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Back end Green strip at lowest levels since March 2020

SHORT-STERLING
  • Most of the flows in short sterling have been rate hike play via option.
  • latest trade: 0LZ1 9937/9925 p1x2 ppr pays 0.75 for the 2 in 4k
  • Also the Short t sterling strip sees further steepening interest and decent volumes are going through today.
  • Via spreads like June22/Sep2022 (18k traded), June2022/June2023 (10.5k), and Sep2022/Dec 2022 (22k), Sep2022/Sep2023 (11k)
  • And outright, pushing the back end Green strip to lowest since March 2020.
  • Reds are trending at lowest level since April 2020

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