A CDS works like a fire-insurance policy: the holder pays a regular premium, but if the house burns down there is a big payoff.
一个信用违约互换就象一张火灾保险单：持有人定期支付保险费，但是假如房屋被烧毁，就有一笔大额偿付。
Under a CDS, one party seeks to protect itself against the default of a bond issuer by paying an annual sum—the equivalent of an insurance premium—to someone else who wants to take on the risk.
在信用违约掉期条款下，一方为了保护自己免受国债发行者债务违约的风险，支付一定年费（相当于保险费）给第三方，让第三方来承担相应的风险。
A CDS is just a contract between a buyer, who pays a premium, and a seller, who will make a payment to the buyer if a bond default occurs.
CDS只是一份合同，买家支付保费，卖家在出现债券违约时向买家支付本息。
CDS spreads indicate the insurance premium and the confidence in the underlying bond.
CDS的价差相当于保险费，其大小表明市场对其标的债券的信心。
To insure against default, the buyer of a CDS pays the seller a premium, whose value is denoted in basis points.
为了针对违约提供保险保护，购买CDS的交易者向卖家支付以基点表述的保费。
In this model, the joint distribution and marginal distributions of default times are derived by employing the change of measure, so the fair swap premium of a CDS can be valued.
在这个模型下，通过测度变换，可以得到两公司违约时间的联合分布及各自的边际分布，从而可以对违约互换进行定价。
In this model, the joint distribution and marginal distributions of default times are derived by employing the change of measure, so the fair swap premium of a CDS can be valued.
在这个模型下，通过测度变换，可以得到两公司违约时间的联合分布及各自的边际分布，从而可以对违约互换进行定价。
应用推荐