它们理应向债券持有人提供违约风险保险。
They are supposed to provide insurance against default to bondholders.
这种掉期衍生品就像是保险保单；债券持有人购买这种衍生品，用以保护自己避免各种形式债务的违约风险。
Such swaps are like insurance policies; bondholders buy them to protect themselves from default on various forms of debt.
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。
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.
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