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Credit default swaps, by rating category
Notional amounts outstanding, in billions of US dollars
«  H1 2023 › »
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 grade5,0016684,2873,552294454117218446
Bought (gross basis)2,9116642,2211,791167252610311026
Sold (gross basis)2,7586722,0661,7611272015697320
AAA/AA 51698409263409647449
Bought (gross basis)32491227128294533295
Sold (gross basis)289104182135125214154
A/BBB4,4855713,8783,289253363512514037
Bought (gross basis)2,5875731,9941,6621382021708220
Sold (gross basis)2,4695681,8841,6261151514555916
Below investment grade1,9372031,7201,310224159917114
Bought (gross basis)1,10621189067111710549375
Sold (gross basis)1,03419483063910754423410
Non-rated2,4472192,1991,73819940169611129
Bought (gross basis)1,3922241,149900962110576619
Sold (gross basis)1,2742131,050838103196394510
Single-name instruments
Investment grade2,5835132,0431,5672472824879127
Bought (gross basis)1,5875201,0487771401520405519
Sold (gross basis)1,50950599578910713447368
AAA/AA 31964249176377413136
Bought (gross basis)19862132842633875
Sold (gross basis)18566117921041561
A/BBB2,2644491,7941,3912102120757821
Bought (gross basis)1,3894589166931131217334815
Sold (gross basis)1,324440878698969342307
Below investment grade554130421325382528244
Bought (gross basis)353133217160231314173
Sold (gross basis)33112620416516121471
Non-rated3777329016260186192614
Bought (gross basis)25382160824174101611
Sold (gross basis)1976313080181129103
Multi-name instruments
Investment grade2,4181562,2441,985471717849318
Bought (gross basis)1,3241451,1731,0132710562557
Sold (gross basis)1,2491671,07197220712223812
AAA/AA 197341608742235313
Bought (gross basis)12630964421125221
Sold (gross basis)1053865431011092
A/BBB2,2211222,0831,898441515506215
Bought (gross basis)1,1981151,077969258438346
Sold (gross basis)1,1441291,0069291971112299
Below investment grade1,382731,299985186124644811
Bought (gross basis)75378673512948335202
Sold (gross basis)70268626474924128278
Non-rated2,0701461,9101,5761392210778515
Bought (gross basis)1,1391429898185513647507
Sold (gross basis)1,077150920758858430357