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Single-Name CDSs

In: Credit Default Swaps

Author

Listed:
  • Christopher L. Culp

    (Johns Hopkins University)

  • Andria van der Merwe

    (Johns Hopkins University)

  • Bettina J. Stärkle

    (Compass Lexecon)

Abstract

Single-name credit default swaps (“CDSs”) are financial instruments that facilitate the transfer of credit risk on a defined universe of debt securities issued by an underlying reference entity from credit protection purchasers to sellers. Underlying reference names include corporations, sovereigns, and other borrowers. Payments by protections sellers to purchasers are based on the occurrence of any of several credit events, as defined in the documentation governing single-name CDS transactions. We describe here the significant economic terms of single-name CDSs, the evolution of the documentation of single-name CDSs, and several specific actual and would-be credit events that have generated significant discussion regarding CDS documentation and the viability of single-name CDSs as price discovery and risk transfer instruments.

Suggested Citation

  • Christopher L. Culp & Andria van der Merwe & Bettina J. Stärkle, 2018. "Single-Name CDSs," Palgrave Studies in Risk and Insurance, in: Credit Default Swaps, chapter 0, pages 15-65, Palgrave Macmillan.
    • Handle: RePEc:pal:psircp:978-3-319-93076-3_2
    DOI: 10.1007/978-3-319-93076-3_2
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