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Commerzbank Weigh In On ASWs

BUNDS

Commerzbank write “for Bund swap spreads, the resilient risk sentiment and easing concerns re: US regional banks are certainly factors for 30y Bunds trading near the cheapest level vs. swaps seen in the last decade. A look at repos underscores that balance sheet constraints and funding pressure are also at play with German GC touching 4% and Bund repos at historically cheap levels, exerting gravity mainly on shorter-dated Bund swap spreads.”

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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