Deutsche Bank sold a portfolio of single-name credit default swaps (CDSs) with a notional value of nearly $250 billion to Citi at the end of September last year as it reined in its single-name CDS trading business.
A source close to Deutsche Bank confirmed the size and timing of the trade. A Deutsche Bank spokesperson declined to comment.
According to industry sources, a $250 billion portfolio would represent around 5–10% of a large dealer's total CDS book, across index and single-name trades.
The week on Risk.net, July 7-13, 2018Receive this by email