Funds Move To Sell StanChart CDS
Hedge funds and real money players in Europe and Asia are selling five-year senior credit default swaps on Standard Chartered after strategists at BNP Paribas noted the name is trading close to its one-year widest level compared to most of the banks in the iTraxx SenFin index. It is also trading wide compared to the Hong Kong equity market, to which it normally correlates.
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