Nomura published its Global...>

GLOBAL MARKET/OPINION: Nomura published its Global Macro trade idea publication

today.

- In the US they see the US 2-10Y yield curve steepening and also like long 5Y

breakevens.

- In Japan, they see the BoJ raising it 10Y yield target from zero to 0.25% in

Jul-Sept, justified by falling real yields

- In Europe, Nomura recommends buying EUR6m2Y receivers taking advantage of the

recent rise in short-dated forwards will core inflation has remained muted. 

- Also in Europe, they recommend 3s30s steepeners as ECB policy anchors the

front end. In the periphery, Nomura like a 10Y BTP/SPGB tightener.

- In supra space, they recommend buyer EIB in euros vs selling EIB Dec-23 (GBP).

"A substantial part of EUR supply should be bought by the ECB in the secondary

market, while other currencies do not have the same consistent buyer"

- In the UK, "Our view is that the UK will steepen out to the 10y point, and

flatten from 10y out to the 30y". So like paying GBP 5Y5Y vs. 2Y1Y and 15Y15Y