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CDS

In a credit default swap, or CDS, one party (the protection buyer) agrees to pay another party (the protection seller) periodic fixed payments in exchange for receiving credit event protection, or a payment, should a third party (the reference entity) or its obligations suffer one or more pre-agreed adverse credit events over a pre-agreed time period. In addition, it is possible to trade CDS swaptions or options, which give the buyer the right to sell protection – or conversely the seller to buy protection – via a CDS on, or before, a pre-agreed date at a pre-agreed price.


  • Risk transfer round-up - 3 July

    CRT sector developments and deal news

    Details have emerged of three corporate capital relief trades issued by Barclays last month. The ris...

    News    3 July 2020
  • Spanish SRT inked

    BBVA launches capital relief trade

    BBVA has completed an €87m mezzanine guarantee with the EIF. Dubbed Vela Four, the transact...

    News Analysis    3 July 2020
  • Fast amortisation

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    Scope Ratings has published a monitoring report for Santander’s 2019 US auto significant r...

    News    2 July 2020
  • Risk transfer round-up - 1 July

    CRT sector developments and deal news

    NatWest is rumoured to be readying a capital relief trade backed by mid-market corporate loans for 3...

    News    1 July 2020
  • Structuring negotiations

    CRT origination trends evolving

    Investors appear to be able to extract more than they used to during structuring negotiations for ca...

    News Analysis    26 June 2020
  • Impact SRTs eyed

    Newmarket launches asset management business

    Newmarket has launched its asset management business, which will focus on the nexus of structured so...

    News Analysis    23 June 2020
  • Risk transfer round-up - 22 June

    CRT sector developments and deal news

    Deutsche Bank has completed a US$125.58m six-year CLN that references a US$1.932bn global corporate...

    News    22 June 2020
  • Sicilian CRT launched

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    The EIF and Banca Agricola Popolare di Ragusa (BAPR) have completed a synthetic securitisation refer...

    News    19 June 2020
  • Lift off

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    News    19 June 2020
  • SRT debut

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    Sabadell has completed a €96m mezzanine guarantee with the EIF. The transaction references...

    News    18 June 2020
  • Bridging gaps

    Linking SRT originating banks with insurance partners

    Texel is aiming to help insurers and banks bridge gaps in their understanding of how each sector app...

    Market moves    17 June 2020
  • Risk transfer round-up - 17 June

    CRT sector developments and deal news

    Credit Suisse is rumoured to be readying a capital relief trade from the Elvetia programme that is s...

    News    17 June 2020
  • Risk transfer rebound

    Deutsche Bank completes SRT

    Deutsche Bank has completed a US$325m CLN that references a disclosed US$5bn global portfolio of lar...

    News Analysis    12 June 2020
  • Euro ABS 'game changer' recommended

    Sector developments and company hires

    Euro ABS ‘game changer’ recommended The European High-Level Forum (HLF) on the...

    Market moves    11 June 2020
  • Risk transfer round-up - 10 June

    CRT sector developments and deal news

    Santander has exercised a 10% clean-up call for its Red-1 Finance CLO 2017-1 transaction. The UK com...

    News    10 June 2020
  • Resolve and resilience

    Content sponsored by Ocorian

    James Maitland, regional head of Americas, Bermuda & Caribbean, and global head of capita...

    Talking Point    10 June 2020
  • NCSLT consent judgment denied

    Sector developments and company hires

    NCSLT consent judgment denied Fitch has affirmed 37 notes and maintained its rating watch negative...

    Market moves    9 June 2020
  • First steps

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    News Analysis    5 June 2020
  • Risk transfer round-up - 5 June

    CRT sector developments and deal news

    Sabadell is rumoured to be readying an SME significant risk transfer deal for the second half of the...

    News    5 June 2020
  • Repricing of risk?

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    The outlook for the significant risk transfer market appears to be positive, at least in the short t...

    News Analysis    5 June 2020
  • Capital trouble

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    News Analysis    5 June 2020