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Crossover Credit

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crossover credit
Of or relating to a bond that straddles the gap between investment-grade and speculative. Crossover credits are generally rated low investment-grade by one rating agency and upper-grade speculative by another rating agency. See also split rating.

Crossover Credit
A situation in which a bond is speculative grade but very close to investment grade or vice versa. It often refers to a split rating in which one credit rating agency gives the bond an investment grade rating and another gives it a junk rating. Generally speaking, regulators require bonds to receive investment grade ratings from two different agencies. Thus, crossover credit is often not strong enough to allow banks to invest in them.


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In addition, Anuj Gulati recently joined CSAM as a Vice President from TIAA-CREF, where he was an investment grade and crossover credit analyst.
Both the primary and secondary markets are covered with particular emphasis on distressed loans, high yield bonds and crossover credits as well as structured credit including CDOs and credit default swaps.
Sandy Liang made his comments at Thursday's Bear Stearns High Yield and Crossover Credit Conference.
 
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