A form of insurance against default: the buyer pays a small annual fee, and the seller pays out if the borrower fails. The fee, in basis points, is the market's cleanest read on default odds.
「信用违约互换」
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| 81 bp | France's risk premium overtakes Italy's as bond investors price a default 「信用违约互换」 · 第 3 张术语卡 | France's five-year CDS rose to 81 basis points, the highest among the major EU countries and the UK, according to Macquarie. CDS 和利差测的不是同一件事。利差里除了违约风险，还夹着通胀预期、流动性与供需；CDS 更纯粹地反映「会不会还不上」。两者同时飙升，才说明市场担心的确实是信用本身。判断方法：利差走阔时看 CDS 有没有同步走阔——同步是信用事件，不同步多半是利率或供需在动。 |