Middle of March brings rallies and roll-over
Its mid-March, spring is upon on us and the credit markets are rallying. A rate hike by the US Federal Reserve was greeted positively by the market thanks to a dovish tone struck by Janet Yellen and her colleagues.
Technical factors also played their part. Option expiry occurs on the third Wednesday of the month, and position covering no doubt contributed to the tightening in the indices.
But mid-March also means that another regular event in the CDS market is impending. The semi-annual roll is on
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