We’ve had eight business days of trading since the index roll on March 20, a date that will be remembered in the CDS world for the introduction of the new senior non-preferred tier (SNRLAC).

Perhaps it is too early to give a definitive assessment of how the tier is performing relative to the rest of the capital structure. After all, it took some time before the ISDA basis found its feet after the 2014 definitions came into effect. But it is still worthwhile to take a preliminary look at the price action as we go into quarter-end.