so long and thanks for all the fish, page-18

Hard to say what is going to happen with IIF over the ST now.
I am sure the longs and shorts are both unsure after the sudden change in the state of play.

However looking at the multi-month pressure IIF has been under, it would be very easy for the instos to get this up to 15-18c in short order --> if they are so inclined <--. Personally I doubt it will be driven up that hard. There will still be a few distressed sellers on the books, and with lots of traders watching this now, it will likely be very volatile and tradeable, but hopefully on a gradual upward trajectory until the uncertainty over covenants is resolved and then hopefully sharply higher many months into the future.