CDSs as building blocks

CDS guide: new structures

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This guide has focused principally on the single-name default swap, which is commonly described as the ‘building block’ for a number of other products – chiefly for portfolio-based ones such as collateralised and credit-linked instruments, which have become increasingly important products in recent years.

In a collateralised obligation of any form, an investor is provided with exposure via a single security to a pool of assets, which may be made up of loans (in a collateralised loan ob

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