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  • Bank Dictionary

Credit Linked Note (CLN)

A structured note conferring on the holder an economically equivalent position to holding both a fixed income security and acting as the Seller of protection in an embedded credit default swap. The coupon payable on the CLN reflects the credit quality of both the issuer and the underlying Reference Entity (or Entities). CLNs mature below par if any of the underlying Reference Entities suffers a Credit Event during the life of the issuance.

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