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Commerzbank Look To '48 Supply

BUNDS

Commerzbank note that "for today's tap of the Bund Aug48, scope for outright performance appears limited and the roll vs. the curve is also unspectacular (in z-spread terms). However, we see value in the bond in ASW as 30y spreads continue to outperform vs. the credit structure with more scope for the box vs. 5y spreads to normalize towards pre-corona levels. We thus recommend adding to longs in 30y ASW-spreads vs. 5y."

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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