Secured default protection
Covered Put Options™ (CPOs) – new risk-hedging securities that enable dealers to offer qualified institutional buyers cost-effective default protection for millions of credit issues.
Enhanced credit yields
Covered Reference Notes™ (CRNs) – new credit-linked securities that enable dealers to offer qualified institutional buyers investment grade bonds offering material yield and potential alpha.
Through the DelphX platform, dealers can actively make markets in all CPOs, CRNs and underlying securities – enabling investors to speculate on the future pricing of CPO protection for any underlying security and generate additional returns through basis trading.
Continuous benchmark pricing
Continuously updating MAV≡n® pricing forecasts inform all participants of the current midpoint benchmark of dealer pricing for every CPO, CRN and underlying security.