• Innovations in creadit risk transfer: implications for financial stability(by Darrell Duffie)
  • 1. Recent credit risk transfer activity
  • 2. Why does a bank transfer credit risk?
  • 3. What credit risk to keep, and what to transfer?
  • 3.1 Fractional retention as a signal of commitmen
  • 4. Collateralised debt obligations
  • 4.1 Theories of CDO design
  • 4.2 Specialty finance companies
  • 4.3 Default correlation: roadblock ahead?
  • 4.4 CLO design illustration