Credit Default Swaps (CDS) - Pricing, Applications & Features
Download brochure The CDS market has been growing rapidly since its introduction in the late 1990s, with the market estimated to be worth in excess of $593 trillion at the end of 2014. With a constantly changing market companies now find CDS to be a vital instrument in their daily activity. This two day programme begins by looking at CDS fundamentals, then moves on to analyse CDS transactions and examines pricing structures. The course explores different types of trades and explains the terminology employed within these transactions.

Attending the course will help you:
  • Discover the main CDS concepts and analyse the different ways in which a CDS can be valued and traded
  • Understand the single name CDS product
  • Consider CDS indices and various structured products into which a CDS can be packaged
  • Become familiar with index tranche investing terminology and application

Who should attend?

This course is ideal for anyone with an understanding of the fundamental concepts of finance and fixed income looking for an introduction to the CDS product. An understanding of bond pricing and market risk (i.e. duration / DV01) is assumed.

Details of the next seminar

30-31 May 2018

Programme Recognition

Candidates who are successful in gaining the Financial Markets Foundation Qualification qualify for 13 credit hours which can be used towards study with the CFA Institute.

Course Trainer
Download brochureThe course content is divided into several topic areas, which are then broken down into multiple subtopics:

1. Credit Default Swap (CDS) Fundamentals
  • The CDS market
  • CDS structures and contractual terms

2. Analysing CDS Transactions

  • European and North American terms
  • Understanding credit events
  • Applying a framework to analyse CDS

3. Pricing CDS

  • Risky PV01
  • Risky DV01
  • Valuing CDS from asset swaps
  • Zero coupon pricing

4. Applications of Single Name CDS Transactions

  • The CDS basis
  • Switch trades
  • Curve trades

5. CDS Indices

  • CDS indices
  • Terminology
  • Hedging and trading applications

6. Credit-linked Notes

  • Credit-linked notes
  • Rationale for usage
  • Pricing concepts

7. CDS Swaptions

  • Terminology
  • Intuitive guide to pricing
  • Hedging and trading applications

8. Index Tranche Investing

  • Key terminology
  • Understanding default correlation
  • Trading applications

Details of the next course


30-31 May 2018

ICE Education
5th Floor Milton Gate
60 Chiswell Street
London EC1Y 4SA
United Kingdom

Based at ICE Education London offices: IntercontinentalExchange® (NYSE: ICE), is a leading operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets.

For security reasons, delegates who have not registered in advance will not be admitted to this course.  Delegates will be required to provide photo identification on arrival, to ensure entry.


£1,650 for Members and £1,950 for non-members

The course fee includes all lunches, coffee breaks and training materials.

Payment can be made by secure online credit card or by invoice.

Terms and conditions

Please click here to view our terms and conditions before registering.


Should you have any queries, please contact

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