DTCC says net GM CDS exposures stand at $2.2 billion

The Depository Trust & Clearing Corporation has calculated that the net amount of funds that will need to be transferred from protection sellers to protection buyers in General Motors is in the range of $2.2 billion. The total notional amount of GM trades in DTCC’s trade warehouse stood at $35.3 billion at the end of last week, just before the auto maker’s bankruptcy filing. However, the net amount is much lower because of offsetting trades between counterparties. GM has a total of $54 billion of outstanding debt, mostly consisting of bonds.