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Protection Buyer Asks Banks To Get On The Phone

Ali Sherwani, manager in the portfolio management division of the U.K.'s Export Credits Guarantee Department in London, asked for any AA minus or higher rated banks to give him a ring to talk about buying credit protection. The ECGD has some GBP21 billion (USD38 billion) of debt, most of which is issued by emerging market sovereigns. Sherwani said it entered it's first default swaps in August (DW, 9/8) and has entered some more pilot trades since then. It is now looking at entering more trades and wants to increase the number of counterparties it deals with to ensure the best execution.

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