ref ob

ref ob
USA
reference obligation, Also known as a covered obligation and commonly referred to as the "ref ob".
One or more debt instruments of the reference entity specified in a credit derivative confirmation such as a credit default swap (CDS). The reference obligation description may be specific or general (for example: loans; any payment obligation for borrowed money; listed bonds with a maximum maturity date of less than 30 years; etc.). The performance of the reference entity of its obligations under the reference obligation(s), typically bonds or notes, often determines the obligations of the parties to the CDS. If the reference entity fails to make a payment under a reference obligation when due, under most credit default swaps a (failure to pay) credit event will be deemed to have occurred, triggering the obligation of the credit protection seller to make one or more payments to the credit protection buyer.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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