Most Active Names in Credit Derivatives – April 2024

More than six months have passed since I last looked at the most active names in CDS and TRS, so high time to take a look at recent data from US SEC Securities Based Data Repositorys (SBSDRs).

CDS on Sovereigns

Using SBSDRView, we can find the most active sovereigns for CDS trades in April 2024.

Most Active CDS on Sovereigns in April 2024
  • Showing the name, gross notional in millions of usd, trade count and rank in April (with change from prior month).
  • We could rank by notional but for CDS we prefer to use trade count, because with $5million as the maximum disclosed notional for a single trade, we know from the data that this total gross notional is significantly understated, particularly for Sovereigns and less so for Corporates.
  • South Africa the most active name with 498 trades and also top in the prior month
  • Brazil the second most active name with 489 trades (it was top in Aug 2023 with 336 trades)
  • Mexico, Columbia and Turkey make up the top five
  • The largest gainers in rank from the prior month are Bahrain, Abu Dhabi and Qatar, a busy period for the Middle East
  • The largest fallers in rank are Korea and Italy

The above list was a selection for USD trades, the standard currency for CDS Sovereigns.

Changing to EUR, we see the following:

EUR CDS on Sovereigns – April 2024
  • 61 trades on Italy, so close to the 68 we saw in USD, though less than half the notional
  • 7 trades on the United States, all capped at $5m each
  • 2 on Spain and 1 Greece

As I have noted before, the USA is the best credit in Capital markets, so it is surprising to see trades each month, even if small numbers; 4 in March, 3 in February, 2 in January.

CDS on US Corporates

Next the top 25 most active US corporates by trade count for April 2024.

Most Active CDS US Corporates in April 2024
  • Boeing, the top name, as it was in the prior month, far higher than it’s usual rank, as safety concerns and financial outlook continue to weigh on the company
  • American Airlines in second, up 7 places
  • Verizon, Goodyear and Paramount make up the top 5
  • Goodyear up 69 places from the prior month
  • Ford, usually the top name, down in 14th position
  • General Motors, down 15 places
  • Notable risers include United Airlines, Royal Carribean, Transocean, Avis

CDS on EU Corporates

Next let’s look at the most active EU Corporates.

Most Active CDS EU Corporates in April 2024
  • Altice France in top place with 181 trades, up 5 places
  • Intrum AB, the Swedish Credit Management Company, in second, up 3 places
  • Deutsche Bank and Intesa Sanpaolo next
  • Stellantis (formerly Fiat) the largets riser, up 88 places, in seventh
  • Other notable risers, Generali, BNP Paribas, Renault and Next
  • Glencore the largest faller, in 13 places

A change in rank, signifying more trading, which could be due to many reasons. e.g. a change in investor perception of the credit worthiness of a name, a recent debt issue, financial news for the name or sector, …

CDS on JP Corporates

Next let’s look at the most active JP Corporates.

Most Active CDS JP Corporates in April 2024
  • Rakuten in top place with 57 trades
  • Softbank next with 13
  • Six names with CDS trades in the month

While looking at March 2024, we see eight names, with the top 3 the same as April.

Most Active CDS JP Corporates in March 2024

In Summary

  • There is a lot of data available from the US SEC SBSDRs.
  • SBSDRView provides new transparency on OTC Derivatives in Credit & Equity
  • Our Most Active view highlights the names that trade most frequently each day/week/month
  • From which you can drill down to trade details.
  • Providing new information and insights
  • Please contact us, if you are interested in using SBSDRView.

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