Credit default swaps (CDSs) referenced to financial services and telecommunications firms were the most active in the global credit default swap market in January, according to New York-based interdealer broker GFI.GFI said that, for the first time in more than a year, motor manufacturing was no longer the most active sector in US CDS trading. Instead, financial services dominated, led by California-based Countrywide Home Loans. San Francisco-based clothing retailer Gap and Michigan-based carmakers General Motors and Ford were also on GFI’s most-active single name list.
In Europe, telecommunications was the most active sector for the fourth month in a row, with Telecom Italia and Netherlands-based KPN among the most active single names. London and Amsterdam-based publisher Reed Elsevier and UK media company Pearson helped make publishing one of GFI’s most active sectors. Portugal Telecom International Finance was also on the most-active list.
In Asia, financial services remained the most active sector for the ninth month running, led by Kazakhstan-based Bank TuranAlem and Japan-based banks Aiful, Softbank and Takefuji. Tokyo-based Toshiba was one of the most active single names, pushing the computing sector back into the most-active list.
GFI also said January’s most active sovereign CDSs were referenced to the governments of Brazil, Russia, Turkey, Ukraine and Venezuela.
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