Italy, France and Brazil remained atop the list of the countries with the largest net notional amount to be paid out in case of default, with decreases of 0.75%, 3.31% and 0.25%, respectively, in their net notional amounts between last week and this. General Electric Capital Corporation (0.40% increase in net notional), Berkshire Hathaway Inc. (4.80% increase) and The Goldman Sachs Group Inc. (1.05% decrease) were once again the corporations with the largest net notional amounts.
The top mover on the sovereign side was Australia, whose net notional amount fell by 8.80% over the past week, to a total of 4,325 contracts. Rounding out the top three are Argentina, with an 8.12% increase in net notional, and Cyprus, who saw an 8.00% decrease in its notional amount.
On the corporate side, E.ON AG--a German-based electric utility service provider--saw a whopping 71.90% decrease in its net notional this week. Toronto-based electronics manufacturing services company Celestica Inc.'s net notional rose by 25.94%, while pharmaceutical company Merck & Co. Inc. saw a 20.55% increase.
| Top 10 Sovereign Reference Entities by Net Notional (Week ending December 07, 2012) | ||||||
| Net Notional (USD EQ) | Net % Change (1 week) | Net % Change (4 weeks) | Net % Change (1 year) | Gross Notional (USD EQ) | Contracts | |
| ITALY | 21,098,984,957 | -0.75% | 3.10% | 4.18% | 392,141,412,640 | 12,978 |
| FRANCE | 16,795,262,661 | -3.31% | -7.01% | -24.55% | 177,274,752,271 | 7,494 |
| BRAZIL | 16,754,044,238 | -0.24% | -1.33% | -8.12% | 159,422,790,552 | 10,140 |
| GERMANY | 15,426,780,155 | -3.84% | -9.95% | -21.49% | 153,538,791,715 | 5,827 |
| SPAIN | 12,643,205,724 | -0.17% | 1.89% | -18.21% | 211,487,200,339 | 10,149 |
| JAPAN | 10,147,754,384 | 0.46% | -10.83% | 13.51% | 77,918,004,959 | 7,577 |
| CHINA | 8,789,716,506 | -4.81% | -4.05% | -5.89% | 74,977,060,816 | 8,170 |
| MEXICO | 8,748,009,217 | -2.21% | -6.18% | -0.87% | 119,718,276,216 | 8,596 |
| UNITED KINGDOM | 8,274,442,381 | -2.00% | -4.35% | -32.93% | 70,302,262,179 | 4,534 |
| TURKEY | 7,171,176,192 | 0.14% | 6.40% | 56.07% | 144,761,667,903 | 9,996 |
| Top 10 Corporate Reference Entities by Net Notional (Week ending December 07, 2012) | ||||||
| Net Notional (USD EQ) | Net % Change (1 week) | Net % Change (4 weeks) | Net % Change (1 year) | Gross Notional (USD EQ) | Contracts | |
| GE CAPITAL CORP. | 9,231,891,263 | 0.40% | 1.10% | -17.68% | 81,501,895,956 | 6,423 |
| BERKSHIRE HATHAWAY INC. | 7,475,554,042 | 4.80% | 17.25% | 41.84% | 34,561,121,205 | 3,459 |
| THE GOLDMAN SACHS GROUP, INC. | 5,103,582,760 | 1.05% | 4.22% | 3.10% | 73,637,587,729 | 7,386 |
| DEUTSCHE BANK | 4,877,296,027 | 0.85% | 5.90% | -6.98% | 59,946,891,445 | 7,167 |
| METLIFE, INC. | 4,767,887,082 | 1.44% | 2.94% | 0.48% | 31,237,566,032 | 3,933 |
| MORGAN STANLEY | 4,556,065,523 | -0.58% | -0.47% | 1.12% | 72,681,849,651 | 7,482 |
| BANK OF AMERICA CORP. | 4,510,788,038 | -0.19% | -2.89% | -22.90% | 72,518,183,479 | 8,405 |
| BARCLAYS BANK PLC | 4,295,305,133 | 0.90% | 5.72% | 16.39% | 51,799,981,185 | 6,486 |
| WELLS FARGO & CO. | 3,964,628,686 | -1.18% | -1.89% | -24.06% | 53,584,385,693 | 6,294 |
| JPMORGAN CHASE & CO. | 3,874,665,709 | -1.17% | 2.38% | -32.95% | 69,893,558,216 | 7,336 |
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.
| Top 10 Sovereign Reference Entities by Net Notional Change vs 1 Week Ago | ||||||
| Net Notional (USD EQ) | Net % Change (1 week) | Net % Change (4 weeks) | Net % Change (1 year) | Gross Notional (USD EQ) | Contracts | |
| AUSTRALIA | 3,901,512,942 | -8.80% | -16.14% | -24.55% | 39,241,610,413 | 4,325 |
| ARGENTINA | 1,525,455,499 | 8.12% | -20.47% | -34.72% | 38,954,075,863 | 3,812 |
| CYPRUS | 304,801,778 | -8.00% | -2.98% | 100.00% | 1,939,677,689 | 273 |
| PANAMA | 464,761,975 | 5.43% | 2.43% | -41.58% | 7,103,810,104 | 1,026 |
| CHINA | 8,789,716,506 | -4.81% | -4.05% | -5.89% | 74,977,060,816 | 8,170 |
| BELGIUM | 3,894,810,545 | -4.42% | -4.56% | -31.20% | 66,755,953,508 | 3,499 |
| SAUDI ARABIA | 490,124,071 | -3.94% | -3.88% | 27.90% | 2,737,334,271 | 315 |
| GERMANY | 15,426,780,155 | -3.84% | -9.95% | -21.49% | 153,538,791,715 | 5,827 |
| FRANCE | 16,795,262,661 | -3.31% | -7.01% | -24.55% | 177,274,752,271 | 7,494 |
| SOUTH AFRICA | 2,952,059,399 | 2.56% | 1.91% | 28.62% | 53,605,708,363 | 6,000 |
| Top 10 Corporate Reference Entities by Net Notional Change vs 1 Week Ago | ||||||
| Net Notional (USD EQ) | Net % Change (1 week) | Net % Change (4 weeks) | Net % Change (1 year) | Gross Notional (USD EQ) | Contracts | |
| E.ON AG | 458,050,841 | -71.90% | -70.87% | -79.82% | 2,536,375,904 | 447 |
| CELESTICA INC. | 147,188,452 | 25.94% | 12.60% | -23.49% | 2,482,183,227 | 614 |
| MERCK & CO., INC. | 367,390,759 | 20.55% | 21.39% | -3.03% | 4,245,262,978 | 947 |
| YUM! BRANDS, INC. | 391,552,821 | 20.33% | 17.65% | -20.70% | 8,389,993,373 | 1,558 |
| MITSUBISHI CHEMICAL CORP. | 280,897,558 | -18.20% | -18.28% | 100.00% | 1,884,413,149 | 253 |
| UNUM GROUP | 309,019,240 | 17.26% | 21.44% | -30.22% | 4,200,243,465 | 1,217 |
| PEPCO HOLDINGS, INC. | 144,214,302 | 16.74% | 15.16% | -30.56% | 2,346,315,266 | 749 |
| THE WILLIAMS COMPANIES, INC. | 367,199,940 | 14.00% | 18.84% | -9.47% | 5,539,191,340 | 1,243 |
| MOLSON COORS BREWING CO. | 282,110,515 | 13.79% | 16.94% | 8.63% | 2,148,490,339 | 604 |
| SCOR SE | 196,364,105 | -13.78% | -19.04% | -40.17% | 6,854,158,906 | 1,477 |
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.