Aufsätze Ökonomik

Aufsätze Pädagogik

Aufsätze Sozialethik


Prof. Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.

Abhandlungen über Johann Heinrich Jung-Stilling

Nachtodliche Belehrungen zur Ökonomik

Nachtodliche Belehrungen zu Persönlichkeiten

Nachtodliche Belehrungen zur Philosophie

Nachtodliche Belehrungen zur Theologie

Nachtodliche Belehrungen zu verschiedenen Themen


Credit-linked notes, CLN (also referred to in German)

Special type of credit derivative. These are bonds issued by the protection buyer (floating rate payer; usually by a special purpose vehicle – also known as special purpose vehicle [SVP] and conduit [conduit]), but where the full nominal amount is only paid out at the end of the term if the agreed credit event – usually by reference to the master agreements of the International Swaps and Derivates Association – has not occurred by then. – In addition to the credit risk of the reference asset, the fixed rate payer also assumes the credit risk of the issuer. In most cases, CLNs are issued in different tranches, which are rated accordingly by rating agencies. – See derivatives transactions clearing obligation, derivatives transactions reporting obligation, first loss tranche, credit derivative, credit securitization, originate-to-distribute strategy, senior tranche, single master liquidity conduit, securitization, securitization structure. – Cf. Deutsche Bundesbank Monthly Report of April 2004, p. 31 (also explanatory overview there), BaFin Annual Report 2003, pp. 21 f., p. 126, BaFin Annual Report 2007, p. 80 (CLNs are included in the new investment regulation for insurance companies) and the respective BaFin Annual Reports, ECB Monthly Report of September 2005, p. 21 (explanatory overview; definitions).

Attention: The financial encyclopedia is protected by copyright and may only be used for private purposes without express consent!
University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mail address: