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Aman Bansal at Citi assessed the BTP...........>

BTPS
BTPS: Aman Bansal at Citi assessed the BTP calendar roll and writes "We are
neutral to bearish on the BTP calendar roll at the current market value of 180
ticks"
- Bansal writes that there is only small residual long positioning in BTP
futures, limited optionality and no curve exposure between front end back
contract CTDs. Repo levels are also fairly stable.

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