Relative Value: a Practitioner’s Guide
I remember very clearly the beginnings of the Relative Value Group at Deutsche Bank. The year was 1995. I was one of a small group of Research and Sales professionals who had recently arrived at Deutsche Bank. We became convinced that significant opportunities existed to apply relative value concepts to fixed income instruments in a way that was highly interesting for sophisticated clients. We realized that by analyzing separately the opportunities and risks of certain fixed income products, we could help our clients achieve the performance they aimed for while mitigating credit, market and liquidity risk. Our goal was simple: to help our clients achieve the best possible risk–reward equation.
We soon realized ...
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