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The financial industry is swamped by credit products whose economic performance is linked to the performance of some underlying portfolio of credit risky instruments, like loans, bonds, and asset-backed securities. The market for such products is steadily growing, and financial institutions continuously use these products for tailor-made risk selling and buying. In this book, the authors discuss mathematical approaches for modeling structured credit products credit-linked to an underlying portfolio of credit-risky instruments. Focusing on ideas found useful in daily work, the presentation is mathematically precise, but does not insist on the deepest level of mathematical sophistication.