Barclays led UK banks in growing CDS book through Covid shock

First-half trading against the backdrop of the coronavirus pandemic shaped top UK dealers’ credit derivatives portfolios in very different ways.

Barclays led rivals HSBC, Standard Chartered, Natwest and Lloyds in growing the notional size of its credit derivatives portfolio the most over the six months to end-June, by 8% to £800.5 billion ($1.03 trillion). Index credit default swap (CDS) notionals accounted for 53% of the first half total, and single-name CDS 43%. 

In contrast, the UK dealer