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from my reading of Gatheral's notes on this strategy, the best you can hope for at this point, given that the strategy is indeed old hat as Brian states, are bounds on the price of deeply OTM puts as implied by credit spreads of associated tenor. turns out the upper bound is the value of the associated ATM put option and is independent of the credit spread. ...
This is, of course, a very old play. The main thing that gets in the way of trading it is that puts are rarely available in a quantity that matches typical credit instrument notionals. Here's a decent paper by Peter Carr on the topic, see equation (4) and surrounding.
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