Sunt de fapt instrumente de protectie impotriva riscului de credit, in situatia unei incalcari de catre unul/doi sau mai multi debitori.

Vezi exemplele de mai jos:

"Basket credit derivatives are those financial contracts whose pay–out depends on the credit events (‘failure to pay’, ‘default’, etc.) characterizing a portfolio of bonds or loans over a determined time horizon.

We have two main categories of basket credit derivatives. The first is characterized by a pay–out depending on the temporal ranking of the credit events: first–to–default, second–to–default, etc."

vezi link: http://www.ingenta.com/isis/searching/ExpandTOC/ingenta?issu...


"Similarly other credit products may be defined such as a second-to-default basket which triggers a credit event after two or more obligors have defaulted, and... "

vezi link: www.icer.it/workshop/Meneguzzo_Vecchiato.pdf


"Commission de Surveillance du Secteur Financier - 4 - FD (first-to-default) : les transactions dans lesquelles le vendeur de protection est uniquement exposé..."

"SD (second-to-default) : le vendeur de protection n’est exposé qu’au second défaut parmi les actifs du panier pour un montant ŕ risque égal au montant... "

vezi link: www.cssf.lu/docs/cssf02_82.pdf