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

Deliverable Obligations

What can be delivered by the protection buyer in the case of a credit event

Bonds, Loans

Maximum maturity

Currency

Etc

These conditions determine the pool of potential deliverable assets in the case of a credit event, from which the protection buyer will choose the cheapest to deliver.

The wider the definition, the greater the value of the protection

And the greater its cost

Credit Derivative Instruments

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