Today we look at issuer names most actively traded in trades reported to US SEC Securities Based Swap Data Repositories (SBSDRs) in July 2025. The prior similar blog covered April 2025. Today’s iteration also includes a brief review of overall single-name CDS volumes.
CDS on sovereigns
We start with USD CDS on sovereign names.
Table 1: Most active USD CDS on sovereigns in July 2025. Source: SBSDRView.
Table 1 shows the issuer name, gross notional in USD millions, trade count, and rank in July 2025 (with the change in rank from June 2025). SBSDR allows ranking by notionals or trade counts. We prefer the latter, as notionals are understated given the $5 million cap on disclosed notional per trade.
- Brazil was again the most active name with 351 trades – up month on month (MoM) from second.
- Mexico was the second most active with 347 trades – up MoM from third spot.
- Colombia ranked third with 308 trades – down MoM from first place.
- Panama and Türkiye completed the top five.
- The largest MoM gainers in rank from the prior month were Argentina and Spain.
- The largest MoM fallers in rank were Korea and China.
Compared with the April ranking in the last blog, the largest quarter-on-quarter (QoQ) gainers were Panama (+7), Argentina (+7), Italy (+6), Qatar (+6), and Spain (+7), while the largest QoQ fallers were South Africa (-4), and Israel (-10).
Changing to EUR, we see the following:
Table 2: EUR CDS on sovereigns in July 2025. Source: SBSDRView.
Table 2 shows that:
- The US traded six times.
- Greece traded three times, while South Africa and Italy each traded once.
The US has traded at least once per month in 2025. Trading the US in EUR makes sense as any credit downgrade would likely impact the dollar itself – impacting hedge effectiveness.
CDS on US corporates
Next, we look at the top 25 most active US corporates, by trade count.
Table 3: Most active CDS US corporates in July 2025. Source: SBSDRView.
Table 3 shows that:
- Petroleos Mexicanos was the top name – up MoM by four places.
- Kohl’s was second General Motors was second – up MoM by 27 places, but down QoQ from first spot in April.
- American Airlines was third – down MoM from first spot.
- Others rising MoM by more than 25 places included Xerox, Whirlpool, Southwest Airlines, Royal Caribbean Cruises, Conagra Brands, CVS, and AES.
- Fallers MoM by 10 or more places included Ford, Verizon, General Motors, Transocean, and Lennar.
Compared with the April ranking in the April blog, the largest QoQ gainers not already mentioned earlier were Newell Brands (+14), CCO Holdings (did not trade in April), Boeing (+14), Cleveland Cliffs (+8), Liberty Interactive (did not trade in April), and UnitedHealth (+64). The largest QoQ fallers not already mentioned earlier were Transocean (-13), and Delta Airlines (-13).
A change in rank, signifying more trading, could be for various reasons. These could be, for example, a change in investor perception of a name’s credit-worthiness, a recent debt issue, or some kind of financial news for the name or its sector.
CDS on EU corporates
Next, let us look at the top 25 most active EU Corporates.
Table 4: Most active CDS EU corporates in July 2025. Source: SBSDRView.
Table 4 shows that:
- Banca Intesa Sanpaolo had the most trades at 72 – maintaining its top spot from June and April.
- Alstom was second – up 13 places MoM, but down one place QoQ.
- Glencore was third – up 40 places MoM, but down one place QoQ.
- Repsol was fourth – up 44 places MoM, but up three places QoQ.
- Virgin Media was fifth – up 21 places MoM, but down one place QoQ.
- Other notable risers were Kering, HSBC, ITV, Commerzbank, Stora, and Unibail.
- UniCredit and Societe Generale were equal largest fallers, both down 11 places.
The July ranking is similar to the April ranking, suggesting many hedging strategies continued throughout several quarterly maturities.
CDS on Japanese corporates
Next, we look at Japanese corporates.
Table 5: Most active CDS Japanese corporates in July 2025. Source: SBSDRView.
We see:
- Softbank ranked first with 10 trades – maintaining top spot MoM, and up one place QoQ.
- Rakuten was second with 9 trades – down one place MoM, and down one place QoQ.
- Honda was third with 1 trade.
By comparison, looking at June 2025, we see four names with the same top two as July.
Table 6: Most active CDS JP corporates in March 2025.
Overall single-name volumes
First, we look at US-reported single-names using SBSDRView.
Chart 1: US-reported single-name security-based CDS trade count. Source: SBSDRView.
Chart 1 shows single-name CDS trade counts since the start of SBSDR reporting. A peak is recorded each March and September, while July is typically a quiet month.
- March 2025 brought over 24,200 trades — consistent with recent March and September counts, but below the March 2023 record of more than 28,300 trades.
- Corporate single names are consistently around 80 percent of the trade count.
Next, we look at global cleared single-names, using CCPView.
Chart 2: Global cleared single-name CDS trade count. Source: CCPView.
Chart 2 shows global cleared single-names also peaking in March and September over the same period.
- March 2025 brought in more than 43,500 trades – over 4,000 higher than recent March and September counts, but below the March 2023 record of over 52,300 trades.
- Corporate single names are consistently just below 80 percent of the trade count.
US-reporting typically captures about half the global volume, which is consistent with the above figures.
In summary
- Using the mountain of data in US SBSDRs, SBSDRView provides transparency, information, and insights on OTC credit and equity derivatives.
- Our “most active” view highlights the names that trade most frequently each day/week/month.
- Our “custom” view allows you to design your own notional or trade count query tailored to the granularity of information you need. This might include specific transaction types, time-periods, currencies, product types and subtypes, cleared versus uncleared, or on- versus off-platform.
- From both views, you can click through from the volumes to the individual trade details.
- Please contact us, if you are interested in using SBSDRView.