Investors that have shunned the type of complex debt securities at the heart of the turmoil are starting to turn to more simple structured credit products popular at the beginning of the decade, in the latest sign of how the turbulence has forced a return to old ways in the credit markets.

According to analysts, investor demand for first-to-default trades has been on the rise over the past eight months while buyers have drastically cut their exposure to complex debt instruments such as collateralised debt obligations, which have been hardest hit by the turmoil.