Most Active Names in Credit and Equity Derivatives – Oct22

Earlier this summer we looked at the SEC Securities Based SDRs (SBSDRs) for the Most Active Equity Total Return Swaps and Most Active CDS Single-names. Today I will use SBSDRView to look at which names have been most active in October 2022.

CDS on Sovereigns

Let’s start with the twenty most active sovereigns by trade count for the period 1-25 October 2022.

Most Active CDS Sovereigns
  • Showing the issuer, gross notional in billions of usd, trade count and rank (with change from prior month).
  • Republic of Chile the most active name for buying and selling CDS protection with > $970 billion gross notional, 274 trades and up 4 places from 5th in Sep22 to 1st in Oct22 (so far) ranked by trade count
  • We could rank by notional but for CDS we prefer to use trade count as with $5million as the maximum disclosed notional for a single trade, we know from the data that this total gross notional is significantly understated.
  • For example out of the 274 CDS trades on Republic of Chile, 141 or 51% are capped at $5million notional.
  • Scaning down the list, we see only minor changes in rank from the prior month, with Brazil, Columbia, Mexico and South Africa making up the top 5 in both months.

CDS on US Corporates

Next the twenty most active US corporates by trade count for the period 1-25 October 2022.

Most Active US Corporates
  • Carnival Corporation heading the list with 184 trades and up 16 places from Sep22.
  • Ford Motor and American Airlines in the same or similar rank
  • Lincoln National Corporation up 66 places with 109 trades!
  • Altria Group up 53 places, Prudential Financial up 53 and Kraft Heinz up 74!
  • Heightened activity in credit protection markets for these issuers
  • Corporates unlike Soveregins showing significant rank changes month on month

CDS on EU Corporates

Next let’s look at the most active EU Corporates by trade count for the period 1-25 October 2022.

Most Active European Corporates
  • Credit Suisse with 108 trades ins up 29 places from the prior month, not surprising given the recent news on a restructuring plan and possible capital shortfall.
  • CMA CGM, a French container transportation and shipping company, is up 134 places from Sep22!
  • BP, British Petroleum, up 49 places, NEXT, a UK retailer up 28, Anglo American, a miner is up 30, Telecom Italia up 27 places
  • Adler Real Estate, which has been the subject of much recent scrutiny over its financing is up 28 places with 30 trades (though at 30 million and no capped trades the gross amount is small).

TRS on US Equities

Let’s turn now to Equity markets and Total Return Swaps on US Stocks in October to date and rank by gross notional (as unlike CDS a far smaller portion of trades have capped notionals).

TRS on US Issuers
  • TESLA in top place with $1.6 billion notional from 213 trades and retaining its Sep ranking
  • Fedex with $1billion from 74 trades is up 363 places!
  • iShares 20+ Y Treasury Bond Etd with $435 million is up 294 places
  • Terminix, a provider of residential and commercial pest control, is up 625 places and it was acquired by Rentokil in mid October.
  • IBM up 99 places, Vertiv up 164, Prologis up 95, Global Blood Therapeutics up 78
  • So a lot of change month on month, which continues below the top 20 names

TRS on EU Equities

Next the twenty most active EU names by notional for the period 1-25 October 2022.

TRS on EU Issuers
  • Linde, the world’s largest industrial gas company, with $1.3 billion notional from 1,170 trades in first place, same as prior month
  • TotalEnergies, ASML, LVMH, rounding out the top 4 with similar rankings to prior month
  • Hermes, the French luxury design house, the biggest mover, up 28 places with $733 million
  • Banco Santander up 19 places with $640 million
  • Deutsche Boerse, up 24 places with $588 million

TRS on UK Equities

Next the twenty most active UK names by notional for the period 1-25 October 2022.

TRS on UK Issuers
  • RIO TINTO top with $1.2 billion up 5 places
  • SHELL and UNILEVER down one place
  • Rentokil that largest mover up 36 (see US Corporates)
  • AstraZeneca and Reckitt the largets fallers in our list, down 7 places

TRS on JP Equities

Next the twenty most active JP names by notional for the period 1-25 October 2022.

TRS on JP Issuers
  • EISAI, the pharmaceutical company, with $154 million , is up the most, gaining 61 places

TRS on AUD Equities

And before we end, lets’s also take a look at AUD.

TRS on AU Issuers
  • Pilbara Minerals with $255 million from 581 trades in first position, up 1 from the prior month
  • BNP Bilition with $180 million is in fifth, down from first
  • ASX the largest mover in our list, up 17 places with $80 million

That’s all for today.

In Summary

  • There is a lot of data reported on Credit and Equity Derivatives from SBSDRs.
  • SBSDRView provides new transparency on these OTC Derivatives
  • The Most Active view shows what names trade and in what size
  • Providing new information and insights
  • Please contact us, if you are interested in learning more.

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