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Curve is leaning bull flatter

BUNDS

Schatz is once again leading in terms of rolling positions into Sep.

  • Majority of the volume is spread related with 78k done outright.
  • September contract has traded 89k lots.
  • German 5/30s is staring to lean bull flatter, with the long recovering.
  • Month end for EGBs, are small, but MS expects the largest extensions in the 10-15yr sector, and expect France to extend the most, at 0.14y, followed by the Netherlands at 0.113y, and Germany and Italy at 0.06y.

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