A credit-linked hybrid that combines a note with a credit default swap. The face value of the note payable at maturity is linked to a specific credit event. That is, it may be reduced upon the occurrence of a given credit event(s) relating to an underlying issuer (obligor) or reference debt instrument. The holder of the note is the seller of protection, whilst the issuer is the buyer. Credit-linked notes are particularly used as an alternative to credit default swaps, especially in synthetic, securitized products.