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Рейтинг прибыльных брокеров бинарных опционов 2020:
  • Бинариум

    1 место в рейтинге! Лучший брокер судя по отзывам трейдеров! Идеален для новичков и средне-опытных трейдеров. Заберите бонусы за регистрацию счета:

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Use the POLYLINE function to draw lines or arrows on existing graphics. You can use POLYLINE at the time you create the graphic, or from the command line after the graphic is displayed.

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The CDS indicator

credit derivatives

  • John Caserta
  • 01 Jul 2004

Credit default swaps have emerged as a useful tool in determining investment strategies in the cash bond market. Research has shown that despite several deviations, these credit derivative instruments generally lead spread performance for cash bonds. As single-name default contracts have developed as tools to anticipate sentiment in the debt market, new research by Lehman Brothers suggests that portfolio credit default swap products, such as the tradable Dow Jones CDX indices, provide an indicator for spread performance in the broader cash arena.

Similar to other market-based indicators such as Treasuries and equities, credit derivatives can be used to gauge both the spread performance of the cash market and short-term market sentiment. While analysts cite numerous reasons for the close relationship between the cash and credit default swap (CDS) markets, the enhanced liquidity inherent in trading credit derivatives is the fundamental quality that makes it a good leading indicator for cash spreads.

“Via credit default swaps, investors can go long or short without having to find the underlying asset, making them more accessible and easier to trade,” says Elena Ranguelova, structured credit strategist at Lehman Brothers. This enables investors, such as hedge fund managers, to enter and exit the derivatives market quickly and easily.

Ian Marsh, professor of finance at the Cass Business School in London, also emphasises the importance of liquidity in recent research conducted with Roberto Blanco and Simon Brennan from the Bank of England. The research relates to the time lag between the cash and CDS markets, which makes credit default swaps a valuable tool in assessing market sentiment. While macro variables such as interest rates tend to have an immediate impact on credit spreads in the short term, CDS prices are more vulnerable to firm-specific information.

ТОП лучших русскоязычных брокеров бинарных опционов:
  • Бинариум

    1 место в рейтинге! Лучший брокер судя по отзывам трейдеров! Идеален для новичков и средне-опытных трейдеров. Заберите бонусы за регистрацию счета:

However, research conducted by the Stanford Graduate School of Business emphasises an inherent problem in the use of single-name default contracts. According to the research, by 2001, companies such as Enron and Southern California Edison were highlighting the need to diversify away from concentration in single-name risks. Morgan Stanley saw a solution to this problem in the equity markets.

Large diversified baskets of tradable stocks, such as exchange-traded funds (ETFs) and the Nasdaq-100 Index Tracking Stock, were major drivers behind the development of Morgan Stanley’s Tracers and, eventually, Synthetic Tracers products, which launched in 2002.

Synthetic Tracers is a tradable portfolio of 50 equally weighted, investment-grade credit default swaps. Lisa Watkinson, global credit index product manager at Morgan Stanley, notes that prior to the development of tradable baskets of CDSs, investors seeking exposure in the corporate bond market would have to create their own portfolio, a technical and expensive process. Yet, a basket of tradable credit default swaps isolates creditworthiness without the technicalities, says Watkinson.

Synthetic Tracers eventually developed into the Trac-x index, which met some competition from a consortium of banks that launched the iBoxx CDX index. To the delight of many investors, the banks behind the indices announced the merger of both Trac-x and iBoxx CDX this past April into one index known as the Dow Jones CDX.

Ranguelova at Lehman Brothers notes that while iBoxx CDX will essentially undergo a name change, the changes for the Trac-x index will be more significant. Although Trac-x will continue to trade, there will be no new roll for the index, which will directly impact its liquidity.

A cash guide

According to Lehman Brothers, the Dow Jones CDX can be used as an indicator for spread performance in not only the broader credit derivative market, but the cash market as well. In her research with Lorraine Fan, credit analyst at Lehman Brothers, Ranguelova notes that investors have used portfolio CDS products such as the CDX.NA.IG and HVOL as a very liquid way to take a long or short position in the credit market. Deviations from the intrinsic values tend to signal bullish or bearish short-term market sentiment.

“The fact that there will be just one high-yield CDS index product going forward means that a broader participant base will be using a single product, making it a more liquid, concentrated test of market sentiment,” says Geoff Kelley, senior vice president and portfolio manager at Putnam Investments. Managing director of North America credit derivative and quantitative research at JPMorgan, Eric Beinstein, notes that the merger between Trac-x and iBoxx is a natural progression in the development of credit derivative indices that are far more liquid.

“As the credit derivatives market has developed and grown, it has taken on a parallel role as a market for assuming or shedding credit risk. This creates a natural and close relationship – albeit not a perfect one – between premiums in the credit derivatives market and spreads quoted in the cash bond market,” says Roger Merritt, managing director in the credit policy group at Fitch Ratings.

Yet, analysts at Fitch also note that the performance of credit derivatives may send “false positives” to those who use it as a monitor for market sentiment in the credit market. Specifically, the research cites several cases in which CDS spreads widened only to tighten again within a year.

Fitch points to France Télécom as the spreads that cried wolf. According to Fitch, the company’s CDS widened to 730bp during late June 2002, a spread performance which echoed that of WorldCom three months before its financial demise. Yet, Fitch maintained a BBB+ rating, indicating that spreads were only part of the complex credit picture. By December 2003 France Télécom’s CDS traded at 63bp.

Some have gone as far as to suggest that spreads may provide a more accurate picture of creditworthiness than credit ratings. Yet Fitch contends that CDS spread performance is merely one instrument for determining fixed-income investment strategies. Fitch notes that while long-term investors tend to look at credit ratings, risk managers and traders looking to take a short position in credit are more likely to place emphasis on market-based indicators.

While analysts and researchers continue to investigate the existing relationship between credit derivatives and the cash bond market, the consolidation of CDS portfolio products continues to increase liquidity and pricing transparency, giving investors a more refined market-based indicator to incorporate into their investment strategies.

How close are the index and its components?

Used 2020 Volkswagen Passat Wolfsburg Edition Review



Features & Specs


Reviews from owners of the 2020 Volkswagen Passat Wolfsburg Edition

3 of 7 people found this review helpful


by Ginger Merritt on Aug 8, 2020
Vehicle: 2020 Volkswagen Passat SE 4dr Sedan (2.5L 5cyl 6A)

Do not purchase. Extended warranties will always mean repair bills. Major electrical issues that cant be explained and repair shops often do not notify manufacturer. Read the reviews carefully!

2 of 3 people found this review helpful

Very nice strong car made 5 cylinder

by My Volkswagen 2020 on Aug 4, 2020
Vehicle: 2020 Volkswagen Passat S PZEV 4dr Sedan (2.5L 5cyl 5M)

This is a car if u cant afford the higher end car but u want something looks nice feels like lexury gots great handling just like a BMW then really this car is for u and also if u r big this car has lots of room in back seat am 300lb 6ft 1inc I feel very comfortable in back seat ok now let’s get to point I bought this car in 2020 brand new 0 miles now its 2020 still have it and honestly it’s still running strong longest u do oil change every 9k miles u should be fine since from that day until i have 110k miles on it i have only bought new 4 tire last year and brakes and that’s it so it’s a great car engine is strong now how is the 4cylinder turbo I not sure not a big fan of turbo cars so overall I have a vw passat 2020 s model and love the car it’s a great family car

Great car, great price, and great sales personnel

by Sean Paul on Jun 8, 2020
Vehicle: 2020 Volkswagen Passat S 4dr Sedan (2.5L 5cyl 5M)

This was the best car buying experience I have ever had and I highly recommend Hertz in Harvey, Louisiana! My next car purchases will be from Hertz. The car was well maintained but not perfect being a rental/fleet vehicle (minor cosmetic issues). It was priced well, it rides well, and it looks good. Everything works as it should. Passats are very good cars.

Great car if you know how to take car of it

by Fahid on Apr 8, 2020
Vehicle: 2020 Volkswagen Passat SE 4dr Sedan (2.5L 5cyl 6A)

If you are mechanically inclined is a great car. Most important prevention maintenance. Great car for price and handling. 2020 passat 2.5 5 cylinder. Change oil and all fluids before recommandation. It will last longer. At 85k changed the thorttle valve body. Door lock . Changed. Over all for its price is good. If you don’t take care your car go with Japanese car. Please don’t forget prevention prevention for all German cars.

Awesome v6 passat

by Mike on Dec 20, 2020
Vehicle: 2020 Volkswagen Passat V6 SEL Premium 4dr Sedan (3.6L 6cyl 6AM)

Bought it second hand with very low mileage. Michelin tires are best for controlling traction for rapid takeoffs from start. Holds road well on sharper turns (even without Michelin tires). Glad I had Cilajet coating applied (maintains newer look of surface finish).

1 of 1 people found this review helpful

Bought on the fly

by Dennis on Oct 17, 2020
Vehicle: 2020 Volkswagen Passat SE 4dr Sedan (2.5L 5cyl 6A)

Bought this while on travel out of state, when my Volve gave the ghost. Rather happy with it. It is roomy and comfortable.

Edmunds Summary Review of the 2020 Volkswagen Passat Wolfsburg Edition

Distinguishing itself with European-style refinement and an efficient diesel option, the 2020 Volkswagen Passat is a solid choice for a family sedan.


High-quality cabin; refined and quiet ride; available fuel-efficient turbodiesel engine; top safety scores; strong V6 engine.


Lackadaisical throttle response; below-average braking distances.

What’s New for 2020

After a redesign last year, the 2020 Volkswagen Passat returns with only a minor shuffling of features and the addition of the Wolfsburg trim level. Most notably, a rearview camera is now available.

What’s New for 2020

After a redesign last year, the 2020 Volkswagen Passat returns with only a minor shuffling of features and the addition of the Wolfsburg trim level. Most notably, a rearview camera is now available.


The 2020 Volkswagen Passat enjoys a rather unique position, since it’s the only European entry in the family sedan segment. Now, this does not mean this VW calls soccer «football» or takes off all of August to holiday in Mallorca. Instead, a continental heritage helps the Passat bring to its class of sedans a certain premium flair that its rivals lack.

This is apparent as soon as you take a seat inside the cabin. The interior is classy and distinguished, with legible, informative gauges, a no-nonsense layout and solid-feeling switchgear. On the move, the Passat has a confident, responsive personality while also remaining comfortable and usable. And since European automakers are big on diesel engines, it seems only natural that the Passat offers one: a 2.0-liter turbodiesel that gets very impressive fuel economy.

However, this Passat isn’t just beer gardens and lederhosen. VW actually builds this car in Tennessee expressly for the American market. VW knows what Americans want, and that’s why there’s an impressive amount of legroom, while the trunk is above average in size. And if it’s power you desire, there’s a strong 3.6-liter V6 good for 280 horsepower available.

There are a couple downsides to the Passat. We’re not fond of the longer-than-average braking distances, for instance, and its lazy throttle response with the automatic transmissions can be irksome. There are also a lot of great choices for a family sedan this year, including the stylish 2020 Ford Fusion, newly redesigned 2020 Honda Accord, value-packed Hyundai Sonata and sharp-handling 2020 Nissan Altima. But all things considered, the European-influenced 2020 Volkswagen Passat comes highly recommended.

Body Styles, Trim Levels, and Options

The 2020 Volkswagen Passat sedan is offered in three broad models broken down by engine (2.5L, TDI and 3.6L), which are further subdivided into a quartet of different trim levels (S, Wolfsburg, SE and SEL).

The lineup starts with the «S» base model (2.5-liter only), which comes standard with 16-inch steel wheels, automatic headlights, keyless entry, full power accessories, air-conditioning, a six-way manual driver seat with lumbar adjustment, cloth upholstery, a tilt-and-telescoping steering wheel, audio controls on the steering wheel, cruise control, a trip computer, Bluetooth with streaming audio and a six-speaker sound system with a CD player and an auxiliary audio input. An available Appearance package adds a six-speed automatic transmission, 16-inch alloy wheels and a rear-seat center armrest.

The Wolfsburg includes the features of the S with Appearance package and adds unique 16-inch alloy wheels, leatherette (premium vinyl) upholstery, a six-way power driver seat, heated front seats, satellite radio and a USB/iPod interface.

Move up to the SE trim level and you get 17-inch alloy wheels, chrome exterior trim, heated mirrors, rear seat air vents, a sliding front armrest, an auto-dimming rearview mirror, a leather-wrapped steering wheel and shift knob, upgraded gauges and displays and an eight-speaker sound system with a touchscreen audio interface.

Options on SE models include a sunroof or the sunroof bundled with a navigation system and iPod integration. TDI SE buyers can add 18-inch alloy wheels and foglights as well. The 3.6L SE comes standard with these options except the navigation system, which remains optional. A nine-speaker Fender audio system is also included.

The 2.5 SEL models include all of the above (minus the foglights but keeping the 17-inch wheels), plus upgraded front seats, live traffic updates, dual-zone automatic climate control, a rearview camera, a rear-seat pass-through and wood interior trim. The 2.5 SEL Premium adds the foglights, keyless ignition/entry, remote ignition, partial leather upholstery and power front seats with driver memory functions. Both the TDI and 3.6L can also be had in SEL guise, but the Premium package is mandatory.

Powertrains and Performance

The VW Passat comes with a choice of three distinctly different engines. The entry-level 2.5L model is powered by a 2.5-liter inline-5 engine rated at 170 hp and 177 pound-feet of torque. Transmission choices include a six-speed manual and a six-speed automatic. In Edmunds performance testing, an automatic-equipped 2.5 Passat accelerated from zero to 60 mph in 9 seconds, which is about average for the class. EPA-estimated fuel economy for the manual transmission stands at 22 mpg city/32 mpg highway and 26 mpg combined. The automatic drops slightly to 22/31/25 mpg. These figures are about average for the class.

Those looking for maximum miles per gallon can opt for the TDI model with its fuel-efficient 2.0-liter four-cylinder turbodiesel, which produces 140 hp and 236 lb-ft of torque. It comes mated to either the six-speed manual or a six-speed automated manual transmission (known as DSG). In Edmunds performance testing, the Passat TDI went from zero to 60 mph in 8.9 seconds — this is on par with gasoline-powered four-cylinder sedans. The EPA-estimated fuel economy is an excellent 31/43/35 for the manual and 30/40/34 with the DSG. In extensive Edmunds fuel economy testing, we’ve found that the Passat can easily surpass these numbers by 8-10 mpg.

If maximum thrust is what you’re after, look no further than the 3.6L’s 3.6-liter V6, which churns out 280 hp and 258 lb-ft of torque. VW’s six-speed dual-clutch automated manual transmission is standard. In Edmunds testing, this engine was able to bring the Passat from zero to 60 mph in 6.4 seconds — very quick for this class. EPA-estimated fuel economy stands at 20/28/23 mpg.


Standard safety features for the 2020 Volkswagen Passat include antilock disc brakes, traction and stability control, front side airbags and side curtain airbags. Models with the manual transmission also gain hill-hold control. In the event of a crash, the Intelligent Crash Response automatically cuts off the fuel supply, unlocks the doors and turns on the hazard flashers.

In government crash testing, the Passat scored a perfect five out of five stars overall, with five stars for frontal impact protection and five stars for side crash protection. Similarly, the Insurance Institute for Highway Safety awarded the Passat its top score of «Good» for frontal-offset, side-impact and roof-strength tests. In Edmunds brake testing, both a Passat 3.6 SEL and TDI came to a stop from 60 mph in about 130 feet, which is longer than average. A 2.5 SE delivered a class-average 123 feet.

Interior Design and Special Features

Spaciousness is the operative word when describing the Passat’s cabin. Space up front is good; however, the driver seat only adjusts in six ways (minus lumbar), and it lacks the seat-bottom tilt found in most competitors. In back, the Passat verges on full-size sedan dimensions, allowing even good-size adults to stretch out their legs. The backrest is too upright, however, which can result in taller occupants’ heads grazing the roof. The spacious trunk can swallow 15.9 cubic feet of cargo — a number that bests many of the Passat’s competitors.

The quality of interior materials isn’t as high as seen in previous Passats, but they remain among the best in the class, while the design adds an upscale feel. The layout of gauges and controls is also refreshingly simple. Finally, the premium Fender audio system has been tuned to the acoustics of the interior and will please even hard-core audiophiles.

Driving Impressions

The 2020 Volkswagen Passat’s character depends a great deal on which engine is under the hood. Performance and fuel economy from the 2.5-liter five-cylinder are adequate and it should be an acceptable choice for most buyers. Our recommendation, however, is the turbocharged 2.0-liter diesel, which offers livelier low-end power and truly extraordinary fuel economy. For those who care more about power than fuel economy, the 3.6-liter V6 engine delivers much more enthusiastic acceleration.

The DSG automated manual transmission that’s available with the turbodiesel engine and standard with the V6 works well, though throttle response (with the DSG and the regular automatic) is rather lackadaisical, with a noticeable lag between the time the pedal is pressed and when the engine actually kicks in.

On the highway, the Passat is impressively comfortable, snuffing out bumps large and small. Around corners, the steering is reasonably precise, although it’s numb on center and a tad heavy at low speeds. Overall, though, the Passat manages to earn high marks for the type of tasks for which family sedans are typically used.

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    1 место в рейтинге! Лучший брокер судя по отзывам трейдеров! Идеален для новичков и средне-опытных трейдеров. Заберите бонусы за регистрацию счета:

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