It stands for credit default index swap; a fixed set of equally weighted credit default swaps with standard maturities ranging between 5 to 10 years. The credit default swap are based on underlying debt obligations known as reference entities. Credit default index swaps are usually issued by a group of market makers who seeks protection from the buyers of such swaps. The market makers determine an index spread being the annual rate that the buyers (investors) would receive on a regular basis.
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