Credit Suisse offloads $40bn global CDS portfolio
Similar sized deal involving Asia names set to follow
Credit Suisse offloaded a global $40 billion credit default swap (CDS) portfolio to French bank Societe Generale earlier this summer, with sources indicating that a further deal involving purely Asian names is imminent.
The terms of the deal were confidential but Asia Risk understands that the entire $40 billion portfolio was transferred on a single day via a master swap agreement covering all the underlying credit default swaps with the novation process ongoing.
It is understood that Credit
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