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What is the reference entity? Or on what is the credit protection?

Reference Entity

The specific entity subject to the CDS

Mergers/Spin-offs are covered by rules

Reference Obligations

Used to determine the seniority of the deliverable obligation

Obligations

Which obligations can trigger a credit event

All borrowed money

»

Including loans, bonds, deposits etc

Bonds and/or loans

A specific security of loan

»

e.g. the 5% of 2020

Credit Derivative Instruments

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