Credit Default Swaps: Product evolution in a dynamic market

Join us for an insightful webinar where we explore the dynamics of the Credit Default Swap (CDS) market and assess the effectiveness of CDS as a hedging instrument.

We will cover recent credit events in leveraged finance market and how the market has responded. We will also discuss significant changes in market infrastructure, including the establishment of a Governance Committee, modifications to the Standard Reference Obligation (SRO), and the responsibilities of the SRO Administrator.

Additionally, we will provide an update on credit indices, reviewing recent trading volumes and discussing the advantages of CDS indices as a hedging tool for private credit. We will also examine the growth of the swaptions market and how index inclusion can enhance single-name liquidity.

CDS Market Overview

• Effectiveness of CDS as a Hedging Instrument
• Changes in Leveraged Finance and Their Impact on CDS
• Credit Event Case Study: Altice
• Market Infrastructure Changes: Creation of Governance Committee

Determinations Committee Rule Change: Standard Reference Obligation (SRO)

• Utilization of the RED Service to Enhance SRO Adoption/Replenishment
• Role of the SRO Administrator
• Overview of RED Service
• Updates to RED Website to Facilitate SRO Challenges via Client Interactive Portal

Credit Indices update

• H1 2025 volumes review
• CDS indices as hedging tool for private credit
• Trading efficiency advantages of CDS indices
• Index inclusion as driver of single-name CDS liquidity
• Swaptions market growth

Speakers

Gavan Nolan

Executive Director, Business Development and Research, Fixed Income Pricing
S&P Global Market Intelligence

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Charles Palmer

Director, Fixed Income Product Development
S&P Global Market Intelligence

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