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Table
D10.2
Structure
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Credit default swaps, by rating category
Notional amounts outstanding, in billions of US dollars
«
‹
H2 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 grade
5,136
1,111
3,892
3,039
193
68
37
210
346
133
Bought (gross basis)
3,196
1,116
2,003
1,500
115
41
28
117
201
78
Sold (gross basis)
3,051
1,107
1,889
1,539
78
27
8
92
145
55
AAA/AA
755
192
537
291
60
14
9
49
114
26
Bought (gross basis)
505
192
294
138
36
11
8
31
70
20
Sold (gross basis)
441
191
244
153
24
4
1
18
44
6
A/BBB
4,382
920
3,354
2,748
133
53
28
161
232
107
Bought (gross basis)
2,691
924
1,709
1,362
79
31
21
86
131
58
Sold (gross basis)
2,610
916
1,646
1,386
54
23
7
75
102
49
Below investment grade
1,377
363
935
644
53
14
6
92
126
79
Bought (gross basis)
875
364
476
311
30
9
4
46
77
35
Sold (gross basis)
864
362
459
333
23
5
2
47
49
43
Non-rated
1,545
312
1,178
757
121
31
6
81
182
55
Bought (gross basis)
974
322
620
368
69
18
5
43
116
32
Sold (gross basis)
883
302
558
389
52
13
1
38
66
23
Single-name instruments
Investment grade
2,848
888
1,926
1,481
128
29
22
87
178
34
Bought (gross basis)
1,884
892
970
726
82
20
20
30
92
22
Sold (gross basis)
1,852
883
956
756
46
9
2
57
87
12
AAA/AA
552
150
394
251
36
8
5
17
77
8
Bought (gross basis)
354
150
198
120
24
6
4
6
39
5
Sold (gross basis)
349
151
196
131
12
2
1
11
38
2
A/BBB
2,296
737
1,532
1,230
92
21
17
70
101
26
Bought (gross basis)
1,531
742
772
606
58
14
16
25
52
17
Sold (gross basis)
1,503
733
760
624
34
7
1
46
49
10
Below investment grade
814
278
529
383
34
7
3
54
49
7
Bought (gross basis)
545
282
258
180
20
4
3
21
31
4
Sold (gross basis)
546
273
271
204
14
3
0
32
18
3
Non-rated
230
89
134
55
33
6
3
9
28
8
Bought (gross basis)
177
96
76
27
21
5
3
3
17
6
Sold (gross basis)
142
81
58
28
12
1
0
6
11
3
Multi-name instruments
Investment grade
2,288
224
1,965
1,557
65
39
14
122
168
99
Bought (gross basis)
1,312
224
1,033
774
33
21
8
87
109
56
Sold (gross basis)
1,200
224
933
783
32
17
6
35
59
43
AAA/AA
202
41
143
40
24
6
4
32
37
18
Bought (gross basis)
152
42
96
19
12
5
4
26
31
14
Sold (gross basis)
92
41
47
21
12
1
0
7
6
4
A/BBB
2,086
183
1,822
1,517
41
32
10
90
131
81
Bought (gross basis)
1,161
182
937
755
21
17
4
61
78
42
Sold (gross basis)
1,108
183
885
762
20
16
6
29
53
40
Below investment grade
563
85
406
261
19
7
2
39
78
71
Bought (gross basis)
330
81
218
132
10
5
1
24
46
31
Sold (gross basis)
317
89
188
129
9
3
1
15
31
41
Non-rated
1,315
224
1,045
702
88
25
3
72
155
46
Bought (gross basis)
797
226
544
341
48
13
2
41
99
26
Sold (gross basis)
741
221
500
361
40
12
1
32
55
20