How sovereigns learned to live with two-way CSAs

Some say new collateral terms ensured access to markets during last year’s meltdown

In 2018, Nordic Investment Bank found itself in a bit of a pickle. Two years previously, it had reluctantly changed the collateral terms for its derivatives trading – agreeing to post for the first time, rather than just collecting margin from its dealers. The cost of trading under its old, one-way credit support annex (CSA) had been gradually increasing.

“We saw some banks who did not want to trade with us at all as long as we only had one-way CSAs,” says Jens Hellerup, head of funding and

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here