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What's happening with Deutsche Bank's credit default swaps?

Deutsche Bank's credit default swaps (CDS) - a form of insurance for bondholders - shot up above 220 basis points (bps) - the most since late 2018 - from 142 bps just two days ago, based on data from S&P Market Intelligence. On Thursday, Deutsche CDS had their largest one-day gain on record, based on Refinitiv data.

What are Deutsche Bank's most traded CDS contracts?

Of Deutsche Bank’s CDS contracts, the most actively traded were the dollar denominated, five-year swaps tied to the lender’s senior debt, with at least $51 million notional in the two days through Friday, according to DTCC data compiled by Bloomberg.

How did Deutsche Bank's credit-default swaps affect European banks' market value?

A single $5.4 million trade on credit-default swaps tied to Deutsche Bank's debt likely drove a $33 billion decline in European banks' market value.

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