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The birth of credit derivatives--and the new ways of looking at credit risk--was one of the biggest stories of the last five years. Here's how we've chronicled the market since its origins, as well as larger issues of credit management.
"Inside a Credit Trade"

"CDOs Under Fire"
Chopping up portfolios of bonds, loans and other instruments into different credit tranches has become popular with issuers and investors. But what will happen to CDOs if credit fears paralyze the financial markets?
Roundtable: "The Crisis in Credit Modeling"
There's a lack of consensus in credit modeling about models, methodologies, measuring default probabilities and predicting the correlations between credit events. Joyce Frost, Brian Dvorak, Christopher Finger, Michael Araten and Ethan Berman unpack these pressing issues.
Roundtable: "New Alternatives in Credit Management"
A lively debate on what happens to CDOs and other credit derivatives in a tough credit environment. Richard Kennaugh points out that "Investment-grade defaults don't occur often in developed markets. We just do not have the experience of what actually happens, so out models are based on an awful lot of assumptions."
"New Approaches to Credit Risk Management"
Roundtable: "Modeling Asia"
"Correlation: The Hidden Risk in CDOs"
"Rethinking the Credit Function"
"Credit Derivatives--Five Years Out"
"Why We Missed the Asian Meltdown"
Goldman's Diane Petan, Chases's Bob Strong and the World Bank's Michael Pomerleano explain why credit models failed to warn us of trouble--until it was too late.
"In all fairness, the rating agencies were not alone. If you read the Street research and even reports from the IMF, you would have concluded that many of these countries had a clean bill of health," notes Petan.
"The World According to Edward Altman"
"CreditMetrics and other similar programs were not developed to enhance the intellectual underpinnings of financial analysis. They were built to generate trading in assets."