Investors in a credit-linked note (CLN) are most similar to:
AA.Credit default swap (CDS) protection buyers who have funded (prepaid) the contingent credit loss.
BB.Credit default swap (CDS) protection buyers who own (have an insurable interest in) the reference entity.
CC.Credit default swap (CDS) protection sellers who have funded (prepaid) the contingent credit loss.
DD.Credit default swap (CDS) protection sellers who own (have an insurable interest in) the reference entity.
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