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#asset-swap #finance #gale-using-and-tradning-asset-swaps
CDS tend not to trade on governments in their own currenc y – CDS on US government debt denominate d in USD, for example. But in Europe, euro-denominate d CDS are popular for the issuers whose paper is most actively trade d on a spread basis from a credit point of view: Italy , and Greece.
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owner: piotr.wasik - Using and Trading Asset Swaps - Giles Gale (Morgan Stanley), p12

ive the par value of these bonds in return 3 . The CDS premium is typically paid quarterly. Swaps on government credits are very liquid and trade at benchmark maturities such as 5 and 10 years, and the market is growing very quickly. <span>CDS tend not to trade on governments in their own currency – CDS on US government debt denominated in USD, for example. But in Europe, euro-denominated CDS are popular for the issuers whose paper is most actively traded on a spread basis from a credit point of view: Italy, and Greece. Trigger Events Broadly speaking, the most relevant credit events for sovereigns include: • Outright default, failure to pay, or repudiation of obligations. Repudiation is described



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