High-Yield CDS Trades With Points Upfront

09 Aug 2007

Traders started asking for upfront payment on some high-yield credit-default swaps last week, something that has not happened since the auto downgrades in 2005.

Traders started asking for upfront payment on some high-yield credit-default swaps last week, something that has not happened since the auto downgrades in 2005. Usually CDS are quoted on a running spread basis. Last week, however, names such as Beazer Homes and, for a brief while, Six Flags ...

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