题目中所说的“the reference asset to which the credit-linked note is linked”，这个关联资产是做什么的呢？不太理解CLN的机制，能再补充一下吗？

问题如下：

If an investor holds a credit-linked note and the credit event does not occur, the investor receives:

选项：

A.

all promised cash flows as scheduled.

B.

all coupon payments as scheduled but not the par value at maturity.

C.

all coupon payments as scheduled and the par value minus the nominal value of the reference asset to which the credit-linked note is linked at maturity.

解释：

A is correct. If the credit event does not occur, the issuer must make all promised cash flows as scheduled—that is, the regular coupon payments and the par value at maturity.

考点：CLN

解析：投资者持有CLN，如果信用违约事件没有发生，拿到的是约定的coupon和本金，也就是A选项。