Jigar Patel

Unless you're a holder of both the CDS and the bond, you're probably not thinking you need to hold on to the contract any longer, investors have kind of gotten the result they expected now, so it appears that people have been reducing positions.

It's difficult to predict because there's low visibility, but in this case we think the risk skews towards higher demand to receive the bond rather than deliver it, which would raise the CDS recovery price.