Are Aussie iTraxx trades the right hedge?

On the right iTraxx?

On the right iTraxx?

If you take the word of the credit default swap (CDS) market, Australia’s companies were roughly one-quarter riskier on July 12 than they had been on May 2, following an eye-catching surge in spreads, notionals and trading activity on Markit’s iTraxx Australia credit index. But dealers warn against taking this activity at face value: some say the index is being used to hedge exposure to China, while others say it’s tied more to the eurozone’s sovereign debt woes. Still others try to bridge the

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