TERMIUM Plus^®

Record 1,  Textual support,  English

Record number: 1, Textual support number: 1 DEF

... a derivative in which the underlying instrument is a reference obligation, or a bond of a particular issuer or reference entity.  3, record 1, English, - single%2Dname%20CDS

Record 1,  Textual support,  French

Record 1,  Textual support,  Spanish

Record 2,  Textual support,  English

Record number: 2, Textual support number: 1 CONT

In a basket credit default swap(sometimes called a first-to-default swap), a number of different reference entities and reference obligations are specified. The buyer makes payments in the usual way. The first reference entity to default triggers a payout, whether in cash or by physical delivery.  3, record 2, English, - first%2Dto%2Ddefault%20swap

Record 2,  Textual support,  French

Record 2,  Textual support,  Spanish

Record 3,  Textual support,  English

Record number: 3, Textual support number: 1 DEF

A credit default swap contract where the reference entity is more than one name...  3, record 3, English, - multi%2Dname%20CDS

Record 3,  Textual support,  French

Record 3,  Textual support,  Spanish

Record 4,  Textual support,  English

Record number: 4, Textual support number: 1 CONT

Default swaps transfer the potential loss on a "reference asset" that can result from specific credit "events" such as default, bankruptcy, insolvency, and credit-rating downgrades ... Default swaps involve a "protection buyer" who pays a periodic or upfront fee to a "protection seller" in exchange for a contingent payment if there is a credit event.  4, record 4, English, - default%20swap

Record number: 4, Textual support number: 2 CONT

Credit default swaps (or default puts) and total return swaps seem to be the most actively used structures, but credit spread options also appear to be popular.  5, record 4, English, - default%20swap

Record 4,  Textual support,  French

Record number: 4, Textual support number: 1 DEF

Swap de crédit dans lequel l'une des parties convient de payer des intérêts périodiques calculés sur la base d'un taux fixe sur la durée de l'opération, ou toute autre somme équivalente, alors que l'autre partie convient de n'effectuer de paiement que dans le cas où un incident de crédit précisé dans l'accord se produirait.  3, record 4, French, - swap%20sur%20d%C3%A9faillance

Record number: 4, Textual support number: 1 OBS

La Banque du Canada utilise «swap» plutôt que «contrat d'échange».  4, record 4, French, - swap%20sur%20d%C3%A9faillance

Record 4,  Textual support,  Spanish

Record number: 4, Textual support number: 1 CONT

Los seguros contra el impago de deuda (CDS) de los bonos gubernamentales ofrecen a los inversores un seguro contra el impago; es decir, contra la posibilidad de que un gobierno no devuelva el dinero que debe. Si un país incumple su promesa, el titular de un CDS recibirá su dinero de todas maneras, y soportarán las pérdidas aquellos que vendieron los CDS. Un inversor puede comprar un CDS (asegurarse a sí mismo contra las pérdidas de los bonos) en varias instituciones financieras, como bancos o instiruciones de gestión alternativa.  3, record 4, Spanish, - seguro%20de%20impago%20de%20deuda

Record 5,  Textual support,  English

Record number: 5, Textual support number: 1 CONT

For investors who cannot or prefer not to engage in swaps or other derivatives transactions, intermediaries offer credit-linked notes as an alternative means of achieving the risk profile created by credit derivatives.  2, record 5, English, - credit%2Dlinked%20note

Record number: 5, Textual support number: 1 OBS

An on-balance sheet, cash market structured note, typically issued by a special purpose trust vehicle. The note represents a synthetic corporate bond or loan, because another credit derivative(such as a credit default swap or a total return swap) is embedded within the structure.  3, record 5, English, - credit%2Dlinked%20note

Record 5,  Textual support,  French

Record number: 5, Textual support number: 1 CONT

Le titre lié à la valeur du crédit résulte d'un montage qui combine un swap sur défaillance et les caractéristiques d'un titre à revenu fixe classique.  3, record 5, French, - titre%20li%C3%A9%20%C3%A0%20la%20valeur%20du%20cr%C3%A9dit

Record number: 5, Textual support number: 2 CONT

Aux investisseurs qui ne peuvent ou ne souhaitent pas opérer sur contrats d'échange ou autres dérivés, les intermédiaires offrent des montages [titres liés à la valeur du crédit] combinant les caractéristiques d'un titre à taux fixe et une option de crédit, qui leur permettent d'ajuster leur profil de risque comme au moyen des dérivés de crédit.  4, record 5, French, - titre%20li%C3%A9%20%C3%A0%20la%20valeur%20du%20cr%C3%A9dit

Record 5,  Textual support,  Spanish