Distressed Wave Tests Traders Mettle in $10 Trillion Swap Market

(Bloomberg) The rising tide of distressed companies in Europe is boosting the appeal of a much-criticized corner of the $10 trillion market for credit insurance.Credit-default swaps — derivatives that pay out when a company defaults on debt — have brought at least $1 billion in windfalls to their holders in Europe this year, more than double the 2018 total, according to a Bloomberg analysis of settlement auctions.

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