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Vol 22 No 11 Nov/Dec 2017

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The Law of Contract Damages

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Credit Derivatives: Documenting and Understanding Credit Derivative Products

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ISBN13: 9781905783038
Published: October 2007
Publisher: Globe Law and Business
Country of Publication: UK
Format: Hardback
Price: £160.00

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To date, books focused on credit derivatives either have been written with only the trader or the treasurer in mind, with limited coverage of documentation and legal issues; or, where written for the legal practitioner, have covered only limited parts of the credit derivatives universe.

Credit Derivatives: Documenting and Understanding Credit Derivative Products examines the full spectrum of credit derivative transactions. This accessible new title explains, in straightforward terms, each type of credit derivative transaction, together with the documentation involved. In particular, the book analyses and guides the reader through the full suite of funded and unfunded credit derivatives documentation, and provides a detailed guide to the 2003 ISDA Credit Derivatives Definitions.

Featuring analysis on the 'new generation' of credit derivative products, the book also covers in the funded products arena, listing credit linked notes in the post-Prospectus Directive regime, issues relating to special purpose vehicles and the rating process.

In addition, the title covers many historical and structural aspects of the credit derivatives market, as well as providing practical guidance on how to manage a major credit event affecting a diverse range of products in a credit derivatives portfolio.

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Banking and Finance
Part I - Overview of credit derivatives; Introducing credit derivatives; Types of credit derivatives product and their documentation: unfounded credit derivatives; The ISDA suite of credit derivative documentation for unfunded credit derivatives; Types of credit derivative product and their documentation: funded credit derivatives

Part II - The 2003 credit derivatives definitions; Overview; Introduction, Preamble and Article I - Certain general definitions; Article II - General terms relating to credit derivative transactions; Article III - Conditions to settlement; Article IV - Credit events; Article V - Fixed amounts; Article VI - General terms relating to settlement; Article VII - Terms relating to cash settlement; Article VIII - Terms relating to physical settlement; Article IX - Additional representations and agreements of the parties; Article X - Novation provisions

Part III - Key products in depth; Single name credit default swaps; CDOs; Credit index trading; CDS on ABS

Part IV - Management of a major credit event; Managing a major credit event