Most Active CDS Single-names

We recently published the blog Most Actives in CDS Trading, which covered the use of our API to access SEC SBSDR transaction data. This included python code to perform look-ups on security identifiers and build a table of the most active names traded in a given period. While simple enough to do for those with python skills, not all of us have the time, nor access to an IT resource to create such views.

In today’s blog, I will showcase the new Most Active dashboard we have added to SBSDRView.

CDS on Sovereigns

Let’s start with the most active sovereigns by trade count in the week starting May 16, 2022.

Most Active Sovereigns in the week of May 16, 2022

Mexico at the top, followed by Indonesia, Brazil and Russia.

We could create the same table but ranked by gross notional, however I am not going to do so as:

  • The rank order is largely the same, with minor juxtiposition of names
  • 60% of the trades are capped at $5million notional, with the percentage of capped to total varying from 25% to 90% depending on the sovereign, meaning the ranking would be different if we actual notional and not capped notional

(The $5million notional cap is consistent with TRACE and more appropriate for Corporate names than Sovereigns where the above percentages suggest it should be set higher).

CDS on USD Corporates

Next the most active USD corporates by trade count in the week starting May 16, 2022.

Most Active USD Corporates in the week of May 16, 2022

American Airlines, Carnival Corporation, Nordstrom, General Motors and Dish DBS Corporation the top 5.

Ranking by gross notional results in the exact same top 5 positions, with some juxtiposition lower down and the percentage of capped trades ranges from 18% for US Steel to 88% for Walmart, with 30-40% being the most common.

Let’s now look at the most active USD Corporates in the month of April, to see how different the ranking is from last week.

Move Active USD Corpoartes in April 2022
  • Carnival Corporation was ranked 2nd last week and was only 18th in April
  • Nordstom was 3rd up from 10th
  • Dish DBS Corporation was 5th and not in the top 50 in April
  • Expedia Group was 6th and not in the top 50 in April
  • HP Inc was 8th up from 47th

You get the idea, a useful insight into names that are more active than in the recent past.

An analysis we could do for any day/week/month and compare to an earlier period (day/week/month) starting on February 14, 2022 (the inception of SBSDR public dissemination).

CDS on EUR Corporates

Next let’s look at the most active EUR Corporates by trade count, first for April and then May.

Most Active EUR Corporates in April by trade count
Most Active EUR Corporates in May (as of May 24th)
  • Casino Guichard-Perrachon top in both months
  • Jaguar Land Rover Corporation is 2nd in May with 55 trades, up from 19th in April with 33 trades
  • Heidelbergcement AG is 3rd with 47 trades, up from 46th in April with 21 trades
  • Renault is 9th with 33 trades and was not in the top 50 in April as < 20 trades
  • Next Plc is 10th with 33 trades and was also not in the top 50 in April

CDS on JPY Corporates

Next, about time I used a chart instead of a table, which well for JPY Corporates.

Most Active JPY Corporates in May

Dominated by SoftBank Corporation with 53 trades so far in May (as of the 24th).

The high activity is not surprising given the recent $20 billion loss reported by it’s Vision Fund.

That’s All for Today

A quick insight into the most active CDS single-names.

A lot of interesting insights in SBSDRView.

Please contact us, if you are interested in a demonstration.

And a teaser before we end.

(As I am watching Netflix’s Better Call Saul this week).

In Equity TRS, on May 17th, there were 399 trades on Intercontinetal Exchange (ICE).

Way higher than the 81 trades in the whole of April!

Stay tuned for the next episode.

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