The article discusses how credit derivative swaps in the Greek market are used to manage credit risk associated with bonds or loans. These swaps involve transferring credit risk between parties, with cash settlements in case of a credit event. The study shows that credit default swaps can be linked to interest rate swaps or options to minimize risk. Unlike standardized exchange-traded products, credit derivative swaps are customized to meet specific needs. Overall, these swaps help in hedging and transferring credit risk in a flexible and tailored manner.