Pimco, Citi top for single-name CDS trades
Counterparty Radar: Top three managers account for 75% of positions – but only Pimco sells protection on the US
Citi deposed Barclays as the dealer of choice for US funds when executing single-name credit default swaps (CDSs) in the first quarter of this year – the UK bank had topped the charts throughout 2020.
Citi was the counterparty for trades with a total of $5 billion in notional – just under 15% of all those reported. That gave it a slight edge on Barclays, with $4.6 billion. The figures represent a modest decline for Barclays on the prior quarter, and a big jump for its US rival, which had been
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