"In a pure credit-default structure the arbitrage is poor due to the low spreads available, so arrangers are forced to use low quality BBB or BB names."-- Brett Clancy, director in credit structuring at CDC IXIS Capital Markets in Tokyo, commenting on the firm's motivation for including equity-default swaps in its most recent CDO.
"In a pure credit-default structure the arbitrage is poor due to the low spreads available, so arrangers are forced to use low quality BBB or BB names."
