$100mn 3M5Y 22bp OTM payers for net takeout of 100c. No big changes in vol near term Rates rally 9/19/14 -100 by 12/30/14 0 by +1,028k Opdon zBellryo 2nyelecy,s2r an 16 payer ladder at t. itio Pposstenica ngrry bearish rates Higher gamma; rates rally 4/5/13 0 bp 10/9/14 +92 bp +991k Option Bu