Kreditkötéléket

Kreditkötéléket, also known as credit derivatives, are financial contracts that allow investors to "swap" or transfer credit risk from one party to another. Essentially, they are insurance policies against the default of a borrower. The most common type of credit derivative is the credit default swap (CDS). In a CDS, one party (the buyer) makes periodic payments to another party (the seller) in exchange for protection against a specific credit event, such as a default or bankruptcy, on a particular debt instrument, often a bond.

If the specified credit event occurs, the seller of the CDS compensates the buyer. This compensation can be in the form of a cash payment equal to the loss incurred, or the seller may purchase the defaulted bond from the buyer at its face value. Credit derivatives can be used for various purposes, including hedging existing credit exposures, speculating on the creditworthiness of a company or sovereign, and creating synthetic exposure to credit markets.

They are complex financial instruments and their use can involve significant risks. The underlying assets can be a wide range of debt, including corporate bonds, sovereign debt, and loans. The market for credit derivatives is largely over-the-counter, meaning trades are negotiated directly between parties rather than on a regulated exchange. This can lead to concerns about transparency and systemic risk.