I'm doing some work for a company and one of my tasks is to research credit default swaps on banks and to write a page about them explaining what they are and how they're used to evaluate the banks' credit-worthiness.
After doing a bit of research on them I have a few questions:
What are the terms of a standard CDS contract? I know they were standardised after the financial crisis but is there a standard size / length now?
I've been looking at some data for countries' CDS spreads and I'm pretty sure that sometimes the CDS spread went over 10000 basis points, which is over 100% per annum. Surely that can't be right, or have I completely mis-read it?
Does anyone know where I can find CDS spread data for different banks in the UK? The information doesn't seem to be searchable on Bloomberg and it's very difficult to find elsewhere.
What are the other ways that companies / banks look at the credit-worthiness of other banks in order to protect their exposures apart from CDSs?