DDV - Deutscher Derivate Verband

Credit Default Swaps (CDS)

EnglishDeutsch  
Member Area
Menu
  • Home
  • The Association
    • Purpose and objectives
    • Members and sponsoring members
    • Academic Advisory Board
    • Team
    • Board of Directors
    • Strategic Board
    • Fairness Code Advisory Board
    • Career

  • Knowing the facts
    • Product classification
    • Facts and figures

  • Statistics
    • Market volume
    • Market shares by market volume
    • Stock exchange turnover
    • Market shares by stock exchange turnover
    • Trend of the month

  • Transparency
    • DDV Sustainable Finance Code of Conduct
    • Fairness Code
    • Target-Market-Concept
    • KID templates
    • Checklist
    • Credit Default Swaps (CDS)
    • Principles credit-linked notes
    • Principles inline warrants and comparable securities
    • Common Standard on the Feedback Regime (MiFID II)

  • Policy
    • DDV in Europe and beyond
    • EUSIPA
    • Statements and submissions
    • Self-Regulation

  • Media
    • Media releases
    • Press contact

  • Events
    • German Derivatives Day
    • DDV-Preis für Wirtschaftsjournalismus

  • Publications
    • DDV Sustainable Finance Code of Conduct
    • Fairness Code
    • Annual reports
    • Structured Products from A to Z
    • Studies and reports

  • Transparency
  • DDV Sustainable Finance Code of Conduct
  • Fairness Code
  • Target-Market-Concept
  • KID templates
  • Checklist
  • Credit Default Swaps (CDS)
  • Principles credit-linked notes
  • Principles inline warrants and comparable securities
  • Common Standard on the Feedback Regime (MiFID II)

Credit Default Swaps (CDS)

Credit Default Swaps (CDS) help investors to assess correctly the creditworthiness of the relevant certificates issuer. Since certificates are debt instruments, creditworthiness is an important criterion in the investment decision.

The following information relates to credit default swaps with a maturity period of five years and corporate bonds as a benchmark. The base points given represent the insurance premiums that the policyholder has to pay to obtain cover against a default on the debt instruments of the relevant company. These premiums can give information on the creditworthiness of an issuer even more quickly and more reliably than some ratings. The general rule is:  A narrow spread, i.e. a low risk premium, indicates high creditworthiness and vice versa.

Important note

Please note that the creditworthiness of an issuer is only one of many important criteria to be considered in purchasing a certificate, and should by no means be taken as the only basis for an investment decision. The following information does not constitute investment advice, and should not be taken as either an offer or a recommendation to buy or sell a security from a particular issuer. Nor is this information intended as a substitute for consulting an investment adviser. It is also important not to invest in only one product, but to diversify, in other words to spread the investment widely so that no single investment product within a portfolio is too heavily weighted. Deutscher Derivate Verband is meticulous in its sourcing and presentation of data, but it cannot assume liability for its correctness, completeness, currentness and/or exactness.

Credit Default Swaps (CDS)

Name
Credit Default Swaps
Banco Santander64,35
Bank of America97,09
BARCLAYS Bank128,21
Bayerische Landesbank---
BHF-Bank1)---
BNP Paribas67,42
Bundesrepublik Deutschland15,41
Citigroup2)96,11
Commerzbank83,05
Crédit Agricole58,62
Credit Suisse189,05
Deka---
Deutsche Bank147,09
DZ BANK6)---
EFG International AG---
Erste Group Bank90,69
Eurobank Ergasias S.A.396,31
Goldman Sachs97,26
HSBC Trinkaus61,28
HypoVereinsbank/UniCredit Bank AG77,40
ING-Bank44,75
J.P. Morgan74,41
LBBW50,09
Landesbank Berlin---
Landesbank Hessen-Thueringen 67,85
Lloyds Banking Group plc58,59
Macquarie Bank Ltd.78,91
Morgan Stanley95,99
Morgan Stanley & Co. International PLC---
NATIXIS75,64
NatWest Markets N.V.46,68
Nomura Bank International113,16
Norddeutsche Landesbank---
Österreichische Volksbanken---
Rabobank52,70
Raiffeisen Centrobank---
Royal Bank of Scotland plc91,96
Sal. Oppenheim3)---
SEB4)51,97
Société Générale83,95
UBS Investment Bank115,38
Vontobel5)---

Source: CMA, part of S&P Capital IQ, Copyright © 2013, Credit Market Analysis Limited. All rights reserved.
Date: 31.03.2023

1) As a private bank, BHF-Bank does not issue any corporate bonds for refinancing purposes; there is therefore no credit spread.

2) Citigroup Global Markets Europe AG is the issuer of certificates offered to investors from Citigroup Germany. However, the credit spread shown here relates to the parent company, Citigroup Inc., not to Citigroup Global Markets Europe AG, since there are no credit default swaps on Citigroup Global Markets Europe AG.

3) As an owner-operated private bank, Sal Oppenheim jr. & Cie. does not issue corporate bonds for refinancing purposes; there is therefore no credit spread.

4) Since SEB does not issue corporate bonds for refinancing purposes, there is no credit spread.

5) Since neither Bank Vontobel Ltd nor any of its group companies has corporate bonds outstanding, there is no credit spread.

6) For refinancing purposes, WGZ BANK, the umbrella organisation of the Volksbank and Raiffeisenbank cooperative financial institutions in the Rhineland and Westphalia, issues mainly bearer debt instruments to its member banks and their private customers. As these cannot be freely traded on the capital market, there is no credit spread. 

© 2023 DDV

Privacy statement | Disclaimer | Legal notice | Sitemap

Cookies Policy:
German Derivatives Association wants to provide the best service. To make this site work properly, we sometimes place small data files called cookies on your device. You can find information about cookies and how to disable in our data protection policy. By using our site, you accept our cookie policy.