France and General Electric top this week’s CDS lists

France and General Electric top this week’s Depository Trust & Clearing Corporation’s (DTCC) ranking of the size of sovereign and corporate credit default swaps based on net notional value.

The top movers for the week in sovereigns were Panama, Lativa and Ukraine, who all saw a significant drop in the net notional amount that would be paid out in case of a default.

Kazkommertsbank, the largest bank in Kazakhstan,  saw the largest increase in net national amount to be paid out in case of a default.

Top 10 Sovereign Reference Entities by Net Notional according to DTCC (Week ending Aug. 24)

   Net Notional (USD)  Net change (1-week)  Net change (4-weeks)  Net change (1-year)   Gross Notional (USD)   Contracts 
FRANCE      22,345,741,476 -0.38% -4.12% -12.99%       155,300,537,471        7,104
ITALY      20,764,238,876 1.64% 2.00% -15.95%       342,778,053,007     10,804
GERMANY      20,716,150,645 -2.71% -6.29% 17.69%       135,444,834,793        5,462
BRAZIL      18,956,555,942 -0.08% -0.21% 3.81%       165,356,264,912     10,526
SPAIN      13,140,596,327 -1.67% -3.62% -28.67%       181,927,586,618        8,205
JAPAN      11,379,876,708 0.55% 0.92% 27.68%          70,844,399,543        6,902
UNITED KINGDOM      11,059,841,995 0.21% 1.20% -13.34%          66,230,383,701        4,361
CHINA         9,488,209,113 0.54% 1.79% 19.75%          72,781,352,453        8,208
MEXICO         9,133,687,717 -0.91% 2.32% 0.97%       121,154,716,069        9,057
KOREA         6,738,072,910 -1.77% -3.77% 57.61%          80,060,426,580        8,948

Top 10 Corporate Reference Entities by Net Notional according to DTCC (Week ending Aug. 24)

   Net Notional (USD)  Net change   (1-week)  Net change (4-weeks)  Net change   (1-year)   Gross Notional (USD)   Contracts 
GENERAL   ELECTRIC       10,235,395,126 -0.53% -0.41% -7.09%          84,979,343,333        6,772
BERKSHIRE   HATHAWAY          5,578,713,713 0.91% 1.28% 2.55%          30,982,141,525        3,186
BANK OF   AMERICA          4,848,462,143 0.12% -3.05% -18.35%          77,921,005,756        8,929
GOLDMAN SACHS         4,788,121,249 -0.06% 1.66% -12.96%          76,457,999,473        7,529
MORGAN STANLEY         4,602,557,493 -1.07% -2.48% -7.38%          78,505,490,974        8,049
METLIFE         4,537,469,093 0.06% -1.76% -6.83%          31,687,468,689        3,882
WELLS   FARGO          4,510,487,311 -0.03% -1.33% -12.37%          58,328,770,185        6,564
DEUTSCHE   BANK          4,500,801,315 3.13% 4.67% -17.05%          56,923,708,530        6,857
JPMORGAN CHASE         4,327,672,422 -3.02% -2.90% -23.42%          77,188,657,555        7,961
BARCLAYS BANK   PLC         3,622,229,297 1.02% 4.59% -8.72%          48,476,865,845        6,230

The net notional amount represents the maximum that would have to be paid in the event of a default by the entity, assuming netting across trade counterparties’ families. The gross notional amount represents the value of all active CDS contracts, including offsetting contracts. The Top 10 volume movers show the reference entities with the largest notional movement for the week.

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