Also many closed-end funds do this, and some trade at a discount. www.quantumonline.com www.cefa.com Good luck.
You mean like credit default swaps? Now lets not get ahead of ourselves. They are still setting up the exchanges and working out all the bugs. Also, I think you need a couple million to play. Might I suggest a bond mutual fund? Even with bonds you want to diversify and it is easier with funds. They have their own risks (no 'maturity date' as such) but much easier then buying a dozen bonds yourself.