Template:M premium summary eqderiv equity v credit derivatives showdown

A long essay taking in:

• The general “vibe” of CDS versus CFDs
• Their respective places in an Issuer’s capital structure: the curious fact that credit derivatives, though “senior” are more concerned with bankruptcy
• As a means to synthetic exposure versus insurance versus loss
• As a buyside service and sellside hedging tool
• How they handle — or in the case of CDS, really don’t handle — subordinated instruments
• How thresholds and notionals relate to each
• As a special treat, an AI-generated essay about what it takes to learn the ways of the credit ninja.