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Credit default swaps, by rating category
Notional amounts outstanding, in billions of US dollars
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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 grade6,0081,4574,4383,5252695561203325113
Bought (gross basis)3,8111,4572,2881,76316732409619066
Sold (gross basis)3,6541,4582,1501,762102232110713447
AAA/AA 788259511275651414449918
Bought (gross basis)55426227913044912236113
Sold (gross basis)492255232144224321385
A/BBB5,2201,1983,9273,250204424715922695
Bought (gross basis)3,2571,1942,0091,63212323297213054
Sold (gross basis)3,1621,2031,9181,618811918869641
Below investment grade2,0495001,4871,0858723811017561
Bought (gross basis)1,29550575954848115529430
Sold (gross basis)1,25549572853739123578231
Non-rated1,216342836521983276311538
Bought (gross basis)80934544326552155327422
Sold (gross basis)74934039325646172314116
Single-name instruments
Investment grade3,2241,1282,0531,512194313611416643
Bought (gross basis)2,1961,1251,0437441232030398628
Sold (gross basis)2,1561,1301,01076870116758015
AAA/AA 634209416263498722669
Bought (gross basis)42620821312735657336
Sold (gross basis)416209204137143215323
A/BBB2,5909191,6371,24914423299110134
Bought (gross basis)1,770917830617891425325322
Sold (gross basis)1,7399218066315684594712
Below investment grade985355621441566565478
Bought (gross basis)674357312219303527285
Sold (gross basis)666353309222263138204
Non-rated30313616175319614267
Bought (gross basis)235141893922644154
Sold (gross basis)204130713694210112
Multi-name instruments
Investment grade2,7843292,3852,0137524258915870
Bought (gross basis)1,6153311,2451,0194312105610439
Sold (gross basis)1,4983271,140994321214335531
AAA/AA 154509512165722339
Bought (gross basis)1285467494616277
Sold (gross basis)7646288720662
A/BBB2,6302792,2902,0015919186712561
Bought (gross basis)1,4872771,1781,0153484407632
Sold (gross basis)1,4222821,112986251014274929
Below investment grade1,064145866643311734412853
Bought (gross basis)6211484473291881266626
Sold (gross basis)5891424203151392196227
Non-rated91320667544667222499031
Bought (gross basis)5742033532262991286018
Sold (gross basis)54520932222038130213014