Credit derivatives on high yield credits are also becoming more popular as convertible bond investors hedge embedded credit risk to isolate equity risk.
To date, the primary users of credit derivatives have been commercial banks, using default swaps to take their loans off-balance sheet. Recently, the investor base has broadened to include: money managers, mutual funds, and insurance companies. The primary area of growth has been the new "sellers" of credit protection such as reinsurance companies, life insurance companies and CP conduits who have come on-line for default swaps in the past six months.
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