Derivatives round-up: Hedge funds caught off guard

A move tighter in the subordinated financials index was said to have caught some hedge funds wrong-footed in July

July was another quiet month for credit indices, with little to disrupt a general grind tighter in spreads in Europe and the US. Having said this, many hedge fund managers were caught off guard as the subordinated financials index outperformed its senior stablemate. The senior index had jumped tighter following