Some quick observations    The twice-a-year iTraxx roll is one of those facts that is very well known, butstill matters. Our experience suggests that investors usually start caring 3-4weeks before the roll date. With the next one due on Sep 20and the index atlevels last seen only in early 2008(Figure 1), we highlight a few trends in thisnote. We have data for 19roll episodes from Mar 2008to Mar 2017(Figures 2& 3). Some of these were impacted by major macro events, especially in 2008& 2011, so we exclude those, leaving us with 15data points to work with.

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