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December Credit Derivatives Report (January 5, 2006)

Location: New York
Author: Alan Bright and Armel Leslie
Date: Thursday, January 5, 2006

The credit default swap market saw active trading in December with the auto manufacturing sector leading in the US, according to GFI, an inter-dealer broker for credit derivatives. 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 & Manufacturing Portugal Telecom Intl Finance Mitsui and Co.

Most Active Sovereigns** for December

- Brazil
- Peru
- Mexico

** GFI defines 'most active' as the sector, reference entity, or sovereign with the most trades executed by GFI.

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