Strike a pose: deal contingents back in vogue after mid-year slump

M&A revival breathes life into deal contingent trades, but elevated risk keeps prices high

Fashion has always moved in cycles, with past trends continually given a new lease of life despite how unfashionable they may have seemed in the interim. Likewise, deal contingent hedging is coming back in vogue after coronavirus-related volatility torpedoed takeover deals and caused banks to hike prices or exit the market earlier this year.

“The deal contingent market is definitely cyclical in terms of when banks like to offer the product,” says Benoit Duhil de Benaze, director of European

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