Systems, methods, and computer program products for creation and trading of enhanced bonds

An article of manufacture including a computer-readable storage medium having stored thereon computer-executable instructions, execution of which, by one or more computing devices, causes the computing devices to perform operations comprising:

• purchasing a credit default swap contract on an exchangeable bond;
• instructing a trustee to exchange the exchangeable bond for an enhanced bond for delivery to an investor of the enhanced bond;
• and
• delivering the credit default swap contract to an account held at a clearing member.

A system comprising:

• a memory configured to store modules comprising:
• a purchasing module configured to purchase a credit default swap contract on an exchangeable bond,
• an instructing module configured to instruct a trustee to exchange the exchangeable bond for an enhanced bond for delivery to an investor of the enhanced bond, and
• a delivering module configured to deliver the credit default swap contract to an account held at a clearing member;
• and
• one or more processors configured to process the modules.

A method comprising:

• acquiring an original issue discount exchangeable bond;
• receiving payment from an investor for an enhanced bond based on the exchangeable bond;
• requesting exchange of the exchangeable bond to the enhanced bond, the enhanced bond backed by a credit default swap contract;
• and
• delivering the enhanced bond to the investor.