CDS notional tops $8trn as clearing spike hits records
Investment-grade trades drive biggest weekly rise since 2013
Credit default swaps (CDSs) notional reported to US swap data repositories increased 12.9% to $8.1 trillion in the week to March 20, crossing the $8 trillion mark for the first time since 2015.
The surge was driven by cleared CDSs, which climbed 28.8% to $5.9 trillion over the period, while uncleared CDSs fell 15.4% to $2.4 trillion. As a result, the clearing rate rose 9 percentage points to 73%
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