CLN(Credit-linked Note),即信用联系票据,指同货币市场票据相联系的一种信用衍生品,它将普通的固定收益证券与信用违约互换结合起来。信用联系票据是一种附息票据,该票据的投资者承担信用参照主体的信用风险,该票据定期支付高额利息作为回报。信用联系票据可以只在保护性买方和保护性卖方进行,也可以作为一种投资证券向公众发 CLN (Credit-linked Note) refers to credit-linked notes, a type of credit derivative linked to money market instruments that combines ordinary fixed-income securities with credit default swaps. A credit-linked note is an interest-bearing note whose investors bear the credit risk of a credit reference subject, which in return pays high interest on a regular basis. Credit contact notes can be conducted only by the protective buyer and the protective seller, and can also be used as an investment security to the public