信用违约掉期的作用跟保险类似，是在万一发生债券违约的情况下对债券持有人的一种保护。
That makes buying and selling much more difficult. Credit-default swaps act like insurance, protecting bondholders in the event of a default.
ISDA随后发表的一个补充其信用衍生品的定义指出，债券持有人选择的可交割债券(或受托人代表债券持有人)是可交割债务。
ISDA subsequently issued a supplement to its CD definitions stating that bonds convertible at the option of the bondholder (or trustee on behalf of the bondholder) are deliverable obligations.
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