Citi becomes top single-name CDS dealer for US life insurers

Counterparty Radar: New York bank bests Barclays as sector contracts by $340 million at the end of 2022

Citigroup Center, New York

Citi re-emerged in the fourth quarter of last year as the largest dealer of uncleared single-name credit default swaps (CDSs) to US life insurers, surpassing Barclays, which temporarily became the most dominant player on the sell side of the sector during Q3.

The US life insurer market shed $340 million to reach roughly $6.9 billion notional outstanding in Q4, continuing a downward trajectory evident throughout 2022. The data is based on an analysis of industry filings, starting with Q1 2022

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