This introduction to credit derivatives and their markets provides a practitioner's perspective on products and their risks. Expanded and updated to cover crisis-related developments, it employs a succinct style without sacrificing technical details and scientific precision. Its liberal use of Bloomberg screens and new worked examples increase its hands-on practicality, and its new online set of CDS pricing models and other worksheets multiply its uses. The only book that captures the rapidly changing dynamics of the credit derivatives market, An Introduction to Credit Derivatives combines qualitative and quantitative content unavailable elsewhere.