We propose a simple extension of the structural credit modelling approach of Black and Cox to a unification of equity products (written on the stock price), and credit products like bonds and credit default swaps (CDS). Our models have two factors, which one might take to be log leverage and equity, whose dynamics are specified in terms of time-changed Brownian motions. They are capable of reproducing well known equity models such as the variance gamma model, at the same time producing the stylized facts about default stemming from structural models of credit.