Bonität von CDS

Holmes , Montag, 18.02.2008, 12:47 (vor 6552 Tagen) @ Holmes

Wer kontrolliert die Bonität von B, C, D.....?

Super Artikel (Must read) in der NYT:
http://www.nytimes.com/2008/02/17/business/17swap.html?_r=2&oref=slogin&ref=todayspaper&pagewanted=all

Kurze Antwort auf die Frage: am Anfang kennen sich beide Partner und alles sollte ok sein. Jeder kann aber seinen Teil weiterverkaufen und dann wird es unübersichtlich, denn es gibt keine Pflicht, die andere Seite über die Weitergabe zu informieren. D.h. B kann seinen Teil an einen im Zweifelsfall nicht zahlungsfähigen C weiterverkaufen und A sieht dann alt aus, wenn's zum Schwur kommt.

Auszüge:

"Credit default swaps were invented by major banks in the mid-1990s as a way to offset risk in their lending or bond portfolios. At the outset, each contract was different, volume in the market was small and participants knew whom they were dealing with.

Years of a healthy economy and few corporate defaults led many banks to write more credit insurance, finding it a low-risk way to earn income because failures were few. Speculators have also flooded into the credit insurance market recently because these securities make it easier to bet on the health of a company than using corporate bonds.

[...]

The market for default insurance, like the subprime mortgage securities market, is a product of good economic times and has boomed in recent years. In 2000, $900 billion of credit insurance contracts changed hands. Since then, the face value of the contracts outstanding has doubled every year as new contracts have been written. In the first six months of 2007, the figure rose 75 percent; the market now dwarfs the value of United States Treasuries outstanding.

[...]

There is no exchange where these insurance contracts trade, and their prices are not reported to the public. Because of this, institutions typically value them based on computer models rather than prices set by the market.

Neither are the participants overseen by regulators verifying that the parties to the transactions can meet their obligations.

[...]

As with other securities that trade privately and by appointment, assigning values to credit default swaps is highly subjective. So some on Wall Street wonder how much of the paper gains generated in these instruments by firms and hedge funds last year will turn out to be illusory when they try to cash them in. [...]"

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Beste Grüße,
Holmes