<t>K,This is an interesting topic. People try to tranfer credit risk to market risk. Some firm use risk participant swap (PRS) as a tool. To answer your question, my personal thinking is1. With the liquidity of CDS, it appears that CDS or CDS option is more suitable for this purpose.2. The protectio...

Where can I find the Pat's paper "Convexity Conundrum:..."?Do you have a soft copy?Thanks.