There are many kinds of credit derivatives with flexible forms. According to the order and complexity, they mainly include the following products:

1, single item

A single name refers to a credit derivative whose reference entity is a single economic entity. Generally speaking, it includes credit default swaps (CDS), total return swaps (TRS), credit-linked notes (CLN) and credit spread options (CSO).

2. Combination products

Multiple names refer to credit derivatives whose reference entities are a combination of a series of economic entities, including index CDS, debt-backed bonds (CDOs), swap options and graded index transactions. The transaction structure of portfolio products is complicated, but the mechanism of * * * is a portfolio pool composed of multiple basic credit default swaps or multiple single credit derivatives (so it is called multiple names). Because portfolio products are very sensitive to default correlation in credit portfolio pool, such products are also called "correlation" products.

3. Other products

Other products mainly refer to credit derivatives closely combined with asset securitization, such as proportional portfolio insurance (CPPI), proportional debt liability (CPDO), asset securitization credit default swap (ABCDS) and foreign exchange guaranteed securities (CFXO). These products have complex structures and opaque pricing. Even in the most active period of credit derivatives market before the financial crisis, they were ignored, but they disappeared further after the crisis.