{"id":13762,"date":"2025-04-14T11:04:15","date_gmt":"2025-04-14T03:04:15","guid":{"rendered":"https:\/\/blog.roboadvisor.com.tw\/?p=13762"},"modified":"2026-10-27T10:28:03","modified_gmt":"2026-10-27T02:28:03","slug":"%e4%bf%a1%e7%94%a8%e9%81%95%e7%b4%84%e4%ba%92%e6%8f%9b%ef%bc%88cds%ef%bc%89%e6%98%af%e4%bb%80%e9%ba%bc%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/blog.roboadvisor.com.tw\/?p=13762","title":{"rendered":"CDS\u662f\u4ec0\u9ebc\uff1f\u4fe1\u7528\u9055\u7d04\u4ea4\u63db\uff1a\u66ff\u50b5\u52d9\u9055\u7d04\u8cb7\u4fdd\u96aa\u7684\u5408\u7d04"},"content":{"rendered":"<p class=\"wp-block-paragraph\">2008 \u5e74 10 \u6708 10 \u65e5\uff0c\u96f7\u66fc\u5144\u5f1f\u7684 CDS \u62cd\u8ce3\u628a\u5b83\u7684\u50b5\u5238\u56de\u6536\u50f9\u683c\u5b9a\u5728\u9762\u984d\u7684 8.625%\uff0c\u6bcf 100 \u5143\u9762\u984d\uff0c\u8ce3\u4fdd\u969c\u7684\u4e00\u65b9\u8981\u8ce0 91.375 \u5143\u3002<\/p>\n\n<p class=\"wp-block-paragraph\"><strong>CDS\uff08\u4fe1\u7528\u9055\u7d04\u4ea4\u63db\uff09\u662f\u66ff\u50b5\u52d9\u9055\u7d04\u8cb7\u4fdd\u96aa\u7684\u5408\u7d04\uff0c\u8cb7\u65b9\u5b9a\u671f\u4ed8\u4fdd\u8cbb\uff0c\u50b5\u52d9\u4eba\uff08\u516c\u53f8\u6216\u653f\u5e9c\uff09\u9055\u7d04\u6642\u7531\u8ce3\u65b9\u8ce0\u4ed8\u640d\u5931\u3002<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">CDS \u7684\u82f1\u6587\u662f credit default swap\uff0c\u4e5f\u8b6f\u4f5c\u4fe1\u7528\u9055\u7d04\u4e92\u63db\uff0c\u5c6c\u65bc\u5e97\u982d\u884d\u751f\u6027\u5408\u7d04\uff0c\u4e0d\u5728\u4ea4\u6613\u6240\u639b\u724c\u4ea4\u6613\uff0c\u89f8\u767c\u8ce0\u4ed8\u7684\u662f\u5408\u7d04\u7d04\u5b9a\u7684\u300c\u4fe1\u7528\u4e8b\u4ef6\u300d\uff0c\u9055\u7d04\u53ea\u662f\u5176\u4e2d\u4e00\u7a2e\uff0c\u7834\u7522\u8207\u50b5\u52d9\u91cd\u7d44\u4e5f\u7b97\uff0c\u6700\u5f8c\u7531\u696d\u754c\u7684\u5224\u5b9a\u59d4\u54e1\u6703\u7d71\u4e00\u8a8d\u5b9a\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u6211\u89ba\u5f97\u6700\u597d\u61c2\u7684\u6bd4\u55bb\u662f\u822a\u7a7a\u7684\u73ed\u6a5f\u5ef6\u8aa4\u96aa\uff0c\u4ed8\u4e00\u7b46\u4fdd\u8cbb\uff0c\u73ed\u6a5f\u5ef6\u8aa4\u5c31\u7406\u8ce0\uff0cCDS \u4e5f\u662f\u4e00\u6a23\u7684\u7d50\u69cb\uff0c\u53ea\u662f\u4fdd\u7684\u4e0d\u662f\u822a\u73ed\uff0c\u662f\u4e00\u5bb6\u516c\u53f8\u6216\u4e00\u500b\u570b\u5bb6\u6703\u4e0d\u6703\u9084\u4e0d\u51fa\u9322\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">CDS \u7684\u5831\u50f9\u4ee5\u57fa\u9ede\uff08basis point\uff0cbp\uff09\u8868\u793a\uff0c\u6578\u5b57\u8d8a\u9ad8\uff0c\u4ee3\u8868\u5e02\u5834\u8981\u6c42\u7684\u9055\u7d04\u4fdd\u8cbb\u8d8a\u9ad8\uff0c\u4e5f\u5c31\u662f\u5e02\u5834\u8a8d\u70ba\u8a72\u50b5\u52d9\u4eba\u7684\u4fe1\u7528\u98a8\u96aa\u8d8a\u9ad8\uff0c5 \u5e74\u671f CDS \u5831 100 \u500b\u57fa\u9ede\uff0c\u7b49\u65bc\u6bcf\u4fdd\u969c 1,000 \u842c\u7f8e\u5143\u50b5\u52d9\u3001\u6bcf\u5e74\u8981\u4ed8 10 \u842c\u7f8e\u5143\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u9019\u500b\u5e02\u5834\u4e0d\u5c0f\uff0c\u4f9d\u570b\u969b\u6e05\u7b97\u9280\u884c\uff08BIS\uff09\u7d71\u8a08\u3001ISDA \u6574\u7406\uff0c2025 \u5e74\u5e95\u5168\u7403 CDS \u672a\u5e73\u5009\u540d\u76ee\u672c\u91d1\u70ba 11.0 \u5146\u7f8e\u5143\uff0c\u5e74\u589e 21.7%\uff0c\u5176\u4e2d\u55ae\u4e00\u540d\u7a31 4.6 \u5146\u7f8e\u5143\u3001\u6307\u6578\u578b 6.4 \u5146\u7f8e\u5143\uff0c\u7d93\u4e2d\u592e\u4ea4\u6613\u5c0d\u624b\uff08CCP\uff09\u7d50\u7b97\u7684\u6bd4\u91cd\u70ba 70.2%<sup>[1]<\/sup>\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">2025 \u5168\u5e74\u4ea4\u6613\u91cf\u5275\u4e0b 41.8 \u5146\u7f8e\u5143\u7684\u7d00\u9304\uff0c\u6307\u6578\u578b\u5360 93.3%<sup>[3]<\/sup>\uff0c\u672a\u5e73\u5009\u540d\u76ee\u672c\u91d1\u5247\u4ecd\u9060\u4f4e\u65bc 2007 \u5e74\u5e95 61.2 \u5146\u7f8e\u5143\u7684\u6b77\u53f2\u9ad8\u9ede<sup>[2]<\/sup>\u3002<\/p>\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2026\/10\/13762_CDS\u672a\u5e73\u5009\u540d\u76ee\u672c\u91d1.png\" alt=\"\u9577\u689d\u5716\uff1a\u5168\u7403 CDS \u672a\u5e73\u5009\u540d\u76ee\u672c\u91d1\uff0c2007 \u5e74\u5e95 61.2 \u5146\u7f8e\u5143\u30012017 \u5e74\u5e95 9.4 \u5146\u7f8e\u5143\u30012025 \u5e74\u5e95 11.0 \u5146\u7f8e\u5143\uff0c2025 \u5e74\u5e95\u96c6\u4e2d\u7d50\u7b97\u6bd4\u91cd 70.2%\"\/><\/figure>\n\n<p class=\"wp-block-paragraph\">\u8cc7\u6599\u4f86\u6e90\uff1aBIS Quarterly Review 2018 \u5e74 6 \u6708<sup>[2]<\/sup>\uff1bISDA 2026 \u5e74 7 \u6708\u6574\u7406 BIS \u7d71\u8a08<sup>[1]<\/sup>\uff1b\u963f\u723e\u767c\u6295\u8cc7\u7814\u7a76\u5718\u968a\u91cd\u7e6a<\/p>\n\n<p class=\"wp-block-paragraph\">\u540d\u76ee\u672c\u91d1\u662f\u5408\u7d04\u4fdd\u969c\u7684\u50b5\u52d9\u91d1\u984d\uff0c\u6bdb\u5e02\u503c\uff08gross market value\uff09\u5247\u662f\u5408\u7d04\u82e5\u5728\u7576\u5929\u5e73\u5009\u7684\u50f9\u503c\uff0c2025 \u5e74\u5e95\u70ba 2,737 \u5104\u7f8e\u5143<sup>[1]<\/sup>\uff0c\u5169\u8005\u76f8\u5dee 40 \u500d\uff0c\u56e0\u70ba CDS \u5e73\u6642\u53ea\u6709\u4fdd\u8cbb\u5f80\u4f86\uff0c\u771f\u6b63\u7684\u73fe\u91d1\u6d41\u51fa\u53ea\u5728\u4fe1\u7528\u4e8b\u4ef6\u767c\u751f\u6642\u96c6\u4e2d\u51fa\u73fe\uff08\u5ef6\u8aa4\u96aa\u4e5f\u662f\uff0c\u5e73\u5e38\u53ea\u6536\u4fdd\u8cbb\uff0c\u98b1\u98a8\u4e00\u4f86\u624d\u4e00\u8d77\u7406\u8ce0\uff09\u3002<\/p>\n\n<h2 class=\"wp-block-heading\">CDS \u600e\u9ebc\u904b\u4f5c\uff1f\u8cb7\u65b9\u3001\u8ce3\u65b9\u8207\u53c3\u8003\u5be6\u9ad4<\/h2>\n\n<p class=\"wp-block-paragraph\">\u4e00\u4efd CDS \u6709\u4e09\u500b\u89d2\u8272\uff0c\u5176\u4e2d\u53ea\u6709\u5169\u65b9\u7c3d\u7d04\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u4fdd\u969c\u8cb7\u65b9\uff08protection buyer\uff09\u591a\u662f\u6301\u6709\u50b5\u5238\u6216\u653e\u6b3e\u7684\u9280\u884c\u3001\u4fdd\u96aa\u516c\u53f8\u3001\u57fa\u91d1\uff0c\u6216\u60f3\u8868\u9054\u770b\u7a7a\u4fe1\u7528\u89c0\u9ede\u7684\u4ea4\u6613\u8005\uff0c\u6bcf\u5b63\u652f\u4ed8\u4fdd\u8cbb\uff08premium\uff09\uff0c\u63db\u53d6\u9055\u7d04\u6642\u7684\u8ce0\u4ed8\uff0c\u4fdd\u969c\u8ce3\u65b9\uff08protection seller\uff09\u662f\u9280\u884c\u3001\u4fdd\u96aa\u516c\u53f8\u3001\u907f\u96aa\u57fa\u91d1\u7b49\u9858\u610f\u627f\u64d4\u4fe1\u7528\u98a8\u96aa\u7684\u6a5f\u69cb\uff0c\u5e73\u6642\u6536\u53d6\u4fdd\u8cbb\uff0c\u4fe1\u7528\u4e8b\u4ef6\u767c\u751f\u6642\u4f9d\u9762\u984d\u6263\u9664\u56de\u6536\u50f9\u503c\u8ce0\u4ed8\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u7b2c\u4e09\u500b\u89d2\u8272\u662f\u53c3\u8003\u5be6\u9ad4\uff08reference entity\uff09\uff0c\u4e5f\u5c31\u662f\u88ab\u4fdd\u969c\u7684\u516c\u53f8\u6216\u653f\u5e9c\uff0c\u4f8b\u5982\u67d0\u5bb6\u4f01\u696d\u3001\u7f8e\u570b\u653f\u5e9c\uff0c\u53c3\u8003\u5be6\u9ad4\u4e0d\u53c3\u8207\u5408\u7d04\uff0c\u4e0d\u904e\u5b83\u7684\u4fe1\u7528\u72c0\u6cc1\u6c7a\u5b9a\u5408\u7d04\u6703\u4e0d\u6703\u89f8\u767c\uff0c\u5c31\u50cf\u822a\u7a7a\u516c\u53f8\u4e0d\u662f\u5ef6\u8aa4\u96aa\u7684\u7c3d\u7d04\u65b9\uff0c\u73ed\u6a5f\u6e96\u4e0d\u6e96\u6642\u537b\u6c7a\u5b9a\u4e86\u7406\u8ce0\u3002<\/p>\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2026\/10\/13762_CDS\u4e09\u65b9\u4ed8\u6b3e\u6d41\u7a0b.png\" alt=\"CDS \u4e09\u65b9\u4ed8\u6b3e\u6d41\u7a0b\u793a\u610f\u5716\uff1a\u4fdd\u969c\u8cb7\u65b9\u6bcf\u5b63\u5411\u4fdd\u969c\u8ce3\u65b9\u652f\u4ed8\u4fdd\u8cbb\uff08\u5229\u5dee bp \u4e58\u4ee5\u540d\u76ee\u672c\u91d1\uff09\uff1b\u53c3\u8003\u5be6\u9ad4\u767c\u751f\u7834\u7522\u3001\u672a\u80fd\u652f\u4ed8\u6216\u50b5\u52d9\u91cd\u7d44\u7b49\u4fe1\u7528\u4e8b\u4ef6\uff0c\u7d93\u5224\u5b9a\u59d4\u54e1\u6703\u8a8d\u5b9a\u5f8c\uff0c\u8ce3\u65b9\u8ce0\u4ed8\u9762\u984d\u6e1b\u56de\u6536\u50f9\u503c\uff1b\u8cb7\u65b9\u53ef\u4ee5\u6301\u6709\u3001\u4e5f\u53ef\u4ee5\u4e0d\u6301\u6709\u53c3\u8003\u5be6\u9ad4\u7684\u50b5\u5238\"\/><\/figure>\n\n<p class=\"wp-block-paragraph\">\u8cc7\u6599\u4f86\u6e90\uff1a\u963f\u723e\u767c\u6295\u8cc7\u7814\u7a76\u5718\u968a\u6574\u7406\uff1b\u4fe1\u7528\u4e8b\u4ef6\u5b9a\u7fa9\u4f9d ISDA<sup>[4]<\/sup><\/p>\n\n<p class=\"wp-block-paragraph\">CDS \u5e38\u88ab\u62ff\u4f86\u548c\u4fdd\u96aa\u76f8\u6bd4\uff0c\u5169\u8005\u6709\u4e00\u500b\u95dc\u9375\u5dee\u5225\uff0c<strong>\u8cb7 CDS \u4e0d\u9700\u8981\u771f\u7684\u6301\u6709\u90a3\u7b46\u50b5\u5238<\/strong>\uff0c\u4fdd\u96aa\u6cd5\u8981\u6c42\u88ab\u4fdd\u96aa\u4eba\u5c0d\u6a19\u7684\u6709\u5229\u76ca\uff0cCDS \u6c92\u6709\u9019\u500b\u9650\u5236\uff0c\u6240\u4ee5\u5b83\u540c\u6642\u662f\u907f\u96aa\u5de5\u5177\uff0c\u4e5f\u662f\u8868\u9054\u4fe1\u7528\u89c0\u9ede\u7684\u4ea4\u6613\u5de5\u5177\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u7528\u5ef6\u8aa4\u96aa\u4f86\u8b1b\uff0c\u5c31\u662f\u6c92\u6709\u642d\u90a3\u73ed\u98db\u6a5f\u7684\u4eba\uff0c\u4e5f\u53ef\u4ee5\u66ff\u90a3\u73ed\u98db\u6a5f\u8cb7\u5ef6\u8aa4\u96aa\uff08\u73fe\u5be6\u7684\u4fdd\u96aa\u516c\u53f8\u4e0d\u6703\u8ce3\uff0cCDS \u5e02\u5834\u6703\uff09\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u5e02\u5834\u7528\u8a9e\u4e5f\u56e0\u6b64\u5bb9\u6613\u6df7\u6dc6\uff0c\u8cb7\u9032\u4fdd\u969c\u7b49\u65bc\u770b\u7a7a\u8a72\u50b5\u52d9\u4eba\u7684\u4fe1\u7528\uff0c\u4ea4\u6613\u54e1\u7a31\u70ba\u300c\u505a\u7a7a\u4fe1\u7528\u300d\uff08short credit\uff09\uff0c\u8ce3\u51fa\u4fdd\u969c\u5247\u7b49\u65bc\u627f\u64d4\u4fe1\u7528\u98a8\u96aa\u3001\u8cfa\u53d6\u4fdd\u8cbb\uff0c\u7d93\u6fdf\u6548\u679c\u63a5\u8fd1\u6301\u6709\u8a72\u516c\u53f8\u50b5\u5238\uff0c\u7a31\u70ba\u300c\u505a\u591a\u4fe1\u7528\u300d\uff08long credit\uff09<sup>[9]<\/sup>\u3002<\/p>\n\n<h2 class=\"wp-block-heading\">\u4fe1\u7528\u4e8b\u4ef6\u6709\u54ea\u4e9b\uff1f\u7531\u8ab0\u8a8d\u5b9a\uff1f<\/h2>\n\n<p class=\"wp-block-paragraph\">CDS \u53ea\u6709\u5728\u300c\u4fe1\u7528\u4e8b\u4ef6\u300d\uff08credit event\uff09\u767c\u751f\u6642\u624d\u6703\u8ce0\u4ed8\uff0c\u4f9d\u570b\u969b\u4ea4\u63db\u4ea4\u6613\u66a8\u884d\u751f\u6027\u5546\u54c1\u5354\u6703\uff08ISDA\uff09\u7684\u4fe1\u7528\u884d\u751f\u6027\u5546\u54c1\u5b9a\u7fa9\uff0c\u5e38\u898b\u7684\u4fe1\u7528\u4e8b\u4ef6\u5305\u62ec<sup>[4]<\/sup>\uff1a<\/p>\n\n<ul class=\"wp-block-list\">\n<li>\u7834\u7522\uff08bankruptcy\uff09<\/li>\n<li>\u672a\u80fd\u652f\u4ed8\uff08failure to pay\uff09\uff1a\u5230\u671f\u672a\u4ed8\u672c\u91d1\u6216\u5229\u606f\uff0c\u4e14\u8d85\u904e\u5bec\u9650\u671f<\/li>\n<li>\u50b5\u52d9\u91cd\u7d44\uff08restructuring\uff09\uff1a\u88ab\u8feb\u5ef6\u9577\u671f\u9650\u3001\u964d\u4f4e\u5229\u7387\u6216\u672c\u91d1\uff0c\u5e38\u898b\u65bc\u4e3b\u6b0a\u50b5\u8207\u6b50\u6d32\u4f01\u696d\u5408\u7d04<\/li>\n<li>\u5176\u4ed6\uff1a\u63d0\u524d\u5230\u671f\u3001\u62d2\u7d55\u5c65\u884c\u6216\u5ef6\u671f\u511f\u4ed8\uff08\u5f8c\u5169\u8005\u4e3b\u8981\u7528\u65bc\u4e3b\u6b0a\u50b5\uff09<\/li>\n<\/ul>\n\n<p class=\"wp-block-paragraph\">2009 \u5e74\u4ee5\u524d\uff0c\u662f\u5426\u89f8\u767c\u3001\u8ce0\u591a\u5c11\u5e38\u7531\u4ea4\u6613\u96d9\u65b9\u5404\u81ea\u8a8d\u5b9a\uff0c\u722d\u8b70\u5f88\u591a\uff0cISDA \u5728 2009 \u5e74 3 \u6708\u63a8\u51fa\u300cBig Bang\u300d\u8b70\u5b9a\u66f8\u5f8c\uff0c\u6539\u7531\u696d\u754c\u7d44\u6210\u7684\u4fe1\u7528\u884d\u751f\u6027\u5546\u54c1\u5224\u5b9a\u59d4\u54e1\u6703\uff08Determinations Committee\uff09\u7d71\u4e00\u5224\u5b9a\u4fe1\u7528\u4e8b\u4ef6\uff0c\u518d\u4ee5\u62cd\u8ce3\u6c7a\u5b9a\u56de\u6536\u50f9\u683c\uff0c\u6240\u6709\u5408\u7d04\u4f9d\u540c\u4e00\u50f9\u683c\u7d50\u7b97<sup>[4][5]<\/sup>\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u9019\u7b49\u65bc\u628a\u300c\u7b97\u4e0d\u7b97\u5ef6\u8aa4\u300d\u4ea4\u7d66\u4e00\u500b\u516c\u8a8d\u7684\u88c1\u5224\uff0c\u5927\u5bb6\u7167\u540c\u4e00\u5f35\u8868\u7406\u8ce0\uff0c\u5435\u67b6\u5c11\u4e86\u5f88\u591a\u3002<\/p>\n\n<h2 class=\"wp-block-heading\">CDS \u50f9\u683c\u600e\u9ebc\u770b\uff1f\u57fa\u9ede\u3001\u6a19\u6e96\u7968\u606f\u8207\u9810\u4ed8\u91d1<\/h2>\n\n<p class=\"wp-block-paragraph\">\u65b0\u805e\u4e0a\u6700\u5e38\u898b\u7684\u5beb\u6cd5\u662f\u300c\u67d0\u67d0 5 \u5e74\u671f CDS \u5831 85 bp\u300d\uff0c\u9019\u500b\u6578\u5b57\u662f\u5229\u5dee\uff08spread\uff09\uff0c\u4e5f\u5c31\u662f\u6bcf\u5e74\u4fdd\u8cbb\u5360\u4fdd\u969c\u540d\u76ee\u672c\u91d1\u7684\u6bd4\u7387\u3002<\/p>\n\n<figure class=\"wp-block-table\"><table>\n<thead>\n<tr>\n<th>\u5831\u50f9<\/th>\n<th>\u6bcf\u5e74\u4fdd\u8cbb\uff08\u4fdd\u969c 1,000 \u842c\u7f8e\u5143\uff09<\/th>\n<th>\u5e02\u5834\u89e3\u8b80<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>20\u201350 bp<\/td>\n<td>2 \u842c\u20135 \u842c\u7f8e\u5143<\/td>\n<td>\u9055\u7d04\u98a8\u96aa\u88ab\u8996\u70ba\u5f88\u4f4e\uff0c\u5e38\u898b\u65bc\u9ad8\u4fe1\u8a55\u653f\u5e9c\u8207\u5927\u578b\u4f01\u696d<\/td>\n<\/tr>\n<tr>\n<td>100 bp \u5de6\u53f3<\/td>\n<td>10 \u842c\u7f8e\u5143<\/td>\n<td>\u6295\u8cc7\u7b49\u7d1a\u6a19\u6e96\u7968\u606f\u6c34\u6e96<\/td>\n<\/tr>\n<tr>\n<td>300\u2013500 bp<\/td>\n<td>30 \u842c\u201350 \u842c\u7f8e\u5143<\/td>\n<td>\u5e02\u5834\u5c0d\u511f\u50b5\u80fd\u529b\u6709\u660e\u986f\u7591\u616e<\/td>\n<\/tr>\n<tr>\n<td>1,000 bp \u4ee5\u4e0a<\/td>\n<td>100 \u842c\u7f8e\u5143\u4ee5\u4e0a<\/td>\n<td>\u5e02\u5834\u9810\u671f\u9055\u7d04\u53ef\u80fd\u5df2\u8feb\u5728\u7709\u776b<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/figure>\n\n<p class=\"wp-block-paragraph\">\u8a3b\uff1a\u5340\u9593\u70ba\u8aaa\u660e\u7528\u7684\u4e00\u822c\u6c34\u6e96\uff0c\u975e\u7279\u5b9a\u65e5\u671f\u8cc7\u6599\uff1b\u5be6\u969b\u5831\u50f9\u4f9d\u671f\u9650\u3001\u5e63\u5225\u8207\u5408\u7d04\u689d\u6b3e\u800c\u7570\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">2009 \u5e74\u8d77\uff0c\u5317\u7f8e\u7684\u55ae\u4e00\u540d\u7a31 CDS \u6539\u7528\u6a19\u6e96\u7968\u606f\uff0c\u6295\u8cc7\u7b49\u7d1a\u591a\u70ba\u6bcf\u5e74 100 bp\uff0c\u9ad8\u6536\u76ca\u591a\u70ba 500 bp<sup>[5]<\/sup>\uff0c\u5be6\u969b\u5229\u5dee\u8207\u6a19\u6e96\u7968\u606f\u7684\u5dee\u984d\u5728\u7c3d\u7d04\u6642\u4ee5\u9810\u4ed8\u91d1\uff08upfront\uff09\u4e00\u6b21\u4ed8\u6e05\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u8a66\u7b97\uff1a\u67d0\u516c\u53f8 5 \u5e74\u671f CDS \u5e02\u5834\u5229\u5dee 150 bp\uff0c\u5408\u7d04\u7968\u606f 100 bp\uff0c\u76f8\u5dee 50 bp\uff0c\u82e5\u98a8\u96aa\u5b58\u7e8c\u671f\u9593\u7d04 4.5 \u5e74\uff0c\u8cb7\u65b9\u7c3d\u7d04\u6642\u8981\u5148\u4ed8\u7d04 2.25%\uff0850 bp \u00d7 4.5\uff09\u7684\u9810\u4ed8\u91d1\uff0c\u4e4b\u5f8c\u6bcf\u5e74\u518d\u4ed8 100 bp\uff0c\u9ad8\u98a8\u96aa\u516c\u53f8\u7684 CDS \u5e38\u4ee5\u300c\u9810\u4ed8\u5e7e\u9ede\u300d\u5831\u50f9\uff0c\u539f\u56e0\u5c31\u5728\u9019\u88e1\u3002<\/p>\n\n\n<div class=\"wp-block-group alpha-cta alpha-cta-mid alpha-cta-alloc has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"border-left-color:#006ece;border-left-width:4px;background-color:#f3f7fb;padding:16px 20px\">\n<p class=\"wp-block-paragraph\"><strong>\u60f3\u77e5\u9053\u9019\u6a23\u7684\u914d\u7f6e\u9069\u4e0d\u9069\u5408\u4f60\u7684\u76ee\u6a19\u8207\u671f\u9593\uff1f<\/strong><\/p>\n\n\n<div class=\"wp-block-buttons is-content-justification-left is-layout-flex wp-container-core-buttons-is-layout-7b4500cd wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-text-color has-background wp-element-button\" href=\"https:\/\/roboadvisor.com.tw\/portfolio-calculator\/?Camp=Blog\" style=\"border-radius:50px;color:#ffffff;background-color:#006ece;border:2px solid #006ece;font-size:clamp(14px, 0.875rem + ((1vw - 3.2px) * 0.234), 17px);line-height:1.4;padding:10px 26px\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>\u514d\u8cbb\u8a66\u7b97\u6211\u7684\u6295\u8cc7\u7d44\u5408<\/strong><\/a><\/div>\n<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\">CDS \u5229\u5dee\u600e\u9ebc\u770b\uff1f\u5f9e\u4fdd\u8cbb\u53cd\u63a8\u9055\u7d04\u6a5f\u7387<\/h2>\n\n<p class=\"wp-block-paragraph\">\u5e02\u5834\u5e38\u7528\u4e00\u500b\u7c21\u5316\u516c\u5f0f\uff0c\u5f9e\u5229\u5dee\u53cd\u63a8\u5e74\u5316\u9055\u7d04\u6a5f\u7387<sup>[9]<\/sup>\uff1a<\/p>\n\n<p class=\"wp-block-paragraph\">\u5e74\u5316\u9055\u7d04\u6a5f\u7387 \u2248 CDS \u5229\u5dee \u00f7\uff081 \u2212 \u56de\u6536\u7387\uff09<\/p>\n\n<p class=\"wp-block-paragraph\">\u56de\u6536\u7387\u662f\u9055\u7d04\u5f8c\u50b5\u6b0a\u4eba\u80fd\u62ff\u56de\u7684\u6bd4\u4f8b\uff0c\u5e02\u5834\u6163\u4f8b\u5e38\u5047\u8a2d\u512a\u5148\u7121\u64d4\u4fdd\u50b5\u70ba 40%<sup>[9]<\/sup>\u3002<\/p>\n\n<figure class=\"wp-block-table\"><table>\n<thead>\n<tr>\n<th>CDS \u5229\u5dee<\/th>\n<th>\u5047\u8a2d\u56de\u6536\u7387<\/th>\n<th>\u96b1\u542b\u5e74\u5316\u9055\u7d04\u6a5f\u7387\uff08\u7d04\uff09<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>50 bp<\/td>\n<td>40%<\/td>\n<td>0.8%<\/td>\n<\/tr>\n<tr>\n<td>100 bp<\/td>\n<td>40%<\/td>\n<td>1.7%<\/td>\n<\/tr>\n<tr>\n<td>300 bp<\/td>\n<td>40%<\/td>\n<td>5.0%<\/td>\n<\/tr>\n<tr>\n<td>1,000 bp<\/td>\n<td>40%<\/td>\n<td>16.7%<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/figure>\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2026\/10\/13762_\u5229\u5dee\u8207\u96b1\u542b\u9055\u7d04\u6a5f\u7387.png\" alt=\"\u6a6b\u689d\u5716\uff1a\u56de\u6536\u7387\u5047\u8a2d 40% \u6642\uff0cCDS \u5229\u5dee 50 bp \u96b1\u542b\u5e74\u5316\u9055\u7d04\u6a5f\u7387\u7d04 0.8%\u3001100 bp \u7d04 1.7%\u3001300 bp \u7d04 5.0%\u30011,000 bp \u7d04 16.7%\"\/><\/figure>\n\n<p class=\"wp-block-paragraph\">\u8cc7\u6599\u4f86\u6e90\uff1a\u4f9d Hull\uff082022\uff09\u7c21\u5316\u516c\u5f0f<sup>[9]<\/sup>\uff0c\u963f\u723e\u767c\u6295\u8cc7\u7814\u7a76\u5718\u968a\u8a66\u7b97\uff1b\u96b1\u542b\u6a5f\u7387\u542b\u98a8\u96aa\u6ea2\u916c\uff0c\u901a\u5e38\u9ad8\u65bc\u5be6\u969b\u9055\u7d04\u7387<\/p>\n\n<p class=\"wp-block-paragraph\">\u9019\u500b\u6578\u5b57\u662f\u300c\u5e02\u5834\u50f9\u683c\u96b1\u542b\u7684\u6a5f\u7387\u300d\uff0c\u88e1\u9762\u5305\u542b\u98a8\u96aa\u6ea2\u916c\u8207\u6d41\u52d5\u6027\u56e0\u7d20\uff0c\u901a\u5e38\u9ad8\u65bc\u4fe1\u8a55\u6a5f\u69cb\u7d71\u8a08\u7684\u5be6\u969b\u9055\u7d04\u7387\uff0c\u6240\u4ee5\u770b\u5229\u5dee\u6642\uff0c\u6709\u4e09\u500b\u89d2\u5ea6\u6bd4\u55ae\u770b\u4e00\u500b\u6578\u5b57\u66f4\u6709\u7528\uff1a<\/p>\n\n<ol class=\"wp-block-list\">\n<li>\u770b\u8b8a\u5316\u800c\u975e\u6c34\u6e96\uff1a\u540c\u4e00\u5bb6\u516c\u53f8\u7684\u5229\u5dee\u5728\u5e7e\u9031\u5167\u7ffb\u500d\uff0c\u6bd4\u7d55\u5c0d\u6c34\u6e96\u66f4\u80fd\u53cd\u6620\u5e02\u5834\u614b\u5ea6\u8f49\u8b8a<\/li>\n<li>\u770b\u671f\u9650\u7d50\u69cb\uff1a\u6b63\u5e38\u60c5\u6cc1\u4e0b 5 \u5e74\u671f\u9ad8\u65bc 1 \u5e74\u671f\uff0c1 \u5e74\u671f\u53cd\u800c\u9ad8\u65bc 5 \u5e74\u671f\uff08\u5012\u639b\uff09\uff0c\u4ee3\u8868\u5e02\u5834\u64d4\u5fc3\u7684\u662f\u8fd1\u671f\u5c31\u51fa\u4e8b<\/li>\n<li>\u770b\u76f8\u5c0d\u6bd4\u8f03\uff1a\u540c\u696d\u3001\u540c\u4fe1\u8a55\u4e4b\u9593\u7684\u5229\u5dee\u5dee\u8ddd\uff0c\u53cd\u6620\u5e02\u5834\u5c0d\u500b\u5225\u767c\u884c\u4eba\u7684\u7591\u616e<\/li>\n<\/ol>\n\n<p class=\"wp-block-paragraph\">\u5ef6\u8aa4\u96aa\u7684\u4fdd\u8cbb\u7a81\u7136\u8b8a\u8cb4\uff0c\u591a\u534a\u662f\u5929\u6c23\u8b8a\u4e86\uff0c\u4e0d\u4e00\u5b9a\u662f\u98db\u6a5f\u58de\u4e86\uff0c\u5229\u5dee\u4e5f\u662f\u540c\u6a23\u7684\u9053\u7406\u3002<\/p>\n\n<h2 class=\"wp-block-heading\">2008 \u5e74\u91d1\u878d\u6d77\u562f\uff1aCDS \u8b93\u98a8\u96aa\u96c6\u4e2d\u5728\u5c11\u6578\u8ce3\u65b9<\/h2>\n\n<p class=\"wp-block-paragraph\">BIS \u7d71\u8a08\u986f\u793a\uff0c\u5168\u7403 CDS \u672a\u5e73\u5009\u540d\u76ee\u672c\u91d1\u5728 2007 \u5e74\u5e95\u9054\u5230 61.2 \u5146\u7f8e\u5143\u7684\u9ad8\u9ede<sup>[2]<\/sup>\uff0c\u554f\u984c\u51fa\u5728\u5c11\u6578\u6a5f\u69cb\u5927\u91cf\u8ce3\u51fa\u4fdd\u969c\uff0c\u537b\u6c92\u6709\u6e96\u5099\u8db3\u5920\u7684\u8cc7\u672c\u8207\u64d4\u4fdd\u54c1\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u7f8e\u570b\u570b\u969b\u96c6\u5718\uff08AIG\uff09\u662f\u6700\u5177\u4ee3\u8868\u6027\u7684\u4f8b\u5b50\uff0c\u7f8e\u570b\u91d1\u878d\u5371\u6a5f\u8abf\u67e5\u59d4\u54e1\u6703\uff08FCIC\uff09\u7684\u5831\u544a\u6307\u51fa\uff0cAIG \u900f\u904e\u65d7\u4e0b\u91d1\u878d\u7522\u54c1\u90e8\u9580\uff0c\u5c0d\u7d04 790 \u5104\u7f8e\u5143\u8207\u623f\u8cb8\u76f8\u95dc\u7684\u8b49\u5238\u8ce3\u51fa CDS \u4fdd\u969c<sup>[6]<\/sup>\uff0c\u623f\u50f9\u4e0b\u8dcc\u5f8c\uff0c\u9019\u4e9b\u5408\u7d04\u7684\u5e02\u503c\u60e1\u5316\uff0c\u4ea4\u6613\u5c0d\u624b\u8981\u6c42\u8ffd\u7e73\u64d4\u4fdd\u54c1\uff0cAIG \u6d41\u52d5\u6027\u544a\u6025\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u4e00\u5bb6\u4fdd\u96aa\u516c\u53f8\u66ff\u540c\u4e00\u5834\u98a8\u66b4\u8ce3\u4e86\u592a\u591a\u5f35\u5ef6\u8aa4\u96aa\uff0c\u98a8\u66b4\u771f\u7684\u4f86\u4e86\uff0c\u5c31\u8ce0\u4e0d\u51fa\u4f86\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">2008 \u5e74 9 \u6708\u8d77\uff0c\u7f8e\u570b\u8ca1\u653f\u90e8\u8207\u806f\u6e96\u6703\u5148\u5f8c\u5c0d AIG \u627f\u8afe\u63d0\u4f9b\u5408\u8a08 1,823 \u5104\u7f8e\u5143\u7684\u652f\u63f4\uff0c\u63f4\u52a9\u5728 2012 \u5e74\u5168\u6578\u6536\u56de\uff0c\u653f\u5e9c\u5e33\u9762\u5408\u8a08\u7372\u5229 227 \u5104\u7f8e\u5143<sup>[7]<\/sup>\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u96f7\u66fc\u5144\u5f1f\uff08Lehman Brothers\uff09\u5247\u793a\u7bc4\u4e86 CDS \u8ce0\u4ed8\u7684\u898f\u6a21\uff0c\u96f7\u66fc\u65bc 2008 \u5e74 9 \u6708 15 \u65e5\u8072\u8acb\u7834\u7522\uff0c10 \u6708 10 \u65e5\u7684 CDS \u62cd\u8ce3\u5c07\u5176\u50b5\u5238\u56de\u6536\u50f9\u683c\u5b9a\u70ba\u9762\u984d\u7684 8.625%\uff0c\u4fdd\u969c\u8ce3\u65b9\u9808\u8ce0\u4ed8\u6bcf 100 \u5143\u9762\u984d 91.375 \u5143<sup>[8]<\/sup>\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u5371\u6a5f\u5f8c\u7684\u6539\u9769\u65b9\u5411\u5f88\u660e\u78ba\uff0c\u6a19\u6e96\u5316\u5408\u7d04\u3001\u62cd\u8ce3\u7d50\u7b97\u3001\u63d0\u9ad8\u96c6\u4e2d\u7d50\u7b97\u6bd4\u91cd\uff0c\u4e26\u5b9a\u671f\u58d3\u7e2e\u76f8\u4e92\u62b5\u92b7\u7684\u90e8\u4f4d\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">BIS \u7814\u7a76\u6307\u51fa\uff0cCDS \u672a\u5e73\u5009\u540d\u76ee\u672c\u91d1\u5f9e 2007 \u5e74\u5e95\u7684 61.2 \u5146\u7f8e\u5143\u964d\u81f3 2017 \u5e74\u5e95\u7684 9.4 \u5146\u7f8e\u5143\uff0c\u4e3b\u8981\u4f86\u81ea\u90e8\u4f4d\u58d3\u7e2e\u8207\u96c6\u4e2d\u7d50\u7b97<sup>[2]<\/sup>\uff0c\u5230 2025 \u5e74\u5e95\uff0c\u7d93\u4e2d\u592e\u4ea4\u6613\u5c0d\u624b\u7d50\u7b97\u7684\u6bd4\u91cd\u5df2\u9054 70.2%<sup>[1]<\/sup>\u3002<\/p>\n\n<h2 class=\"wp-block-heading\">\u8fd1\u5e74\u4e8b\u4ef6\uff1a\u5e0c\u81d8\u3001\u745e\u58eb\u4fe1\u8cb8\u3001\u7f8e\u570b\u50b5\u9650\u8207 AI \u8209\u50b5<\/h2>\n\n<p class=\"wp-block-paragraph\">\u91d1\u878d\u6d77\u562f\u4e4b\u5f8c\uff0cCDS \u6210\u70ba\u5e02\u5834\u89c0\u5bdf\u4fe1\u7528\u58d3\u529b\u6700\u5373\u6642\u7684\u6307\u6a19\u4e4b\u4e00\uff0c\u5e0c\u81d8\u3001\u745e\u58eb\u4fe1\u8cb8\u3001\u7f8e\u570b\u50b5\u9650\u8207\u7532\u9aa8\u6587\u56db\u500b\u4e8b\u4ef6\uff0c\u5206\u5225\u4ee3\u8868\u4e3b\u6b0a\u50b5\u3001\u9280\u884c\u3001\u653f\u5e9c\u653f\u6cbb\u98a8\u96aa\u8207\u4f01\u696d\u8209\u50b5\u3002<\/p>\n\n<figure class=\"wp-block-table\"><table>\n<thead>\n<tr>\n<th>\u4e8b\u4ef6<\/th>\n<th>\u6642\u9593<\/th>\n<th>CDS \u8868\u73fe<\/th>\n<th>\u4f86\u6e90<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u5e0c\u81d8\u50b5\u52d9\u91cd\u7d44<\/td>\n<td>2012 \u5e74 3 \u6708<\/td>\n<td>ISDA \u5224\u5b9a\u69cb\u6210\u91cd\u7d44\u4fe1\u7528\u4e8b\u4ef6\uff1b\u62cd\u8ce3\u56de\u6536\u50f9\u683c\u70ba\u9762\u984d 21.5%<\/td>\n<td>ISDA<sup>[10]<\/sup><\/td>\n<\/tr>\n<tr>\n<td>\u745e\u58eb\u4fe1\u8cb8\u5371\u6a5f<\/td>\n<td>2023 \u5e74 3 \u6708<\/td>\n<td>1 \u5e74\u671f CDS 3 \u6708 14 \u65e5\u6536\u5728 835.9 bp\uff0c\u7d04\u70ba\u745e\u9280\u7684 18 \u500d<\/td>\n<td>Bloomberg<sup>[11]<\/sup><\/td>\n<\/tr>\n<tr>\n<td>\u7f8e\u570b\u50b5\u52d9\u4e0a\u9650\u50f5\u5c40<\/td>\n<td>2023 \u5e74 5 \u6708<\/td>\n<td>\u7f8e\u570b 1 \u5e74\u671f CDS \u5347\u81f3 172 bp \u7684\u6b77\u53f2\u9ad8\u9ede\uff0c5 \u5e74\u671f 73 bp<\/td>\n<td>Reuters<sup>[12]<\/sup><\/td>\n<\/tr>\n<tr>\n<td>\u7532\u9aa8\u6587\uff08Oracle\uff09AI \u8209\u50b5\u7591\u616e<\/td>\n<td>2025 \u5e74 11 \u6708<\/td>\n<td>5 \u5e74\u671f CDS \u5347\u81f3\u7d04 125 bp\uff0c\u70ba 2022 \u5e74\u4ee5\u4f86\u9ad8\u9ede\uff1b2008 \u5e74\u7d00\u9304\u70ba 198 bp<\/td>\n<td>Bloomberg<sup>[13]<\/sup><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/figure>\n\n<p class=\"wp-block-paragraph\">\u745e\u58eb\u4fe1\u8cb8\u7684 CDS \u66f2\u7dda\u5728 2023 \u5e74 3 \u6708\u51fa\u73fe\u6df1\u5ea6\u5012\u639b\uff0c1 \u5e74\u671f\u9060\u9ad8\u65bc 5 \u5e74\u671f\uff0c\u5e02\u5834\u64d4\u5fc3\u7684\u662f\u77ed\u671f\u5167\u7684\u751f\u5b58\u554f\u984c\uff0c\u540c\u6708\u745e\u4fe1\u7531\u745e\u9280\u6536\u8cfc\uff0c\u4e8b\u4ef6\u7d93\u904e\u8207\u5c0d AT1 \u50b5\u5238\u6301\u6709\u4eba\u7684\u5f71\u97ff\uff0c\u53ef\u4ee5\u63a5\u8457\u8b80<a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=6322\">\u300a\u745e\u58eb\u4fe1\u8cb8\u70ba\u4ec0\u9ebc\u6703\u5012\u9589\uff1f\u300b<\/a>\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u7f8e\u570b\u7684\u4f8b\u5b50\u5247\u8aaa\u660e CDS \u4e0d\u80fd\u76f4\u63a5\u8b80\u6210\u9055\u7d04\u6a5f\u7387\uff0c2023 \u5e74 5 \u6708\uff0c\u7f8e\u570b 1 \u5e74\u671f CDS \u9ad8\u65bc 5 \u5e74\u671f\uff0c\u53cd\u6620\u7684\u662f\u570b\u6703\u82e5\u672a\u53ca\u6642\u8abf\u9ad8\u50b5\u52d9\u4e0a\u9650\u3001\u77ed\u671f\u570b\u50b5\u4ed8\u606f\u53ef\u80fd\u5ef6\u9072\u7684\u6280\u8853\u6027\u98a8\u96aa\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">Reuters \u540c\u6642\u6307\u51fa\uff0cCDS \u7d50\u7b97\u53ef\u4ea4\u4ed8\u5e02\u50f9\u6700\u4f4e\u7684\u9577\u5929\u671f\u516c\u50b5\uff0c\u7576\u6642\u9577\u50b5\u50f9\u683c\u5df2\u5927\u5e45\u4e0b\u8dcc\uff0c\u4f7f\u96b1\u542b\u9055\u7d04\u6a5f\u7387\u88ab\u9ad8\u4f30<sup>[12]<\/sup>\u3002<\/p>\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2025\/04\/image-4.png\" alt=\"\u7f8e\u570b 5 \u5e74\u671f\u4fe1\u7528\u9055\u7d04\u4ea4\u63db\u5831\u50f9\u8d70\u52e2\uff0c2008 \u5e74\u81f3 2025 \u5e74 4 \u6708\uff0c2009 \u5e74\u521d\u63a5\u8fd1 100 \u500b\u57fa\u9ede\uff0c2023 \u5e74\u4e2d\u7d04 78 \u500b\u57fa\u9ede\"\/><\/figure>\n\n<p class=\"wp-block-paragraph\">\u8cc7\u6599\u4f86\u6e90\uff1a\u8ca1\u7d93M\u5e73\u65b9\uff08MacroMicro\uff09\uff0c\u8cc7\u6599\u671f\u9593 2008 \u5e74\u81f3 2025 \u5e74 4 \u6708<\/p>\n\n<p class=\"wp-block-paragraph\">\u7532\u9aa8\u6587\u7684\u4f8b\u5b50\u767c\u751f\u5728 AI \u8cc7\u6599\u4e2d\u5fc3\u5927\u8209\u6295\u8cc7\u671f\u9593\uff0c\u5e02\u5834\u7528 CDS \u5c0d\u6c96\u76f8\u95dc\u653e\u6b3e\u8207\u50b5\u5238\u90e8\u4f4d\uff0c\u4ea4\u6613\u91cf\u660e\u986f\u653e\u5927<sup>[13]<\/sup>\uff0c\u53ef\u898b CDS \u5229\u5dee\u4e0a\u5347\u53ef\u80fd\u4f86\u81ea\u907f\u96aa\u9700\u6c42\u589e\u52a0\uff0c\u4e0d\u4e00\u5b9a\u4ee3\u8868\u516c\u53f8\u57fa\u672c\u9762\u5df2\u7d93\u60e1\u5316\uff08\u8cb7\u5ef6\u8aa4\u96aa\u7684\u4eba\u8b8a\u591a\uff0c\u4fdd\u8cbb\u81ea\u7136\u6703\u6f32\uff09\u3002<\/p>\n\n<h2 class=\"wp-block-heading\">CDS \u600e\u9ebc\u8cb7\uff1f\u4e00\u822c\u6295\u8cc7\u4eba\u8ddf CDS \u6709\u4ec0\u9ebc\u95dc\u4fc2<\/h2>\n\n<p class=\"wp-block-paragraph\">CDS \u5c6c\u65bc\u5e97\u982d\u884d\u751f\u6027\u5546\u54c1\uff0c\u4ea4\u6613\u96d9\u65b9\u901a\u5e38\u8981\u5148\u7c3d\u7f72 ISDA \u4e3b\u5354\u8b70\uff0c\u4e26\u4f9d\u898f\u5b9a\u4ea4\u63db\u64d4\u4fdd\u54c1\uff0c\u53c3\u8207\u8005\u4ee5\u9280\u884c\u3001\u4fdd\u96aa\u516c\u53f8\u3001\u8cc7\u7522\u7ba1\u7406\u6a5f\u69cb\u8207\u907f\u96aa\u57fa\u91d1\u70ba\u4e3b<sup>[3][4]<\/sup>\uff0c\u4e00\u822c\u6295\u8cc7\u4eba\u5728\u5238\u5546\u6216\u9280\u884c\u6c92\u6709\u76f4\u63a5\u8cb7\u8ce3 CDS \u7684\u7ba1\u9053\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u4e00\u822c\u6295\u8cc7\u4eba\u8ddf CDS \u7684\u95dc\u4fc2\uff0c\u4e3b\u8981\u5728\u4e09\u500b\u5730\u65b9\uff1a<\/p>\n\n<ol class=\"wp-block-list\">\n<li>\u7576\u4f5c\u4fe1\u7528\u98a8\u96aa\u7684\u6307\u6a19\uff1a\u65b0\u805e\u63d0\u5230\u67d0\u570b\u6216\u67d0\u516c\u53f8 CDS \u98c6\u5347\uff0c\u4ee3\u8868\u5e02\u5834\u8981\u6c42\u66f4\u9ad8\u7684\u9055\u7d04\u4fdd\u8cbb\uff0c\u6301\u6709\u8a72\u767c\u884c\u4eba\u7684\u516c\u53f8\u50b5\u3001\u9280\u884c\u6b21\u9806\u4f4d\u50b5\u6216\u7d50\u69cb\u578b\u5546\u54c1\u6642\uff0c\u9019\u662f\u9700\u8981\u7559\u610f\u7684\u8a0a\u865f<\/li>\n<li>\u7406\u89e3\u50b5\u5238\u50f9\u683c\u70ba\u4ec0\u9ebc\u4e0b\u8dcc\uff1aCDS \u5229\u5dee\u64f4\u5927\u6642\uff0c\u540c\u4e00\u767c\u884c\u4eba\u7684\u516c\u53f8\u50b5\u6b96\u5229\u7387\u901a\u5e38\u4e5f\u6703\u4e0a\u5347\u3001\u50f9\u683c\u4e0b\u8dcc\uff0c\u5169\u8005\u53cd\u6620\u7684\u662f\u540c\u4e00\u4efd\u4fe1\u7528\u98a8\u96aa<\/li>\n<li>\u5206\u6563\u6bd4\u9810\u6e2c\u66f4\u53ef\u9760\uff1aAIG\u3001\u96f7\u66fc\u3001\u745e\u4fe1\u7684\u4f8b\u5b50\u90fd\u8aaa\u660e\uff0c\u4fe1\u7528\u4e8b\u4ef6\u767c\u751f\u7684\u901f\u5ea6\u5f80\u5f80\u5feb\u904e\u6295\u8cc7\u4eba\u53cd\u61c9\u7684\u901f\u5ea6\uff0c\u628a\u4fe1\u7528\u98a8\u96aa\u5206\u6563\u5728\u591a\u500b\u767c\u884c\u4eba\u8207\u4e0d\u540c\u4fe1\u7528\u7b49\u7d1a\uff0c\u6bd4\u8ffd\u8e64\u55ae\u4e00\u767c\u884c\u4eba\u7684 CDS \u66f4\u5be6\u969b<\/li>\n<\/ol>\n\n<p class=\"wp-block-paragraph\">\u4fe1\u7528\u98a8\u96aa\u5206\u6563\u4e4b\u5f8c\uff0c\u4e0b\u4e00\u6b65\u662f\u6c7a\u5b9a\u50b5\u5238\u5728\u6574\u500b\u7d44\u5408\u88e1\u5360\u591a\u5c11\uff0c\u80a1\u50b5\u6bd4\u4f8b\u600e\u9ebc\u4f9d\u5e74\u9f61\u8207\u76ee\u6a19\u4f86\u8a02\uff0c\u53ef\u4ee5\u5c0d\u7167<a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=14764\">\u80a1\u50b5\u914d\u7f6e\u7d42\u6975\u6307\u5357<\/a>\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">CDS \u4fdd\u969c\u7684\u662f\u300c\u501f\u9322\u7684\u4eba\u9084\u4e0d\u51fa\u9322\u300d\u7684\u98a8\u96aa\uff0c\u9019\u53ea\u662f\u50b5\u5238\u516d\u7a2e\u4e3b\u8981\u98a8\u96aa\u4e4b\u4e00\uff0c\u60f3\u5148\u5f04\u61c2\u50b5\u5238\u7684\u50f9\u683c\u3001\u6b96\u5229\u7387\u8207\u5176\u4ed6\u98a8\u96aa\uff0c\u53ef\u4ee5\u8b80<a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=6933\">\u300a\u50b5\u5238\u662f\u4ec0\u9ebc\uff1f\u50b5\u5238\u8a72\u600e\u9ebc\u8cb7\uff1f\u300b<\/a>\u3002<\/p>\n\n<p class=\"wp-block-paragraph\"><strong>CDS \u628a\u4fe1\u7528\u98a8\u96aa\u8b8a\u6210\u4e00\u500b\u6bcf\u5929\u90fd\u6709\u5831\u50f9\u7684\u6578\u5b57\uff0c\u8b93\u6295\u8cc7\u4eba\u770b\u5f97\u898b\u5e02\u5834\u600e\u9ebc\u8a55\u50f9\u4e00\u5bb6\u516c\u53f8\u6216\u4e00\u500b\u570b\u5bb6\u7684\u511f\u50b5\u80fd\u529b\uff0c\u4e0d\u904e\u5b83\u53cd\u6620\u7684\u662f\u5e02\u5834\u60c5\u7dd2\u8207\u907f\u96aa\u9700\u6c42\u7684\u7e3d\u548c\uff0c\u89e3\u8b80\u6642\u8981\u642d\u914d\u671f\u9650\u7d50\u69cb\u3001\u540c\u696d\u6bd4\u8f03\u8207\u57fa\u672c\u9762\u3002<\/strong><\/p>\n\n<h2 class=\"wp-block-heading\">\u6211\u7684\u60f3\u6cd5<\/h2>\n\n<p class=\"wp-block-paragraph\">\u6211\u89ba\u5f97 CDS \u5c0d\u4e00\u822c\u6295\u8cc7\u4eba\u6700\u6709\u7528\u7684\u5730\u65b9\uff0c\u662f\u7576\u6210\u4e00\u53f0\u6c23\u8c61\u96f7\u9054\uff0c\u770b\u5f97\u5230\u5e02\u5834\u5c0d\u67d0\u500b\u767c\u884c\u4eba\u7684\u64d4\u5fc3\u7a0b\u5ea6\uff0c\u4e0d\u5fc5\u771f\u7684\u53bb\u8cb7\u5b83\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u65b0\u805e\u6a19\u984c\u5beb\u300cCDS \u98c6\u5347\u300d\u7684\u6642\u5019\uff0c\u6211\u6703\u5148\u770b\u4e09\u4ef6\u4e8b\uff0c\u662f 1 \u5e74\u671f\u9084\u662f 5 \u5e74\u671f\u3001\u8ddf\u540c\u696d\u6bd4\u8d77\u4f86\u9ad8\u591a\u5c11\u3001\u5229\u5dee\u4e0a\u5347\u662f\u56e0\u70ba\u57fa\u672c\u9762\u8b8a\u5dee\u9084\u662f\u907f\u96aa\u7684\u4eba\u8b8a\u591a\uff0c\u7f8e\u570b 2023 \u5e74\u7684\u50b5\u9650\u50f5\u5c40\u8207\u7532\u9aa8\u6587 2025 \u5e74\u7684\u4f8b\u5b50\uff0c\u90fd\u662f\u7b2c\u4e09\u7a2e\u60c5\u6cc1\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u8aaa\u5be6\u5728\uff0cCDS \u4e5f\u4e0d\u662f\u842c\u80fd\u7684\u9810\u8b66\uff0c\u745e\u4fe1\u7684 CDS \u5728\u5012\u639b\u4e4b\u5f8c\u6c92\u5e7e\u5929\u5c31\u88ab\u6536\u8cfc\uff0c\u96f7\u66fc\u7684\u56de\u6536\u50f9\u683c\u53ea\u5269\u9762\u984d\u7684 8.625%\uff0c\u7b49\u5230\u96f7\u9054\u4e0a\u7684\u7d05\u9ede\u8b8a\u5927\uff0c\u901a\u5e38\u5df2\u7d93\u4f86\u4e0d\u53ca\u63db\u822a\u7dda\u4e86\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u6240\u4ee5\u6211\u6bd4\u8f03\u5728\u610f\u7684\u662f\u4e8b\u524d\u7684\u5206\u6563\uff0c\u4fe1\u7528\u98a8\u96aa\u653e\u5728\u5f88\u591a\u767c\u884c\u4eba\u3001\u4e0d\u540c\u4fe1\u7528\u7b49\u7d1a\u4e0a\uff0c\u54ea\u4e00\u73ed\u98db\u6a5f\u5ef6\u8aa4\uff0c\u90fd\u4e0d\u81f3\u65bc\u6574\u8d9f\u65c5\u7a0b\u505c\u64fa\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">AIG \u90a3\u4e00\u6bb5\u6211\u89ba\u5f97\u6700\u503c\u5f97\u8a18\u4f4f\uff0c\u8ce3\u4fdd\u969c\u7684\u4eba\u4e5f\u53ef\u80fd\u5012\uff0c\u98a8\u96aa\u4e0d\u6703\u6d88\u5931\uff0c\u53ea\u6703\u63db\u500b\u5730\u65b9\u96c6\u4e2d\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u96f7\u9054\u770b\u5929\u6c23\uff0c\u5206\u6563\u624d\u662f\u907f\u958b\u98a8\u66b4\u3002<\/p>\n\n\n<div class=\"wp-block-group alpha-cta alpha-cta-end alpha-cta-alloc has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f3f7fb;padding:32px 20px\">\n<p class=\"has-text-align-center wp-block-paragraph\" style=\"font-size:clamp(16.834px, 1.052rem + ((1vw - 3.2px) * 0.716), 26px);font-weight:700\">\u5148\u7b97\u4e00\u6b21\uff0c\u518d\u6c7a\u5b9a\u600e\u9ebc\u914d<\/p>\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\u8f38\u5165\u91d1\u984d\u3001\u671f\u9593\u8207\u76ee\u6a19\uff0c\u770b\u80a1\u50b5\u6bd4\u4f8b\u8207\u53ef\u80fd\u7684\u5831\u916c\u7bc4\u570d\uff1b\u8a66\u7b97\u7d50\u679c\u50c5\u4f9b\u53c3\u8003\uff0c\u4e0d\u4ee3\u8868\u672a\u4f86\u7e3e\u6548<\/p>\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-fe0a7de2 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-text-color has-background wp-element-button\" href=\"https:\/\/roboadvisor.com.tw\/portfolio-calculator\/?Camp=Blog\" style=\"border-radius:50px;color:#ffffff;background-color:#006ece;border:2px solid #006ece;font-size:clamp(14px, 0.875rem + ((1vw - 3.2px) * 0.234), 17px);line-height:1.4;padding:10px 26px\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>\u514d\u8cbb\u8a66\u7b97\u6211\u7684\u6295\u8cc7\u7d44\u5408<\/strong><\/a><\/div>\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-text-color has-background wp-element-button\" href=\"https:\/\/urli.ai\/line\/XpZpxkKi\" style=\"border-radius:50px;color:#00b900;background-color:#ffffff;border:2px solid #00b900;font-size:clamp(14px, 0.875rem + ((1vw - 3.2px) * 0.234), 17px);line-height:1.4;padding:10px 26px\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>\u52a0 LINE \u554f\u9867\u554f<\/strong><\/a><\/div>\n<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\">\u5e38\u898b\u554f\u984c<\/h2>\n\n<h3 class=\"wp-block-heading\">CDS \u4e2d\u6587\u662f\u4ec0\u9ebc\uff1f\u8ddf\u4fe1\u7528\u9055\u7d04\u4e92\u63db\u4e00\u6a23\u55ce\uff1f<\/h3>\n\n<p class=\"wp-block-paragraph\">\u4e00\u6a23\uff0ccredit default swap \u5728\u53f0\u7063\u91d1\u878d\u6cd5\u898f\u8207\u696d\u754c\u591a\u8b6f\u70ba\u300c\u4fe1\u7528\u9055\u7d04\u4ea4\u63db\u300d\uff0c\u4e2d\u570b\u5927\u9678\u591a\u8b6f\u70ba\u300c\u4fe1\u7528\u9055\u7d04\u4e92\u63db\u300d\uff0c\u6307\u7684\u662f\u540c\u4e00\u7a2e\u5408\u7d04\u3002<\/p>\n\n<h3 class=\"wp-block-heading\">short CDS \u662f\u4ec0\u9ebc\u610f\u601d\uff1f<\/h3>\n\n<p class=\"wp-block-paragraph\">\u5e02\u5834\u7528\u8a9e\u4e0d\u7d71\u4e00\uff0c\u8981\u770b\u4e0a\u4e0b\u6587\uff0c\u591a\u6578\u60c5\u6cc1\u4e0b\uff0c\u8cb7\u9032 CDS \u4fdd\u969c\u7b49\u65bc\u770b\u7a7a\u8a72\u767c\u884c\u4eba\u7684\u4fe1\u7528\uff08short credit\uff09\uff0c\u8ce3\u51fa\u4fdd\u969c\u7b49\u65bc\u627f\u64d4\u4fe1\u7528\u98a8\u96aa\u3001\u8cfa\u4fdd\u8cbb\uff08long credit\uff09\uff0c\u95b1\u8b80\u5831\u5c0e\u6642\uff0c\u4ee5\u300c\u8cb7\u4fdd\u969c\u300d\u6216\u300c\u8ce3\u4fdd\u969c\u300d\u5224\u65b7\u65b9\u5411\u6bd4\u8f03\u4e0d\u6703\u932f\u3002<\/p>\n\n<h3 class=\"wp-block-heading\">\u7f8e\u570b CDS \u4e0a\u5347\uff0c\u4ee3\u8868\u7f8e\u50b5\u6703\u9055\u7d04\u55ce\uff1f<\/h3>\n\n<p class=\"wp-block-paragraph\">\u4e0d\u4ee3\u8868\uff0c\u7f8e\u570b CDS \u7684\u4ea4\u6613\u91cf\u5c0f\uff0c\u800c\u4e14\u5408\u7d04\u53ef\u4ea4\u4ed8\u5e02\u50f9\u6700\u4f4e\u7684\u516c\u50b5\uff0c\u96b1\u542b\u9055\u7d04\u6a5f\u7387\u5bb9\u6613\u88ab\u9ad8\u4f30<sup>[12]<\/sup>\uff0c2023 \u5e74\u50b5\u52d9\u4e0a\u9650\u50f5\u5c40\u6642\uff0c1 \u5e74\u671f CDS \u5347\u5230\u6b77\u53f2\u9ad8\u9ede\uff0c\u6700\u5f8c\u570b\u6703\u5728\u671f\u9650\u524d\u901a\u904e\u8abf\u6574\uff0c\u672a\u767c\u751f\u9055\u7d04\u3002<\/p>\n\n<h3 class=\"wp-block-heading\">CDS \u8ddf\u4fdd\u96aa\u6709\u4ec0\u9ebc\u4e0d\u540c\uff1f<\/h3>\n\n<p class=\"wp-block-paragraph\">\u4fdd\u96aa\u8981\u6c42\u88ab\u4fdd\u96aa\u4eba\u5c0d\u6a19\u7684\u6709\u5be6\u969b\u5229\u76ca\uff0cCDS \u4e0d\u9700\u8981\u6301\u6709\u88ab\u4fdd\u969c\u7684\u50b5\u5238\u5c31\u80fd\u8cb7\uff0cCDS \u8ce3\u65b9\u9069\u7528\u884d\u751f\u6027\u5546\u54c1\u7684\u64d4\u4fdd\u54c1\u898f\u5247\uff0c\u4e0d\u53d7\u4fdd\u96aa\u696d\u6e96\u5099\u91d1\u898f\u7bc4\uff0c2008 \u5e74 AIG \u7684\u554f\u984c\u6b63\u662f\u8ce3\u51fa\u5927\u91cf\u4fdd\u969c\u537b\u6e96\u5099\u4e0d\u8db3<sup>[6]<\/sup>\u3002<\/p>\n\n<h2 class=\"wp-block-heading\">\u5ef6\u4f38\u95b1\u8b80<\/h2>\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=6933\">\u300a\u50b5\u5238\u662f\u4ec0\u9ebc\uff1f\u50b5\u5238\u8a72\u600e\u9ebc\u8cb7\uff1f\u6295\u8cc7\u50b5\u5238\u7684 6 \u5927\u98a8\u96aa\u300b<\/a>\uff1a\u9069\u5408\u60f3\u77e5\u9053\u50b5\u5238\u50f9\u683c\u3001\u6b96\u5229\u7387\u8207\u4fe1\u7528\u98a8\u96aa\u4e4b\u5916\u5176\u4ed6\u98a8\u96aa\u7684\u4eba<\/li>\n<li><a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=6322\">\u300a\u745e\u58eb\u4fe1\u8cb8\u70ba\u4ec0\u9ebc\u6703\u5012\u9589\uff1f\u300b<\/a>\uff1a\u9069\u5408\u60f3\u77e5\u9053 CDS \u98c6\u5347\u4e4b\u5f8c\uff0c\u4e00\u5bb6\u5168\u7403\u5927\u578b\u9280\u884c\u5982\u4f55\u5728\u5e7e\u5929\u5167\u88ab\u6536\u8cfc\u7684\u4eba<\/li>\n<\/ul>\n\n<script type=\"application\/ld+json\">{\"@context\": \"https:\/\/schema.org\", \"@type\": \"FAQPage\", \"mainEntity\": [{\"@type\": \"Question\", \"name\": \"CDS \u4e2d\u6587\u662f\u4ec0\u9ebc\uff1f\u8ddf\u4fe1\u7528\u9055\u7d04\u4e92\u63db\u4e00\u6a23\u55ce\uff1f\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"\u4e00\u6a23\uff0ccredit default swap 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\"Question\", \"name\": \"\u7f8e\u570b CDS \u4e0a\u5347\uff0c\u4ee3\u8868\u7f8e\u50b5\u6703\u9055\u7d04\u55ce\uff1f\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"\u4e0d\u4ee3\u8868\uff0c\u7f8e\u570b CDS \u7684\u4ea4\u6613\u91cf\u5c0f\uff0c\u800c\u4e14\u5408\u7d04\u53ef\u4ea4\u4ed8\u5e02\u50f9\u6700\u4f4e\u7684\u516c\u50b5\uff0c\u96b1\u542b\u9055\u7d04\u6a5f\u7387\u5bb9\u6613\u88ab\u9ad8\u4f30<sup>[12]<\/sup>\uff0c2023 \u5e74\u50b5\u52d9\u4e0a\u9650\u50f5\u5c40\u6642\uff0c1 \u5e74\u671f CDS \u5347\u5230\u6b77\u53f2\u9ad8\u9ede\uff0c\u6700\u5f8c\u570b\u6703\u5728\u671f\u9650\u524d\u901a\u904e\u8abf\u6574\uff0c\u672a\u767c\u751f\u9055\u7d04\u3002\"}}, {\"@type\": \"Question\", \"name\": \"CDS \u8ddf\u4fdd\u96aa\u6709\u4ec0\u9ebc\u4e0d\u540c\uff1f\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"\u4fdd\u96aa\u8981\u6c42\u88ab\u4fdd\u96aa\u4eba\u5c0d\u6a19\u7684\u6709\u5be6\u969b\u5229\u76ca\uff0cCDS \u4e0d\u9700\u8981\u6301\u6709\u88ab\u4fdd\u969c\u7684\u50b5\u5238\u5c31\u80fd\u8cb7\uff0cCDS \u8ce3\u65b9\u9069\u7528\u884d\u751f\u6027\u5546\u54c1\u7684\u64d4\u4fdd\u54c1\u898f\u5247\uff0c\u4e0d\u53d7\u4fdd\u96aa\u696d\u6e96\u5099\u91d1\u898f\u7bc4\uff0c2008 \u5e74 AIG \u7684\u554f\u984c\u6b63\u662f\u8ce3\u51fa\u5927\u91cf\u4fdd\u969c\u537b\u6e96\u5099\u4e0d\u8db3<sup>[6]<\/sup>\u3002\"}}]}<\/script>\n\n\n\n<h2 class=\"wp-block-heading\">\u53c3\u8003\u6587\u737b<\/h2>\n\n<ul class=\"wp-block-list\">\n<li>[1] International Swaps and Derivatives Association. (2026, July). <em>Key trends in the size and composition of OTC derivatives markets in the second half of 2025<\/em> [Research note]. https:\/\/www.isda.org\/a\/rGkiE\/Key-Trends-in-the-Size-and-Composition-of-OTC-Derivatives-Markets-in-the-Second-Half-of-2025.pdf<\/li>\n<li>[2] Aldasoro, I., &amp; Ehlers, T. (2018, June 5). The credit default swap market: What a difference a decade makes. <em>BIS Quarterly Review<\/em>. https:\/\/www.bis.org\/publ\/qtrpdf\/r_qt1806b.htm<\/li>\n<li>[3] International Swaps and Derivatives Association. (2026, July). <em>CDS market dynamics: Five years of activity and a record 2025<\/em> [Research note]. https:\/\/www.isda.org\/a\/Pa0iE\/CDS-Market-Dynamics-Five-Years-of-Activity-and-a-Record-2025.pdf<\/li>\n<li>[4] International Swaps and Derivatives Association. (2009, March 12). <em>Big Bang Protocol<\/em>. https:\/\/www.isda.org\/2009\/03\/12\/big-bang-protocol<\/li>\n<li>[5] Bank for International Settlements. (2010, December). The &#8220;Big Bang&#8221; in the CDS market. <em>BIS Quarterly Review<\/em>. https:\/\/www.bis.org\/publ\/qtrpdf\/r_qt1012z.htm<\/li>\n<li>[6] Financial Crisis Inquiry Commission. (2011). <em>The financial crisis inquiry report<\/em>. U.S. Government Printing Office. https:\/\/www.govinfo.gov\/app\/details\/GPO-FCIC<\/li>\n<li>[7] U.S. Department of the Treasury. (n.d.). <em>AIG program status<\/em>. Retrieved October 19, 2026, from https:\/\/home.treasury.gov\/data\/troubled-assets-relief-program\/aig\/status<\/li>\n<li>[8] Creditex &amp; Markit. (2008, October 10). <em>Creditex and Markit announce final results of Lehman credit event auction<\/em>. Hedgeweek. https:\/\/www.hedgeweek.com\/creditex-and-markit-announce-final-results-lehman-credit-event-auction\/<\/li>\n<li>[9] Hull, J. C. (2022). <em>Options, futures, and other derivatives<\/em> (11th ed.). Pearson.<\/li>\n<li>[10] International Swaps and Derivatives Association. (2012, March 19). <em>Greece CDS auction settlement<\/em> [Press release]. https:\/\/www.isda.org\/a\/9fiDE\/greece-auction-settlement-3-19-final.pdf<\/li>\n<li>[11] Bloomberg News. (2023, March 15). <em>Credit Suisse default swaps are 18 times UBS, 9 times Deutsche Bank<\/em>. Bloomberg. https:\/\/www.bloomberg.com\/news\/articles\/2023-03-15\/credit-suisse-one-year-default-swaps-near-1-000-basis-points<\/li>\n<li>[12] Reuters. (2023, May 10). <em>US debt ceiling impasse pushes government credit default swaps to record high<\/em>. Kitco News. https:\/\/www.kitco.com\/news\/off-the-wire\/2023-05-10\/update-2-us-debt-ceiling-impasse-pushes-government-credit-default<\/li>\n<li>[13] Mutua, C. (2025, November 26). <em>Morgan Stanley warns Oracle credit protection nearing record high<\/em>. 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