Shares of iShares iBoxx High Yield ETF (HYG) are up .01 to 94.19. ?HYG is near the top of the 52 week range

Today paper traded 12000 HYG Apr/May 97 put spreads for .70. The ADV is 19244 contracts.? The OI is 30000 and 20000 contracts.

The volume went up two blocks. Trade in this name is mostly confined to huge block of open interest.? The roll here is one where the client most likely closed a long put and reopened by buying the back month puts.? The Apr trade was .02 over parity.? It looks like this would be a long term short play on HYG.? If that is the case it has not worked very well.? If it were against the underlying it might do alright.

30-day implied volatility is 7%.?? 10-day implied volatility is 4%.? 30 day implied volatility is trading above the 10 Day Historical volatility.

iShares iBoxx $ High Yield Corporate Bond ETF (the Fund), formerly iShares iBoxx $ High Yield Corporate Bond Fund, is an exchange-traded fund (ETF).