pages: 6
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Introduction
A credit derivative is a financial product, traded Over the Counter, used to mitigate or protect against credit risk. It does so by transferring this risk from one party to another, establishing a payoff related to a change in credit, be it a default, a downgrade, or a structural change. Credit derivatives allow parties to better manage their own credit exposure and manage credit risks. Some of the more popular forms of credit derivatives are the credit default swaps, the total return swaps and the credit sensitive notes.
Credit default swaps are basically insurance policies traded by two entities whereby a payment is guaranteed against default; one party is the seller of the risk, the other one is the buyer. For example, the "SF Muni Retirement Fund" holds $100,000,000 worth of 10-year Wells Fargo Corporate Bonds. The Retirement fund enters, as investor, into a Credit default swap agreement with Goldman Sachs, the provider, agreeing to pay an undisclosed sum to GS for the reduction of the risk. If Wells Fargo does not default Goldman Sachs will receive the premium and the Retirement Fund will receive principal and interest at maturity. If Wells Fargo defaults, however, Goldman Sachs would pay the "Retirement Fund" the whole guaranteed sum.
Total Return Swaps are not pure credit derivatives as they also incorporate market risk. Total Return Swaps can be created off of almost any asset, index or security. The contract for such a swap includes two parties, the buyer, which receives interest payment plus any capital appreciation or depreciation over a specified period, while the counterparty receives a floating or fixed cash flow, unrelated to the credit worthiness of the underlying asset. Popular uses of Total Return Swaps come from Hedge Funds leveraging their limited cash flow by entering into these agreements; they receive the return of the underlying asset without having to put up any substantial sum upfront.
Credit...
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