Basics of Credit Derivatives

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Credit derivatives terminology

By Vinod Kothari

 

 

Underlying asset: The asset, the credit risk of which is intended to be hedged by the credit derivative transaction. The underlying asset need not be the same as the reference asset. In some cases, the protection buyer may not be holding the reference asset on its books, but the real intent of the protection buyer may be to hedge against the risk inherent in a similar asset, which he holds. Such asset is called the underlying asset.

 

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