How big is Deutsche Bank's CDs?

The sheer size of Deutsche Bank’s CDS is also considerable. Total outstanding default swaps tied to its debt amounted to $28.9 billion of gross notional volume as of May 26, according to data from the Depository Trust & Clearing Corporation. The body provides no split between the volume tied to Deutsche Bank’s senior and subordinated debt.

Why is Deutsche Bank's CDs hitting new highs?

Just a day later, the German lender’s shares are falling hard and its CDS has hit new highs. Deutsche’s 5-year senior credit default swap – a contract that gives protection against the risk of a bond defaulting – has jumped another 34 basis points today to 316bps, putting it on track for a new record high close, writes Joel Lewin.

What's happening with Deutsche Bank's credit default swaps?

Deutsche Bank's credit default swaps (CDS) - a form of insurance for bondholders - shot up above 220 basis points (bps) - the most since late 2018 - from 142 bps just two days ago, based on data from S&P Market Intelligence. On Thursday, Deutsche CDS had their largest one-day gain on record, based on Refinitiv data.