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RBC recommend "opposing the recent............>

GILTS
GILTS: RBC recommend "opposing the recent richening" of the Jul-23 Gilt by
putting on a 22s/23s/24s duration neutral butterfly.
- RBC say that the 0.75% Jul-23 Gilt "has been the best performer over the past
month in the short end of the curve" and has caused the 22s/23s to flatten and
the 23s/24s to steepen in the last month, "defying the usual directionality"
- "The breakdown in correlation has sent the 22s/23s/24s butterfly to all-time
rich levels", adds RBC.

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