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Eric Oynoyan at BNP Paribas points out that...>

BUNDS
BUNDS: Eric Oynoyan at BNP Paribas points out that German asset swap spreads
have tightened by around 10bp over the past month with the Schatz invoice spread
suffering the most."The recurrent German ASW tightening, evident every year
since 2004 ahead of heavy January supply, has occurred again this year - the
seasonal tightening period that ended Monday (8 Jan)".
- Seasonality should push spreads wider "from the last week of January". Again,
this pattern has shown itself every year since 2004, with the exception of
January 2009. 
- Oynoyan believes that the Bobl ASW is most out of line with fitted values
implied from his models.
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