Bank of Ireland Looks To Credit Indices
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Derivatives

Bank of Ireland Looks To Credit Indices

Bank of Ireland has started to trade credit-default swaps and is looking at using credit derivative indices to hedge its own structured business and overlay the bank's credit portfolio.

Bank of Ireland has started to trade credit-default swaps and is looking at using credit derivative indices to hedge its own structured business and overlay the bank's credit portfolio. The bank has traded credit-default swaps for some time, but purely in response to client demand, said Sean Crowe, head of trading for Bank of Ireland global markets.

The bank has two traders responsible for trading both default swaps and corporate bonds, but will extend their remit to cover the credit derivative indices in the coming year, noted Crowe. "While we're in the early stages of development, initial activity has been successful and we would hope to grow this business further," he added.

The bank's credit portfolio has in the region of 50 names, in sizes of around EUR10 million (USD12 million), said Crowe.

 

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