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"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."-- 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.

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