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Morgan Stanley Recommend Shorts Roll Early


Ahead of the quarterly gilt futures roll Morgan Stanley note that “positioning seems skewed towards shorts. We recommend outstanding shorts roll early.”

  • Beyond positioning they believe that optionality and net basis provide some mildly bearish inputs, suggesting that “the current probability of a switch in CTD is not negligible in this roll cycle.”
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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