Europe Rally Squeezes Subordinated CDS On French Banks

07 Jun 2012

Hedge funds that bought outright protection on the Markit iTraxx European Senior and Subordinated Financials indices to hedge exposure to French banks are trying in vain to unwind positions as European markets have rallied.

Hedge funds that bought outright protection on the Markit iTraxx European Senior and Subordinated Financials indices to hedge exposure to French banks are trying in vain to unwind positions as European markets have rallied.

One London CDS trader said over the past two to three months, hedge funds ...

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