Auto manufacturing tops December US CDS market

The credit default swap market saw active trading in December with the auto manufacturing sector leading in the US, according to inter-dealer broker GFI.

Financial services remained in the active column, with specialty retailing joining the active column for the first time in 2005. Fannie Mae and Supervalu were also newcomers to the most actively traded CDS for the first time in 2005.  

In Europe, fixed line telecom dominated again with Tele Danmark, Telecom Austria, Portugal Telecom and KPN all among the top five most actively traded single names. Banking remained an active sector for the tenth straight month.

In Asia, fixed line telecom was also the most active sector, trailed by computing. Financial services rounded out the list boosted by Takefuji, the third the most actively traded CDS. Hutchison Whampoa was the most actively traded CDS with Fujitsu trailing for the second consecutive month. Ishikawajima and Matsui rounded out the most actively traded CDS in Asia.

Peru and Mexico were among the most actively traded sovereigns replacing Turkey and the Philippines.

Three Most Active** Sectors for December
North America Europe Asia
Auto Manufacturers Fixed Line Telecom Fixed Line Telecom
Financial Services Banks Computers
Specialty Retailers Insurance Full Line Financial Services
Five Most Active CDS for December
North America Europe Asia
GMAC KPN Hutchison Whampoa
Supervalu Tele Danmark AS Fujitsu
Ford Motor Credit Degussa AG Takefuji
Fannie Mae Telecom Austria Ishikawajima Harima
Heavy Industries
American Axle  Portugal Telecom Mitsui and Co.
& Manufacturing Intl Finance       
Most Active Sovereigns for December
Brazil
Peru
Mexico    

Background notes: GFI Group Inc, through its various subsidiaries, is a leading inter-dealer broker specializing in over-the-counter derivatives products and related securities.

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