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Credit default swaps, by rating category
Notional amounts outstanding, in billions of US dollars
«  H2 2020 › »
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 grade4,7187773,8473,085186563715033494
Bought (gross basis)2,8407771,9961,55810834258518767
Sold (gross basis)2,6557771,8501,5277822126514728
AAA/AA 61412344927737147328242
Bought (gross basis)4001192481382196195532
Sold (gross basis)3371262001391651142710
A/BBB4,1046543,3982,808149423011825252
Bought (gross basis)2,4416581,7481,4208725186613234
Sold (gross basis)2,3186501,6501,3886217115212018
Below investment grade1,7412611,4341,03311015166319746
Bought (gross basis)1,01326872852358108319818
Sold (gross basis)9892557075115258319927
Non-rated1,6732001,4311,091632296118442
Bought (gross basis)99320676155441793811226
Sold (gross basis)88019567053722151237216
Single-name instruments
Investment grade2,4966231,8251,44013834266612148
Bought (gross basis)1,591633921713782121246536
Sold (gross basis)1,52861390472760135425612
AAA/AA 361892581882885131613
Bought (gross basis)231901299019546612
Sold (gross basis)22089129989417111
A/BBB2,1355341,5671,25211026215310535
Bought (gross basis)1,360543792622601617186024
Sold (gross basis)1,30952477463050104354511
Below investment grade667170490370354632447
Bought (gross basis)421176242177192613253
Sold (gross basis)415163248193161118194
Non-rated2306215670355353812
Bought (gross basis)15965863324332219
Sold (gross basis)13358703711104174
Multi-name instruments
Investment grade2,2221542,0221,6454822118421346
Bought (gross basis)1,2501441,075845301346112231
Sold (gross basis)1,1261649478001897239115
AAA/AA 2533319089962196629
Bought (gross basis)1692911948252135021
Sold (gross basis)11737714161...6169
A/BBB1,9691211,8311,556391696414717
Bought (gross basis)1,0811159567982892487210
Sold (gross basis)1,009127875758127716757
Below investment grade1,075929446647511103115339
Bought (gross basis)592914863463872187315
Sold (gross basis)575924583183648138024
Non-rated1,4431391,2751,021281775614629
Bought (gross basis)8341416765211746379117
Sold (gross basis)74713659950011130205512