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SWAPS: Commerzbank Look For Further Steepening In 10-/30-Year € IRS

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Commerzbank write “we had argued in early March that "major dis-inversion seems in store" given the inflation backdrop and slowing convexity demand as the ECB cycle approaches the end, recommending a strategic 10-30y € IRS steepener and paying 30s on the 10-/30-/50-Year IRS fly; since then, the curve has steepened over 20bp, but we see further upside and look for a test of the zero line in 10-/30-Year € IRS.”

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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