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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 grade4,5299893,4612,582231593320235479
Bought (gross basis)2,8469881,8041,280136362511221554
Sold (gross basis)2,6729901,6561,302952489013826
AAA/AA 71816851529954138558635
Bought (gross basis)47816928313836104356026
Sold (gross basis)408167232160193420269
A/BBB3,8118212,9462,284176462514726844
Bought (gross basis)2,3688191,5221,14210026217715627
Sold (gross basis)2,2648231,4251,142762047011217
Below investment grade1,6103271,250816481768228133
Bought (gross basis)980331633405281144014517
Sold (gross basis)95632361741120624113616
Non-rated1,4202301,127805711878414262
Bought (gross basis)87123260540244106529133
Sold (gross basis)7792295224032781335129
Single-name instruments
Investment grade2,5867801,7711,39512130217912436
Bought (gross basis)1,697787887688731916256722
Sold (gross basis)1,67077388470749116545813
AAA/AA 400125266195268715158
Bought (gross basis)263126132931954465
Sold (gross basis)2621241351027331193
A/BBB2,1866551,5041,2009621146510927
Bought (gross basis)1,433661756595541412216017
Sold (gross basis)1,4076487496054282434910
Below investment grade680214459332233342557
Bought (gross basis)447218224156152317324
Sold (gross basis)44721023417691025233
Non-rated213731335524737377
Bought (gross basis)15577742716632205
Sold (gross basis)1317059288105172
Multi-name instruments
Investment grade1,9432101,6901,188109301112322944
Bought (gross basis)1,150201917592631798714931
Sold (gross basis)1,00321877359646132368012
AAA/AA 318432481042951407127
Bought (gross basis)21543151451740315321
Sold (gross basis)14643975812009176
A/BBB1,6251661,4421,0848125118315917
Bought (gross basis)93515876654746139569610
Sold (gross basis)8571756765373413227636
Below investment grade930112791484241534022726
Bought (gross basis)53411240824813912411313
Sold (gross basis)50911338323511521611313
Non-rated1,206157994750471047710555
Bought (gross basis)7151555313752833497229
Sold (gross basis)6481594633751971283426