Constant Maturity Credit Default Swaps (CMCDS) are similar to the common Credit Default Swap (CDS), offering the investor protection in exchange of a periodically paid spread. In contrast to the CDS spread, which is fixed through out the maturity of the CDS, the spread of a CMCDS is floating and is indexed to a reference CDS with a fixed time to maturity at reset dates. The floating spread is proportional to the constant maturity CDS market spread. The maturity of the CMCDS and of the reference CDS does not have to be the same.