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EURIBOR OPTIONS

Put condor

MARKET INSIGHT

Price Signal Summary - BOND Bear Cycle Extends

EURIBOR OPTIONS

Large call spread

BTP

BTP option, call spread buyer

        Exports    Y/Y    M/M  Imports    Y/Y    M/M  Balance
-------------------------------------------------------------
          Bln $  % chg  % chg    Bln $  % chg  % chg    Bln $
Oct-17    22.98   -5.4   -6.1     0.55    3.8  -32.1    22.43
Sep-17    24.48   -5.7    5.1     0.81  -13.8   15.7    23.67
Aug-17    23.29   -0.1   -0.7     0.70  -45.7   32.1    22.59
Jul-17    23.45   -3.9   -0.2     0.53  -79.8  -20.9    22.92
Jun-17    23.50   -7.4    9.5     0.67  -59.6   13.6    22.83
May-17    21.46  -10.6    3.2     0.59  -76.2    3.5    20.87
Apr-17    20.80  -15.3   -7.7     0.57  -72.3  -10.9    20.23
Mar-17    22.54   -4.8   39.0     0.64  -59.7   23.1    21.90
Feb-17    16.22   11.3  -15.7     0.52  -40.9   -8.8    15.70
Jan-17    19.24  -15.4  -43.1     0.57  -65.5  -31.3    18.67
Dec-16    33.84  -26.5   14.3     0.83  -61.6    2.5    33.01
Nov-16    29.61  -16.1   21.9     0.81  -58.5   52.8    28.80
Oct-16    24.30  -10.1   -6.4     0.53  -48.5  -43.6    23.77
Sep-16    25.96  -10.3   11.3     0.94   -3.1  -27.1    25.02
Aug-16    23.32  -17.9   -4.4     1.29   15.2  -50.9    22.03
Jul-16    24.39   -9.3   -3.9     2.63  122.8   58.4    21.76
Jun-16    25.38   -6.9    5.8     1.66   71.1  -33.1    23.72
May-16    24.00   -7.0   -2.3     2.48  244.4   20.4    21.52
Apr-16    24.56   -0.4    3.8     2.06  202.9   29.6    22.50
16-Mar    23.67    6.1   62.5     1.59  116.6   80.7    22.08
Feb-16    14.57  -24.8  -35.9     0.88   87.2  -46.7    13.69
Jan-16    22.74   -2.8  -50.6     1.65  108.9  -23.6    21.09
Dec-15    46.02   10.8   30.4     2.16   63.6   10.8    43.86
Nov-15    35.29   -0.5   30.6     1.95   18.7   89.3    33.34
Oct-15    27.03  -17.4   -6.6     1.03   12.2    6.2    26.00
Sep-15    28.95  -23.0    1.9     0.97  -33.3  -13.4    27.98
Aug-15    28.40   -3.7    5.6     1.12   17.3   -5.1    27.28
Jul-15    26.89  -14.9   -1.4     1.18   13.2   21.6    25.71
Jun-15    27.27   -0.5    5.7     0.97    7.9   34.7    26.30
May-15    25.81   -6.9    4.7     0.72  -13.4    5.9    25.09
Apr-15    24.65   -9.0   10.5     0.68  -36.5   -7.4    23.97
Mar-15    22.30  -18.3   15.1     0.73  -35.6   56.2    21.57
Feb-15    19.38    2.1  -17.1     0.47  -29.9  -40.5    18.91
Jan-15    23.39  -11.0  -43.7     0.79  -19.5  -40.2    22.60
Dec-14    41.54    7.8   17.2     1.32   24.8  -19.7    40.22
Nov-14    35.46    1.0    8.3     1.64   24.9   79.0    33.81
Oct-14    32.74   24.0  -12.9     0.92  -25.9  -36.9    31.82
Sep-14    37.61   34.0   27.5     1.45  -10.1   52.4    36.15
Aug-14    29.50   -2.1   -6.6     0.95  -43.6   -8.4    28.54
Jul-14    31.59   13.3   15.3     1.04  -25.5   15.9    30.55
Jun-14    27.41    6.5   -1.2     0.90  -12.4    8.2    26.51
May-14    27.73   -0.8    2.4     0.83  -38.7  -22.4    26.90
Apr-14    27.08  -31.4   -0.8     1.07  -14.4   -6.0    26.01
Mar-14    27.29  -43.6   43.8     1.14  -37.0   69.9    26.15
Feb-14    18.98  -24.3  -27.8     0.67  -45.4  -31.6    18.31
Jan-14    26.29  -18.3  -31.7     0.98  -20.5   -7.2    25.31
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--MNI BEIJING Bureau; +1 202-371-2121; email: john.carter@mni-news.com
[TOPICS: MAQDT$,M$A$$$,M$Q$$$]