{"id":13136,"date":"2026-06-21T19:42:02","date_gmt":"2026-06-21T15:42:02","guid":{"rendered":"https:\/\/eoninvestment.com\/ka\/?p=13136"},"modified":"2026-07-24T09:43:17","modified_gmt":"2026-07-24T05:43:17","slug":"credit-default-swap-cds","status":"publish","type":"post","link":"https:\/\/eoninvestment.com\/ka\/2026\/06\/21\/credit-default-swap-cds\/","title":{"rendered":"<span class=\"eon-recovered-georgian-title\" data-no-translation=\"\">\u10e1\u10d0\u10d9\u10e0\u10d4\u10d3\u10d8\u10e2\u10dd \u10d3\u10d4\u10e4\u10dd\u10da\u10e2\u10d8\u10e1 \u10e1\u10d5\u10dd\u10de\u10d4\u10d1\u10d8 (CDS)<\/span>"},"content":{"rendered":"<p class=\"wp-block-paragraph\">A CDS is an instrument\/contract that provides protection against the default of a specific company or government.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There are three parties or elements in the contract:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Protection buyer<\/strong> \u2014 the buyer of protection;<\/li>\n\n\n\n<li><strong>Protection seller<\/strong> \u2014 the seller of protection;<\/li>\n\n\n\n<li><strong>Reference entity<\/strong> \u2014 the company or government whose credit risk is covered by the contract.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The protection buyer makes periodic payments, known as the <strong>CDS spread<\/strong>. The protection seller assumes the obligation to compensate the loss if a default occurs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The riskier the market considers the company to be, the higher the payment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For example, suppose a bank has lent $100 million to a company.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The bank wants to keep the loan, but it does not want a possible default by the company to cause it a loss. It therefore buys five-year CDS protection under the following terms:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>CDS notional: $100 million;<\/li>\n\n\n\n<li>CDS spread: 0.90% per year;<\/li>\n\n\n\n<li>Payments: quarterly.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The bank\u2019s annual payment will be:<\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">100,000,000 * 90% = 900,000<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The quarterly payment will be:<\/p>\n\n\n\n<div class=\"wp-block-math\"><math display=\"block\"><semantics><mrow><mfrac><mn>900,000<\/mn><mn>4<\/mn><\/mfrac><mo>=<\/mo><mn>225,000<\/mn><\/mrow><annotation encoding=\"application\/x-tex\">\\frac{900{,}000}{4} =\n\n225{,}000<\/annotation><\/semantics><\/math><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">If the company does not default during the five-year period, the bank pays the premiums but receives no compensation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is similar to insurance: buying home insurance does not mean that a fire will necessarily occur, although a CDS is different from ordinary insurance.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What happens in the event of default?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Suppose the company defaults and the value of its bonds falls to only 35% of face value.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This means that, from the $100 million debt, the market expects only $35 million to be recovered.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As a result:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>the bank receives the remaining $35 million from the borrower or from the borrower\u2019s assets;<\/li>\n\n\n\n<li>it receives $65 million from the CDS seller.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Why do banks buy CDS protection?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A CDS allows a bank to separate two decisions:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>whether it wants to lend to the client;<\/li>\n\n\n\n<li>whether it wants to bear the full credit risk of that loan.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The bank may want to maintain its relationship with the client.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The client may process payments through the bank, use bank guarantees, trade finance, or other banking services.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In such a case, selling the loan may not be attractive to the bank.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, if the bank has accumulated excessive credit exposure to one borrower, sector, or country, it can buy a CDS and transfer part of that risk to another party.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A CDS can therefore be used:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>to reduce the risk of a specific borrower;<\/li>\n\n\n\n<li>to manage sector concentration;<\/li>\n\n\n\n<li>to diversify a credit portfolio;<\/li>\n\n\n\n<li>to limit a potentially large loss.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Who receives the risk?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The risk does not disappear.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If the company does not default, the protection seller receives periodic income.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If the company defaults, the protection seller may have to make a very large payment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The position of a CDS seller is therefore somewhat similar to an insurance business.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Historically, banks have often been buyers of protection, while insurance companies have often been sellers of protection.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, there is one important difference between a CDS and ordinary insurance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To insure a house, you generally need to own the house.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To buy CDS protection, however, you do not need to own the relevant company\u2019s bonds or loan.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">An investor can buy CDS protection on a company even if the investor does not own any of that company\u2019s debt.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In that case, the CDS is no longer used only for hedging.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It is often a bet on the deterioration of the company\u2019s credit condition.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If the company\u2019s risk increases, previously purchased protection becomes more valuable.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This can create a situation in which the total notional amount of CDS contracts written on one company is greater than the company\u2019s total outstanding debt.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The CDS market therefore performs two functions at the same time:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>it transfers and distributes real credit risk;<\/li>\n\n\n\n<li>it creates an opportunity to speculate on credit risk.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Where does systemic risk arise?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">By buying a CDS, a bank reduces its risk only if the CDS seller is able to pay when a default occurs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If the protection seller has sold too much CDS protection and does not have sufficient capital, it may itself face financial difficulties.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In that case, the transfer of risk becomes illusory.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The bank may believe that its loan is hedged, but during a crisis it may discover that the CDS seller is also unable to pay.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The borrower\u2019s credit risk is simply replaced by the <strong>counterparty risk<\/strong> of the CDS seller.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This was one of the major problems during the 2007\u20132008 global financial crisis, which began with widespread defaults on real estate-related loans.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u10ec\u10e7\u10d0\u10e0\u10dd:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">John C. Hull, <em>Options, Futures, and Other Derivatives<\/em>.<\/p>","protected":false},"excerpt":{"rendered":"<p>CDS \u10d0\u10e0\u10d8\u10e1 \u10d8\u10dc\u10e1\u10e2\u10e0\u10e3\u10db\u10d4\u10dc\u10e2\u10d8\/\u10d9\u10dd\u10dc\u10e2\u10e0\u10d0\u10e5\u10e2\u10d8, \u10e0\u10dd\u10db\u10d4\u10da\u10d8\u10ea \u10d9\u10dd\u10dc\u10d9\u10e0\u10d4\u10e2\u10e3\u10da\u10d8 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d8\u10e1 \u10d0\u10dc \u10e1\u10d0\u10ee\u10d4\u10da\u10db\u10ec\u10d8\u10e4\u10dd\u10e1 \u10d3\u10d4\u10e4\u10dd\u10da\u10e2\u10d8\u10e1\u10d2\u10d0\u10dc \u10d3\u10d0\u10ea\u10d5\u10d0\u10e1 \u10e3\u10d6\u10e0\u10e3\u10dc\u10d5\u10d4\u10da\u10e7\u10dd\u10e4\u10e1. \u10d9\u10dd\u10dc\u10e2\u10e0\u10d0\u10e5\u10e2\u10e8\u10d8 \u10e1\u10d0\u10db\u10d8 \u10dd\u10d1\u10d8\u10d4\u10e5\u10e2\u10d8\u10d0:- Protection buyer \u2014 \u10d3\u10d0\u10ea\u10d5\u10d8\u10e1 \u10db\u10e7\u10d8\u10d3\u10d5\u10d4\u10da\u10d8;- Protection seller \u2014 \u10d3\u10d0\u10ea\u10d5\u10d8\u10e1 \u10d2\u10d0\u10db\u10e7\u10d8\u10d3\u10d5\u10d4\u10da\u10d8;- Reference entity \u2014 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d0 \u10d0\u10dc \u10e1\u10d0\u10ee\u10d4\u10da\u10db\u10ec\u10d8\u10e4\u10dd, \u10e0\u10dd\u10db\u10da\u10d8\u10e1 \u10e1\u10d0\u10d9\u10e0\u10d4\u10d3\u10d8\u10e2\u10dd [\u2026]<\/p>","protected":false},"author":12998525,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"custom-post-template","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_eon_insights_quality":"","_eon_insights_decision":"","_eon_insights_destination":"","_eon_insights_merge_group":"","_eon_insights_required_changes":"","_eon_insights_start_order":0,"_eon_featured_insight":0,"_eon_insights_map_version":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[784237235,37372],"tags":[],"eon_topic":[],"eon_learning_path":[],"eon_collection":[],"eon_level":[784445728],"eon_content_type":[],"eon_source":[784445725],"eon_idea":[784445690],"eon_framework":[],"class_list":["post-13136","post","type-post","status-publish","format-standard","hentry","category-options-futures-other-derivatives-john-c-hull-ka","category-risk","eon_level-advanced","eon_source-options-futures-other-derivatives-john-c-hull","eon_idea-risk"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Credit Default Swaps (CDS)<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/eoninvestment.com\/ka\/2026\/06\/21\/credit-default-swap-cds\/\" \/>\n<meta property=\"og:locale\" content=\"ka_GE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Credit Default Swaps (CDS)\" \/>\n<meta property=\"og:description\" content=\"CDS \u10d0\u10e0\u10d8\u10e1 \u10d8\u10dc\u10e1\u10e2\u10e0\u10e3\u10db\u10d4\u10dc\u10e2\u10d8\/\u10d9\u10dd\u10dc\u10e2\u10e0\u10d0\u10e5\u10e2\u10d8, \u10e0\u10dd\u10db\u10d4\u10da\u10d8\u10ea \u10d9\u10dd\u10dc\u10d9\u10e0\u10d4\u10e2\u10e3\u10da\u10d8 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d8\u10e1 \u10d0\u10dc \u10e1\u10d0\u10ee\u10d4\u10da\u10db\u10ec\u10d8\u10e4\u10dd\u10e1 \u10d3\u10d4\u10e4\u10dd\u10da\u10e2\u10d8\u10e1\u10d2\u10d0\u10dc \u10d3\u10d0\u10ea\u10d5\u10d0\u10e1 \u10e3\u10d6\u10e0\u10e3\u10dc\u10d5\u10d4\u10da\u10e7\u10dd\u10e4\u10e1. \u10d9\u10dd\u10dc\u10e2\u10e0\u10d0\u10e5\u10e2\u10e8\u10d8 \u10e1\u10d0\u10db\u10d8 \u10dd\u10d1\u10d8\u10d4\u10e5\u10e2\u10d8\u10d0:- Protection buyer \u2014 \u10d3\u10d0\u10ea\u10d5\u10d8\u10e1 \u10db\u10e7\u10d8\u10d3\u10d5\u10d4\u10da\u10d8;- Protection seller \u2014 \u10d3\u10d0\u10ea\u10d5\u10d8\u10e1 \u10d2\u10d0\u10db\u10e7\u10d8\u10d3\u10d5\u10d4\u10da\u10d8;- Reference entity \u2014 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d0 \u10d0\u10dc \u10e1\u10d0\u10ee\u10d4\u10da\u10db\u10ec\u10d8\u10e4\u10dd, \u10e0\u10dd\u10db\u10da\u10d8\u10e1 \u10e1\u10d0\u10d9\u10e0\u10d4\u10d3\u10d8\u10e2\u10dd [\u2026]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/eoninvestment.com\/ka\/2026\/06\/21\/credit-default-swap-cds\/\" \/>\n<meta property=\"og:site_name\" content=\"Eon Investment\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/eoninvestment\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-21T15:42:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-07-24T05:43:17+00:00\" \/>\n<meta name=\"author\" content=\"neoinsight\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"neoinsight\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 \u10ec\u10e3\u10d7\u10d8\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/wp-json\\\/wp\\\/v2\\\/posts\\\/13136\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#website\"},\"author\":{\"name\":\"neoinsight\",\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#\\\/schema\\\/person\\\/9bb6a82e15a5231535d10233395afa89\"},\"headline\":\"\u10e1\u10d0\u10d9\u10e0\u10d4\u10d3\u10d8\u10e2\u10dd \u10d3\u10d4\u10e4\u10dd\u10da\u10e2\u10d8\u10e1 \u10e1\u10d5\u10dd\u10de\u10d4\u10d1\u10d8 (CDS)\",\"datePublished\":\"2026-06-21T15:42:02+00:00\",\"dateModified\":\"2026-07-24T05:43:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/2026\\\/06\\\/21\\\/credit-default-swap-cds\\\/\"},\"wordCount\":756,\"publisher\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#organization\"},\"articleSection\":[\"Options, Futures & Other Derivatives, - 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