It stands for single-name credit default swap; a type of credit default swap (CDS) where there is only one reference entity. The reference entity is usually a borrower whether a widely traded company (corporate entity) or a solvent sovereign (government). A single name credit default swap is similar to an insurance contract against the default of a single reference entity. The buyer of protection (known as the ‘fixed rate payer‘) makes periodic premium payments to the seller of protection (the ‘floating rate payer‘) in return for credit protection.