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Credit default swaps, by rating category
Notional amounts outstanding, in billions of US dollars
«  H1 2018 › »
Total Reporting dealers Other financial institutions Non-financial institutions
Total CCPs Banks and securities firms Insurance and financial guaranty firms SPVs, SPCc and SPEs Hedge funds Other
Total CDS contracts
Investment grade5,3211,2763,9353,0932056043215319110
Bought (gross basis)3,3741,2712,0371,549131353110718366
Sold (gross basis)3,2221,2801,8981,54374251110813644
AAA/AA 696206469260561112448621
Bought (gross basis)48120625712837810245017
Sold (gross basis)421205212132193220364
A/BBB4,6251,0703,4662,833149493017223389
Bought (gross basis)2,8931,0641,7791,4229426228313349
Sold (gross basis)2,8021,0751,6861,411552298910041
Below investment grade1,8584391,3369486325611318282
Bought (gross basis)1,16244667847136144569738
Sold (gross basis)1,13543365847827102568544
Non-rated1,0782597794721032575311939
Bought (gross basis)69626540823952135296923
Sold (gross basis)64225337223451112235017
Single-name instruments
Investment grade2,9619901,9391,49513330279715733
Bought (gross basis)1,991985985741931922327922
Sold (gross basis)1,95999495475440115657811
AAA/AA 556170378248397618598
Bought (gross basis)36716919212328545275
Sold (gross basis)359171186125112214333
A/BBB2,4058191,5611,247942221799825
Bought (gross basis)1,625816792618651318275217
Sold (gross basis)1,600823769629299352468
Below investment grade865306553403366359447
Bought (gross basis)586306276197224324264
Sold (gross basis)585305277206143035183
Non-rated25610614359306512318
Bought (gross basis)196112793020533175
Sold (gross basis)16610064299129142
Multi-name instruments
Investment grade2,3602861,9961,59872301511816278
Bought (gross basis)1,3822861,052809381697510544
Sold (gross basis)1,26328694478934146435834
AAA/AA 1403691121746262713
Bought (gross basis)11437654935192312
Sold (gross basis)6134267810631
A/BBB2,2202501,9051,5865526109313565
Bought (gross basis)1,26824998780429134568132
Sold (gross basis)1,20225291878226136375432
Below investment grade992133784545271835413775
Bought (gross basis)57513940227414111337134
Sold (gross basis)5501273812711382216741
Non-rated82115463641374192418732
Bought (gross basis)5001543282093282265118
Sold (gross basis)47615430820542110153614