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These new products have common general features, as we have shown. We shall identify the different types of credit derivatives in the next chapter, and also show how they work and how they are applied. 61 62 Nisbet (1995). Van Duyn (1995). 2 Typology of Credit Derivatives and their Main Applications Credit derivatives may be classiﬁed into three main families, depending on their mechanisms and purposes: 1. Credit default derivatives. These are without doubt the products considered the most innovative, since they enable trading and hedging strategies that did not exist in the ﬁnancial markets before their creation.
60 60 To some extent, interest rate ﬂuctuations can cause the creditworthiness of the asset underlying a credit derivative to deteriorate, by impairing the debtor’s proﬁtability, for example. It is therefore possible to say that immunization is never perfect. ’61 The second raison d’ˆetre of credit derivatives, directly linked to the ﬁrst, is therefore that it can unbundle the credit risk of a debt instrument and transfer it to a third party. ’62 Credit derivatives enable the credit risk to be transferred without abandoning the ownership of the asset; for banks, they enable credit risk to be dissociated from the funding risk.
Our second section will be devoted to the other types of credit derivative, such as credit spread products and synthetic replication products. Finally, the third section of this chapter will describe the main applications of credit derivatives. 1 CREDIT DEFAULT SWAPS The particularity of credit default derivatives, of which the credit default swap (CDS) is the classic example, is that their payout is linked to the occurrence or non-occurrence of a credit event. We shall start this section by describing CDSs, and then compare them to cash credit products (bonds).