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IMPORTANT INFORMATION: US Credit and Credit will merge into one global brand called Credit in September 2005.

Why are we merging?
The changing shape of the credit markets and subscriber demand! As recently as 2003, the US, Europe and Asia operated somewhat parochially, but the spectacular growth in the use of credit derivatives over the past two years has meant that the credit markets have developed into a globally cooperative business. Structured credit and credit derivatives are a much larger proportion of the market than they were two years ago, and the European and US markets are less divergent.

What will happen to the content?
Credit - created from the merged US Credit and Credit brands – will serve the informational needs of a global community of buy- and sell-side credit professionals. You will see a net upgrade of global-interest features covering the US and Europe as well as the Asian markets. This positive move reflects subscriber demand, offering global rather than regional reporting, combining the best coverage from both magazines while addressing the increasing amount of global-interest news, features and analysis in a more logical way.

What benefits will I get?
As a global brand Credit subscriber your username and password will entitle you to access the US Credit and Credit fully searchable online archives. This amounts to 2 years of US Credit and 5 for Credit which will be accessible from one website: www.creditmag.com.

From September 2005, you will receive a larger-sized 60-page magazine covering the global credit markets.

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Our FREE online newsletter, Extra Credit, provides a roundup of the week's events in the primary and secondary corporate debt markets.

Extra Credit also provides a regular breakdown of issuance in the investment-grade and high-yield debt markets, bookrunner league tables and performance data from the Lehman and Dow Jones CDX indices. More
In this week's issue, we look at a rare bond deal from BAE Systems, disappointing quarterly earnings from GM and Ford, and China's decision to unpeg its currency from the US dollar. Click here for more


HIGHLIGHTS FROM THE JULY/AUGUST ISSUE

= free stories
= subscriber/trialist access only

Comment
Editor's letter
It seems like only yesterday…but it was way back in December 2002 that Eliot Spitzer secured a $1.44 billion fine for 10 Wall Street firms that admitted to issuing biased stock ratings.
Auto suppliers
Crunch time for auto suppliers
by Nadia Damouni
The survival of the domestic auto parts suppliers may depend on diversifying their customer base away from the Big Three: General Motors, Ford and DaimlerChrysler.
Auto suppliers
Electronic trading Electronic trading
Battle of the bulge
by Saskia Scholtes
Credit derivatives e-trading is well established in the dealer-to-dealer arena and now two dealer-to-client platforms are set to launch. But can the infrastructure cope with the large volume of trades?
Profile
Independent credit research
by Dalia Fahmy
Despite growing demand from investors for unbiased bond research, there are only a handful of independent credit research firms, and the major players concede it’s still an underserved market.
Profile
Product launch Product launch
The long and short of CDOs
by Christopher Jeffery
Collateralized debt obligations based on equity default swaps have not exactly taken the financial world by storm. But a new product that references one long and one short portfolio may change that.
US Credit magazine was launched:
“To advance debate within the credit and credit derivatives markets in an effort to promote best practice; highlight inefficiencies; encourage transparency; and expose attempts to undermine value for credit investors.”

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