| Users | Underlying Risks | Derivative Types |
|---|---|---|
| Commodity manufacturers | Commodity price | Commodity derivatives |
| Multinational companies | Funding cost of foreign debt issuance and investments | Cross-currency swaps / FX forwards |
| Life insurers | Asset-liability management | Interest rate swaps or swaptions |
| Corporate treasurers | Funding cost before debt issuance | Forward rate agreements |
| Construction firms | The cost of raw materials | Commodity derivatives |
| Exporters | Foreign exchange (FX) fluctuations | Cross-currency swaps / FX forwards |
| Bank or loan portfolio managers | Credit risk of bond or loan exposures | Credit default swaps |
| Equity investors | Equity prices | Equity derivatives |
| Governments | Interest rate risk on new bond issuance | Interest rate swaps |
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