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Credit default swaps, by rating category
Notional amounts outstanding, in billions of US dollars
«  H2 2018 › »
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 grade5,1371,1123,8923,0391936837210346133
Bought (gross basis)3,1971,1172,0031,500115412811720178
Sold (gross basis)3,0521,1081,8891,539782789214555
AAA/AA 755192537291601494911426
Bought (gross basis)50619229413836118317020
Sold (gross basis)442192244153244118446
A/BBB4,3829203,3542,7481335328161232107
Bought (gross basis)2,6919241,7091,3627931218613158
Sold (gross basis)2,6109161,6461,386542377510249
Below investment grade1,377363935644531469212679
Bought (gross basis)8753644763113094467735
Sold (gross basis)8643624593332352474943
Non-rated1,5463121,1807571223168118255
Bought (gross basis)974322621368701854311632
Sold (gross basis)88430255938953131386623
Single-name instruments
Investment grade2,8488881,9271,48112829228717834
Bought (gross basis)1,884892970726822020309222
Sold (gross basis)1,8528839567564692578712
AAA/AA 552150394251368517778
Bought (gross basis)35415019812024646395
Sold (gross basis)349151196131122111382
A/BBB2,2967371,5321,2309221177010126
Bought (gross basis)1,531742772606581416255217
Sold (gross basis)1,5037337606243471464910
Below investment grade814278529383347354497
Bought (gross basis)545282258180204321314
Sold (gross basis)546273271204143032183
Non-rated232891355535639288
Bought (gross basis)17996772722533176
Sold (gross basis)14281582812106113
Multi-name instruments
Investment grade2,2892251,9651,55765391412216899
Bought (gross basis)1,3132251,033774332188710956
Sold (gross basis)1,20122593378332176355943
AAA/AA 20342143402464323718
Bought (gross basis)1524296191254263114
Sold (gross basis)934247211210764
A/BBB2,0861831,8221,5174132109013181
Bought (gross basis)1,16118393775521174617842
Sold (gross basis)1,10818388576220166295340
Below investment grade563854062611972397871
Bought (gross basis)330812181321051244631
Sold (gross basis)31789188129931153141
Non-rated1,3142231,044702872537215546
Bought (gross basis)79622654434147132419926
Sold (gross basis)74222150136140121325520