(Reuters) - LONDON, April 4 - Citigroup is marketing a version of credit default swaps that offer investors insurance against bond defaults at zero upfront cost.
Called Zero Initial Cost Protection the securities bring the concept of "no win, no fee" legal cases to the world of credit derivatives. Like ordinary CDS protection, the product pays out in the event of defaults, but does not require a premium unless and until defaults occur.
Read more at Reuters.com Bonds News
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