Credit-linked note

Japanese

クレジット・リンク債

Also known as

CLN

Last reviewed

September 25, 2026

This is a draft, shown for review before publication.

A credit-linked note is a bond that embeds a sale of protection under a credit default swap (CDS) and is redeemed at less than face value if a credit event occurs at the reference entity. In return for taking on the reference entity's credit risk, the investor receives extra interest.