Enhanced credit yields
Dealers can now offer material potential yields to investors through Covered Reference Notes™ (CRNs) that pay attractive fixed income returns, particularly if the holder elects to optionally pool its risk with other holders.
Each fixed income CRN security is linked to a specified Covered Put Option™ (CPO). Buyers can elect to fully retain the default risk embedded in their CRN, or pool that risk to reduce their individual loss exposure and considerably enhance their return.
All CRNs are:
