Funds tap out-of-the-money payers on iTraxx Main

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Funds tap out-of-the-money payers on iTraxx Main

Paola Lamedica

Hedge funds and real money investors are increasingly buying out-of-the-money payer options on the iTraxx Main across May, June and July expiries, with strikes up to 150% OTM. Payer spreads in the iTraxx Main are also being actively traded by investors, while some hedge funds are looking at taking similar exposures through bearish risk reversals.

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