一种信用衍生品的交易机制研究

The Study of The Transaction Mechanism and Risk Transfer of The Credit-Linked Note

本文首先系统阐述了信用联系票据的基本概念、交易主体和类型。然后利用结构图构建了发行人为信用保护购买方和发行人为特定目的机构(SPV)的CLN的不同的交易机制,然后从信用联系票据的现金流量过程来分析该种信用衍生工具的交易机制和风险特征,最后,给出了信用联系票据的一种扩展型联系票据首联信用票据。

This paper elaborates systematically the basic concept, transaction subject and type. Then this paper analysis the transaction mechanism and risk features of the credit-linked notes. finally this paper also puts forward a kind of extended credit-linked notes.