US funds add to single-name CDS positions

Counterparty Radar: Corporate positions exceed SSA contracts for first time on record in Q2


US mutual funds and exchange-traded funds (ETFs) showed a quarterly increase in single-name credit default swap (CDS) positions for the first time since relevant data became available. PGIM led expansion by adding $3 billion notional to its funds.

With most of PGIM’s additions in swaps referencing corporate names, the sector saw a record corporate CDS total by notional and the first quarter where corporate positions overshadowed those referencing sovereigns, supranationals and agency (SSA)

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