What exactly does quote of the roll of the CDS Index from one series to another actually signify?E.g. Series 12 5Y is quoted at 58/60. What does the quote 'Series9/Series12 30/32' signify?

30 = sell the roll, 32 = buy the roll. bear in mind cds buy/sell language is backwards - you buy or sell protection. buy the roll means you are selling protection on the old contract and buying protection on the new contract. so as an example - i am using xover to hedge my high yield book (good luck!) ie i am long protection. the roll comes and i want to switch into the new contract. So to close out my old hedge i need to sell protection and buy protection on the new series to re-establish the hedge. vice versa when you sell the roll. somebody else jump in if i have made an error!

Thanks for the reply. So buy the roll = buy protection on the new contract (at the same time selling protection on the old contract). So far so good. But aren't the bid offers the other way round? i.e. you'd buy at 32, sell at 30?

Hello,One more follow-up question. I presume the quoting convention applies to an equal notional on each leg?