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Credit Default Swap

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Credit Default Swap (CDS)

What Does Credit Default Swap (CDS) Mean?

A swap designed to transfer the credit exposure of fixed-income products between parties.

Investopedia explains Credit Default Swap (CDS)

The buyer of a credit swap receives credit protection, whereas the seller of the swap guarantees the creditworthiness of the product. When this is done, the risk of default is transferred from the holder of the fixed-income security to the seller of the swap. For example, the buyer of a credit swap still is entitled to the par value of the bond from the seller of the swap if the bond defaults in its coupon payments.

Related Terms:
Bond
• Credit Derivative
• Fixed Income Security
Interest Rate Swap
Swap



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? Mentioned in ? References in periodicals archive
 
The note proceeds collateralize a credit default swap with Goldman Sachs Capital Markets, L.
COUNTS 2004-1 attains exposure to the portfolio via a credit default swap between the trust and Deutsche Bank AG London.
EPOCH 2002-1, Ltd, incorporated under the laws of the Cayman Islands, was created to enter into a credit default swap with Morgan Stanley Credit Products, Ltd.
 
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