Which of the Below Statements Is FALSE

Multiple Choice

Which of the below statements is FALSE?

A) If a payout is triggered only after two reference obligations default, the swap is referred to as a first-to-default basket swap.
B) Single-name credit default swaps can be used in the swap market by portfolio managers to leverage their position in a corporate bond.
C) From the list of deliverable obligations, the protection buyer will select for delivery to the protection seller the cheapest-to-deliver issue.
D) Since all reference entities that are the subject of credit default swaps have many issues outstanding, there will be a number of alternative issues of the reference entity that the protection buyer can deliver to the protection seller. These issues are known as deliverable obligations.