Italy, Brazil and Germany again were the trio of countries with the largest net notional amount to be paid out in the event of a default, according to the latest numbers from the Depository Trust & Clearing Corp. Italy’s net notional amounts increased by 0.24% from last week to this, while Brazil and Germany saw their net notional amounts decreased by 1.76% and 1.31%, respectively.
The corporate side saw General Electric Capital Corp. (0.97% increase in net notional), Berkshire Hathaway Inc. (1.76% increase) and Deutsche Bank (073% decrease) topping the list.
The sovereign entity whose net notional amount changed the most from last week to this is Slovenia, with a decrease of 17.15%. Ukraine’s net notional, meanwhile, rose by 6.23%. Rounding out the top three was Lithuania, with a 5.38% increase in net notional.
Finally, the top corporate mover was News America, whose net notional amount decreased by 19.99%. Johnson & Johnson saw its net notional amount increase by 17.46%, while Crown Limited saw its net notional amounts increase by 16.65%.
Top 10 Sovereign Reference Entities by Net Notional (Week ending Jan 10, 2014) | |||||
Type | Net Notional (USD EQ) | Net % Change vs 1 Week Ago | Gross Notional (USD EQ) | Contracts | |
ITALY | SOV | 17,260,142,100 | 0.24% | 384,975,354,393 | 12,614 |
BRAZIL | SOV | 15,455,259,313 | -1.76% | 139,052,480,740 | 9,205 |
GERMANY | SOV | 11,582,301,945 | -1.31% | 127,953,056,395 | 4,065 |
FRANCE | SOV | 10,947,154,404 | 2.43% | 152,923,828,672 | 6,160 |
MEXICO | SOV | 10,465,792,917 | -0.52% | 108,478,506,859 | 7,884 |
SPAIN | SOV | 9,353,846,925 | -1.57% | 175,526,738,837 | 7,859 |
JAPAN | SOV | 9,122,565,081 | -1.64% | 69,340,216,235 | 5,957 |
CHINA | SOV | 9,094,291,993 | 0.88% | 68,632,861,291 | 5,953 |
TURKEY | SOV | 8,411,220,144 | 0.87% | 113,790,354,444 | 7,662 |
SOUTH KOREA | SOV | 6,779,660,234 | 1.60% | 71,800,318,762 | 5,757 |
Top 10 Corporate Reference Entities by Net Notional (Week ending Jan 10, 2014) | |||||
Type | Net Notional (USD EQ) | Net % Change vs 1 Week Ago | Gross Notional (USD EQ) | Contracts | |
GENERAL ELECTRIC CAPITAL | CORP | 6,890,919,067 | 0.97% | 55,079,936,595 | 4,418 |
BERKSHIRE HATHAWAY INC. | CORP | 5,813,361,853 | 1.76% | 31,395,044,017 | 3,032 |
DEUTSCHE BANK AKTIENGESELLSCHAFT | CORP | 4,272,592,242 | -0.73% | 43,771,510,783 | 4,861 |
JPMORGAN CHASE & CO. | CORP | 4,035,606,822 | 0.64% | 47,304,395,243 | 5,425 |
METLIFE, INC. | CORP | 3,780,495,379 | 1.55% | 23,623,439,669 | 2,992 |
BARCLAYS BANK PLC | CORP | 3,685,855,138 | -0.30% | 37,424,368,133 | 4,509 |
AXA | CORP | 3,284,734,506 | -0.92% | 32,152,771,719 | 3,943 |
TELEFONICA, S.A. | CORP | 3,108,127,676 | 1.26% | 35,626,632,556 | 3,961 |
MORGAN STANLEY | CORP | 3,093,615,175 | 2.53% | 49,780,317,660 | 5,438 |
UNICREDIT, SOCIETA PER AZIONI | CORP | 3,010,074,818 | 3.08% | 35,438,430,285 | 4,595 |
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 | |||||
Type | Net Notional (USD EQ) | Net % Change vs 1 Week Ago | Gross Notional (USD EQ) | Contracts | |
SLOVENIA | SOV | 399,595,687 | -17.15% | 8,627,983,419 | 858 |
UKRAINE | SOV | 681,391,000 | 6.23% | 19,820,632,491 | 2,363 |
LITHUANIA | SOV | 417,605,025 | 5.38% | 6,317,683,273 | 722 |
CYPRUS | SOV | 189,259,902 | 4.90% | 1,949,853,621 | 288 |
VIETNAM | SOV | 452,042,100 | 3.33% | 5,642,969,054 | 813 |
PANAMA | SOV | 419,677,846 | 2.94% | 5,651,050,901 | 841 |
ISRAEL | SOV | 1,543,876,238 | -2.77% | 12,051,278,921 | 1,337 |
CHILE | SOV | 882,954,668 | 2.74% | 6,107,956,317 | 633 |
FRANCE | SOV | 10,947,154,404 | 2.43% | 152,923,828,672 | 6,160 |
HUNGARY | SOV | 1,322,667,975 | -2.27% | 47,930,919,363 | 4,338 |
Top 10 Corporate Reference Entities by Net Notional Change vs 1 Week Ago | |||||
Type | Net Notional (USD EQ) | Net % Change vs 1 Week Ago | Gross Notional (USD EQ) | Contracts | |
NEWS AMERICA INCORPORATED | CORP | 614,491,508 | -19.99% | 11,126,874,245 | 1,759 |
JOHNSON & JOHNSON | CORP | 852,850,284 | 17.46% | 6,005,129,430 | 914 |
CROWN LIMITED | CORP | 386,046,073 | 16.65% | 3,571,085,386 | 665 |
CISCO SYSTEMS, INC. | CORP | 386,006,502 | 16.29% | 4,151,889,429 | 584 |
THE WILLIAMS COMPANIES, INC. | CORP | 350,773,952 | 16.18% | 3,999,730,527 | 838 |
PEPSICO, INC. | CORP | 226,915,138 | -14.97% | 2,370,772,850 | 470 |
EAST JAPAN RAILWAY COMPANY | CORP | 171,249,676 | 13.34% | 1,135,388,574 | 250 |
UNITYMEDIA KABELBW GMBH | CORP | 622,611,966 | 13.20% | 3,934,405,901 | 694 |
HANSON LIMITED | CORP | 536,259,282 | 10.66% | 9,991,321,128 | 1,881 |
FINMECCANICA S.P.A. | CORP | 782,364,604 | 10.42% | 16,017,075,131 | 2,822 |