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Goldman Sachs’ Top Trades For ‘22

CROSS ASSET

Below is a summary of Goldman Sachs' top trades for '22:


FX:

  • Short AUD vs CAD
  • Long an equal-weighted basket of SEK, CZK and PLN vs EUR
  • Long SGD vs TWD
  • Short AUD vs MXN

G10 Rates:

  • Buy USD 3m 2s5s10s belly cheapening payer fly
  • Buy USD 5y5y breakevens
  • Receive EUR 2-Year vs 10-Year OIS (2s10s steepener)
  • Pay SEK 5-Year swaps
  • Long 10-Year Bonos vs BTPs (1.25:1 weighting)

Credit:

  • Long Leveraged Loan index vs High Yield Corporate bond index in the USD market (1.25 to 1x ratio)
  • Long High Yield Energy index vs High Yield Corporate bond index in the USD market (1 to 1.1x ratio)
  • Long AAA CLO vs. CMBX 10 AAA (1 to 1x ratio)

Emerging Markets:

  • Receive KRW 2-Year IRS
  • Long 3-Year SA inflation breakevens
  • Wider 12-Year HGB bond-swap spread
  • Long 10-Year OFZs, USD-unhedged
  • Pay PLN vs receive CZK 5-Year IRS
  • Long MSCI EM vs. short EMBIG-Div, duration-hedged
  • Long Mexico & Russian equities, in USD
  • Long Egyptian equities

Commodities:

  • Long Dec-23 Brent
  • Long Dec-23 CME Copper
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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