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The Journal of Structured Finance

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Article

Credit Derivative Product Companies: A Robust Business Model

Martin Nance
The Journal of Structured Finance Fall 2008, 14 (3) 58-61; DOI: https://doi.org/10.3905/JSF.2008.14.3.058
Martin Nance
is a chief operating officer at Quadrant Structured Products Company LLC, in Norwalk, CT.
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  • For correspondence: martin.nance@quadrantdpc.com
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Abstract

Much has been written about the implosion of the structured credit markets and the impact on a variety of different types of structured credit vehicles, many of which have collapsed. However, little attention has been paid to one type of vehicle that has successfully weathered the storm; that vehicle is a credit derivative product company (“CDPC”), which now occupies a small but growing position in the $62 billion credit derivatives market. A CDPC is a triple-A rated entity that is a net seller of credit protection in the form of credit default swaps (“CDS”). This article provides some background on CDPCs that focus on corporate credit risk; explains how they are structured and who invests in them; contrasts their attributes with those of other structured finance vehicles, including monoline insurance companies; and explains the needs in the credit derivatives market that CDPCs satisfy, including the major credit default swap dealers’ need for credit backstops and banks’ need for a vehicle to absorb the mark-to-market risk that arises from CDS being derivatives.

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The Journal of Structured Finance
Vol. 14, Issue 3
Fall 2008
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Credit Derivative Product Companies: A Robust Business Model
Martin Nance
The Journal of Structured Finance Oct 2008, 14 (3) 58-61; DOI: 10.3905/JSF.2008.14.3.058

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Credit Derivative Product Companies: A Robust Business Model
Martin Nance
The Journal of Structured Finance Oct 2008, 14 (3) 58-61; DOI: 10.3905/JSF.2008.14.3.058
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  • Article
    • Abstract
    • WHAT IS A CREDIT DERIVATIVE PRODUCTS COMPANY?
    • WHO ARE A CDPC’S INVESTORS?
    • HOW IS A TYPICAL CDPC STRUCTURED?
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