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13:28 Feb 22, 2008
English to Spanish translations [PRO] Bus/Financial - Finance (general)
English term or phrase:credit event
In the case of a credit event,
such as a default, the default protection seller should pay the buyer of
protection 100% and then attempt to recover value from the defaulting
A seller of credit-default protection
promises to pay the buyer 100% of the loan proceeds over the life
of the loan if there is a credit event such as a default.
In the early 1990s, Bankers Trust began to compile a
database of operational risks: the sort of losses that are caused not by
market or credit events but by other factors, such as bureaucratic mistakes,
computer failure, fires, blackouts or the loss of documents.
Unfortunately, this excellent model was bad at
predicting credit events in new industries, such as mobile phone companies
(see Chapter 17).