bondholder怎样用CDS进行hedge

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这是JFE 2018.01上的一篇文章，题为“the real effect of credit default swaps”,对于文章的部分内容（如图片）表示不理解，不太懂bondholder是如何用CDS contracts进行hedge的？对图片中的整体内容不太能理解。望大家以一些例子给予直观地解释，谢谢。

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关键词：bondholder Holder Older hedge Edge

CDS is a type of insurance against default. For example, if you buy a bond issued by Alibaba and you are not so sure about whether or not Alibaba will pay you back your interest payments and principal, you could buy a CDS which is going to protect your investment in Alibaba bond.

If Alibaba defaults on the bond, you could get your money back from seller of the CDS. Therefore, your bond position has been hedged.

hifinecon 发表于 2018-9-6 15:02
If Alibaba defaults on the bond, you could get your money back from seller of the CDS. Therefore, yo ...

In generally，who is the seller of CDS?

hifinecon 发表于 2018-9-6 15:00
CDS is a type of insurance against default. For example, if you buy a bond issued by Alibaba and you ...

if i pay fixed fees to seller of CDS termly, when Alibaba default(can not pay me the interest and principal), whether the seller give me the whole principle and interrest? what should i pay to the seller of CDS?

CDS just likes insurance, you pay premium to the seller, but in arrears. Any big institutions could be the seller of CDS, such as insurance companies or banks, etc. As long as they bet on risk of a bond, they could sell CDS.

hifinecon 发表于 2018-9-6 16:46
CDS just likes insurance, you pay premium to the seller, but in arrears. Any big institutions could  ...

I get it. Thanks[em23][em23]

李建莹 发表于 2018-9-6 19:16
I get it. Thanks

any time

CDS就是一种期权，只是这种期权对应的资产不是股票，而是债券。意思就是，如果你买了一个债券，你也买了对应的CDS，那么如果债券的发行公司出现信用危机了，不还你钱了，或者只还一部分了，那么由该对应的CDS的发行公司付给你债券的票面价值。当时金融危机的爆发，为什么最最开始都是大公司崩盘，这里面离不开CDS的 “功劳”， 因为小公司买的大公司的CDS，然后小公司觉得债务人不还钱了，就找大公司兑现他们买的CDS，大公司又去找更大的公司兑现，然后最大的公司一看，自己要赔个几百亿，直接崩了。。。

cxy199088 发表于 2018-9-6 21:48
CDS就是一种期权，只是这种期权对应的资产不是股票，而是债券。意思就是，如果你买了一个债券，你也买了对应 ...