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Wan LixinOpinion deputy editor of Shanghai Daily
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Credit product lessens default risks
Print Edition
TEN Chinese financial institutions, mostly banks, have conducted the first batch of credit default swap (CDS) transactions.
A total of 15 transactions were made in the interbank market with a combined nominal principal of 300 million yuan (US$45 million) on Monday, the National Association of Financial Market Institutional Investors said yesterday in an online statement.
China’s four largest state-owned banks and major commercial banks were among the institutions.
The one or two-year-term swaps were in oil, electricity, water, coal, telecommunication, food and aviation.
CDS is a credit derivative product used to control risk from bond defaults, which are rising due to a prolonged economic downturn.
The demand for CDS is gaining as default risks grow, China Bond Rating Co said.
Dongbei Special Steel was bankrupt last month after failing to repay its debts nine times.
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