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Commerzbank Eye DFA Update As Potential Opportunity To Add ASW Shorts

BUNDS

Commerzbank note that “the more than €20bn in issuance cuts we expect from the German Financing Agency could at least soothe investor concerns about the supply/demand imbalance.”

  • “As lower Q4 funding on the back of lower fiscal expenditures this year says little about the prospects for coming years, and the other arguments for tighter swap spreads also remain in place, we suggest using a potential recovery in Bund swap spreads on the back of today's calendar to add to ASW shorts.”
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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