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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
«
‹
H1 2019
›
»
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
4,529
989
3,461
2,582
231
59
33
202
354
79
Bought (gross basis)
2,846
988
1,804
1,280
136
36
25
112
215
54
Sold (gross basis)
2,672
990
1,656
1,302
95
24
8
90
138
26
AAA/AA
718
168
515
299
54
13
8
55
86
35
Bought (gross basis)
478
169
283
138
36
10
4
35
60
26
Sold (gross basis)
408
167
232
160
19
3
4
20
26
9
A/BBB
3,811
821
2,946
2,284
176
46
25
147
268
44
Bought (gross basis)
2,368
819
1,522
1,142
100
26
21
77
156
27
Sold (gross basis)
2,264
823
1,425
1,142
76
20
4
70
112
17
Below investment grade
1,610
327
1,250
816
48
17
6
82
281
33
Bought (gross basis)
980
331
633
405
28
11
4
40
145
17
Sold (gross basis)
956
323
617
411
20
6
2
41
136
16
Non-rated
1,420
230
1,127
805
71
18
7
84
142
62
Bought (gross basis)
871
232
605
402
44
10
6
52
91
33
Sold (gross basis)
779
229
522
403
27
8
1
33
51
29
Single-name instruments
Investment grade
2,586
780
1,771
1,395
121
30
21
79
124
36
Bought (gross basis)
1,697
787
887
688
73
19
16
25
67
22
Sold (gross basis)
1,670
773
884
707
49
11
6
54
58
13
AAA/AA
400
125
266
195
26
8
7
15
15
8
Bought (gross basis)
263
126
132
93
19
5
4
4
6
5
Sold (gross basis)
262
124
135
102
7
3
3
11
9
3
A/BBB
2,186
655
1,504
1,200
96
21
14
65
109
27
Bought (gross basis)
1,433
661
756
595
54
14
12
21
60
17
Sold (gross basis)
1,407
648
749
605
42
8
2
43
49
10
Below investment grade
680
214
459
332
23
3
3
42
55
7
Bought (gross basis)
447
218
224
156
15
2
3
17
32
4
Sold (gross basis)
447
210
234
176
9
1
0
25
23
3
Non-rated
213
73
133
55
24
7
3
7
37
7
Bought (gross basis)
155
77
74
27
16
6
3
2
20
5
Sold (gross basis)
131
70
59
28
8
1
0
5
17
2
Multi-name instruments
Investment grade
1,943
210
1,690
1,188
109
30
11
123
229
44
Bought (gross basis)
1,150
201
917
592
63
17
9
87
149
31
Sold (gross basis)
1,003
218
773
596
46
13
2
36
80
12
AAA/AA
318
43
248
104
29
5
1
40
71
27
Bought (gross basis)
215
43
151
45
17
4
0
31
53
21
Sold (gross basis)
146
43
97
58
12
0
0
9
17
6
A/BBB
1,625
166
1,442
1,084
81
25
11
83
159
17
Bought (gross basis)
935
158
766
547
46
13
9
56
96
10
Sold (gross basis)
857
175
676
537
34
13
2
27
63
6
Below investment grade
930
112
791
484
24
15
3
40
227
26
Bought (gross basis)
534
112
408
248
13
9
1
24
113
13
Sold (gross basis)
509
113
383
235
11
5
2
16
113
13
Non-rated
1,206
157
994
750
47
10
4
77
105
55
Bought (gross basis)
715
155
531
375
28
3
3
49
72
29
Sold (gross basis)
648
159
463
375
19
7
1
28
34
26