At even - On the London Stock Exchange at even means that both bull (buyer) and bear (seller)
are able to continue to the next settlement a bargain (contract) in a stock so quoted without
charge for the accommodation.

Examples : Even to 1-16 contango means that the bull pays 1-16 per cent while the bear carries
over even. 1-16 back (backwardation) to even means that the bull carries over even while the
bear has to pay 1-16 per cent.