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/SWAPS: Commerzbank Recommend Trimming ASW Tighteners

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In the wake of the recent extension of the ASW tightening Commerzbank note that “arguments for further tightening remain compelling, but meaningful psychological levels have been reached/are nearing.”

  • “Overall, the picture looks similar to March, when spreads recovered after the futures roll following the tightening to multi-year lows. Hence, risks of some consolidation out of the roll are non-negligible and we thus recommend reducing shorts.”
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In the wake of the recent extension of the ASW tightening Commerzbank note that “arguments for further tightening remain compelling, but meaningful psychological levels have been reached/are nearing.”

  • “Overall, the picture looks similar to March, when spreads recovered after the futures roll following the tightening to multi-year lows. Hence, risks of some consolidation out of the roll are non-negligible and we thus recommend reducing shorts.”