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PRS: Bull or Bear?
Primus Guaranty and the Viability of the CDPC Model
PRS
-50.52%
in
315 days
<>Most people who have followed my writing during the summer have seen my coverage of Primus Guaranty, a credit derivative products company [CDPC] that sells credit protection via credit default swaps [CDS]. On July 22nd, I placed my entire portfolio into Primus, via a combination of its common stock (PRS) and senior debt (PRD). I saw (and see) Primus as a company with very clear risk exposures thanks to the finite and short-lived duration of its swap portfolio, and the fact that a stress-tested loss estimate nets an equity value in the mid-single digits (i.e. about $5/share), which holds eve...
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Why take the risk when you can pay someone else?
PRS
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-78.65%
in
779 days
Primus Guaranty Ltd's primary business operations are conducted through Primus Financial Products, which is one of the first credit derivative product companys. Basically, they insure major banks and financial institutions against risk on investment grade debt. Currently, the market is dominated by Primus and two other firms, but there are several more slated to begin operating in this market.
Since Primus is already established with a sterling reputation, these guys are set to capture a large portion of this market as more and more banks look to take some of the risk off their books...
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About Primus Guaranty Ltd.
- Answers.com
