<human>:  I have a question about a financial instrument called a Credit default swap. When a company issues a CDS, what is the counterparty?
<bot>: The counterparty is the person or entity that is obligated to pay the debt if the issuer defaults. In the case of a CDS, the issuer is the company that is issuing the CDS, and the counterparty is the person or entity that is buying the CDS.