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Specific

Implementing a view on the creditworthiness of a specific sector

In general

Long or short a CDS Index

vs. another sector

Long or short a CDS Index vs. another

Implementing a view on the creditworthiness of a specific issuer

In General

Long or short a specific CDS

“Selling” insurance = going long of the credit

“Buying” insurance = going short the credit

vs. Another

Long CDS on one credit vs. short CDS on another credit

Credit Pair Trades

1] Carry Trade

2] Directional trade

Implementing a view on the capital structure of one credit

e.g. Senior vs. Subordinated

or Convertible vs. Straight

Using credit instruments practically

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