= First-to-default swap
{title2=$\tau_{\rm first}=\min_i\tau_i$}
A basket credit contract whose protection payment is triggered by the first specified <default> among its reference entities. The loss and settlement terms refer to the defaulting name according to the contract. Premium generally stops at that first <default> or maturity. Pricing requires the joint default-time distribution; separate marginal <default> probabilities alone do not determine the first-default law.
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