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Bund call buyer of 22k RXZ7 164 calls (5k @...>

BUNDS
BUNDS: Bund call buyer of 22k RXZ7 164 calls (5k @ 19 & 17k @ 20). 
- Nov and Dec implied approaching 5% level. 30 day and 60 day constant maturity
vols have peaked around 5% since early summer. 
- The movement is not just in quoted vols but normalised vols have had a picked
up today also. However, 'benchmarks' like EUR 3m10Y in the top right of the grid
appear more reluctant than short-dated tails on the left hand side of the grid
or even the bottom right lately.

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