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1、09June2010FixedIncomeResearchhttp://www.credit-suisse.com/researchandanalyticsEuropeanCreditViews:CrossingBarriersContributorsChristianSchwarz+442078883161christian.schwarz.2@credit-suisse.comTomGibney+44207888-0326tom.gibney@credit-suisse.comHelenHaworth+4420
2、78880757helen.haworth@credit-suisse.comChiraagSomaia+442078882776chiraag.somaia@credit-suisse.comAtifAli+442078837978atif.ali@credit-suisse.comCreditforexternsandinternsThisnoteisprimarilygearedtowardsinvestorsfromotherassetclasses;italsoservesasareferenceforc
3、reditexpertsForaninvestorto“crossthebarrier”fromtheirassetclasstoanother,theyneedtofeelcomfortableindoingso.Gettingthebasicsrightandunderstandingtheproductsisabsolutelycrucial.Inthispublicationwegiveinvestorsfromotherassetclassesthedetailsofcreditinstruments,m
4、akeappliedfirsthandworkingexamplesandtrytobuildabridgetocredit.?Webeginwithasummaryofcreditproducts.?Thesubsequentchapterexplainshowfundamentalcreditanalystsevaluatecorporatecreditandrelatedinstruments.Credit“l(fā)ingo”andimportantratiosaredefinedandtheirapplicati
5、onexplained.?Inthenextchapter,wedescribethevariousquotingconventionsandshowwhatatypicaltraderrunwouldlooklike.WewillguideyouthroughreallifeBloombergscreensindetailtohelpreadersnavigatethecreditspace.?Performanceandriskmeasurementarecritical,especiallyincredit.
6、Thenextsectionexplainstherelevantandmostcommonlyusedmeasures,howtheyareused,andtheprosandconsofeach.?Finally,inthequantitativecreditanalysissection,welookatthemathematicalanalyticsandtoolsthatcanbeusedtosupplementfundamentalanalysisandformastrongview.ANALYSTCE
7、RTIFICATIONSANDIMPORTANTDISCLOSURESAREINTHEDISCLOSUREAPPENDIX.FOROTHERIMPORTANTDISCLOSURES,PLEASEREFERTOhttps://firesearchdisclosure.credit-suisse.com.09June2010TableofcontentsExecutivesummary3Introductiontocreditproducts4Corporatebonds4Financialsecurities9Ass
8、etswaps11CreditDefaultSwaps12CDSIndices18CreditLinkedNotes23TotalReturnSwaps24Corporateloans26Fundamentalcreditanalysis28Determiningafaircreditspread28Analysingthebusinessprofile28
