Corporate Bond Products and Derivatives(英文版)(ppt 40页)

Corporate Bond Products and Derivatives(英文版)内容提要：
What Are Credit Derivatives?
Credit derivative returns are tied to the performance of a credit risk related measure.  These include:
default by a counterparty
credit spreads related to a reference asset
Like other derivatives, credit derivatives allow for the isolation and transfer of a particular type of risk - in this case, credit risk
The basic products in the credit derivative market are:
Asset Swaps
Credit Default Swaps
Total Return Swaps
By combining these with technologies like repackaging and securitization, tailor made products and risk management solutions are possible
Credit Derivatives - New and Not New
Although credit derivatives traded under ISDA documentation are relatively new, similar products have existed in the commercial banking world for decades: