[急]关于信贷违约掉期（CDS）的问题

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急切地想请问懂CDS（credit default swap）的同学，以下这些资料该如何理解，小弟刚入行，什么都不懂。。希望能多多指点：

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-          Symmetric CDS是指什么？bilateral或collateral的 CSA?

-          CDS 的threshold是指什么的限制值？（是指credit default的容许额度么？）

-          CDS为什么需要clearing呢？为何需要margin call呢？margin call有分daily或weekly么？

-          为什么资料最后说Party A可能需要补仓，所以考虑到现金流的问题有所顾虑呢？如何辨别MtM价格是favorable或是unfavorable的呢？

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问题有点多。先谢谢大虾们的解答和帮助了！

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Party A has entered in a symmetric 5-year CDS spread-based CSA （credit support annex attached with ISDA）with Party B (see TABLE ATTACHED) on the USD400M variation line. Considering current Party A’s CDS spread (>250bps, implying a threshold at zero), Party A will have to deposit funds in case of unfavourable Market to Market (for the moment MtM is favourable to CA-CIB so no funds are required)

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If the 5 Year Credit Default Pricing for Senior Unsecured Indebtedness of the Ultimate Parent Company is:	Threshold
Less than 150 basis points	$100 Million
Between 150 and 250 basis points	$50 Million
Greater than 250 basis points	$0

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CDS with bilateral CSA where the threshold falls to 0 if CDS spread is greater than 250bp.

As of today per CPM: Party A’s CDS spread is 315 and Party B’s one is 55, implying that Party A could be posting margin calls to Party B.

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关键词：CDS Considering Favourable Collateral Threshold default clearing credit daily

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原来没人知道么。。。。

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you need share your 资料 first so others can help...