Usually a CDS specifies that a number of different bonds can be delivered in the event of a default. The bonds typically have the same seniority, but they may not sell for the same percentage of face value immediately after a default. This gives the holder of a CDS a cheapest-to-deliver bond option. When a default happens the buyer of protection （or the calculation agent in the event of cash settlement） will review alternative deliverable bonds and choose for delivery the one that can be purchased most cheaply.

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