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Commerzbank Flag New Bund Pickup On Micro Curve, Although Wider RV May Cap Overall Demand


Ahead of today’s new 10-Year Bund offering Commerzbank note that “the roll traded at +3.5bp in yesterday's grey market, which equates to a rather generous pick-up of almost 2bp vs. the interpolated screen curve.”

  • “The comparatively rich levels of the 10y point against the curve as well as the ASW-structure probably requires some incentive for RV accounts, with the 2-10-30y fly still trading very rich compared to the outright sell-off and the Schatz-Bund-ASW box also grinding tighter.”
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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