A credit default swap in which the underlying reference is more than one name (reference entity, reference asset, reference obligation, etc). Such a swap provides protection for a combination of credits (names), rather than a single credit (single name: single-name credit default swaps). A multi-name is an insurance on a reference portfolio of a number of entities with equal or unequal weight so that the portfolio’s total notional amount is equal to one. The protection buyer pays a regular premium that is proportional to the current notional amount of the swap.

An example of this swap include a basket credit default swap where the credit event is defined as the default of a specific combination of credits within a basket of credits. Another example is a credit default index swap (CDIS).