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***The 10-30Y German spread has.........>

BUNDS/CURVE
BUNDS/CURVE: ***The 10-30Y German spread has collapsed this morning to 65.2bp,
its lowest since Nov 2016. Rising volatility, increases the value of convexity
and will assist the flattening but this is not a principal driver. Prior to
2014, the 10-30Y spread correlated closely to the inverted 2Y yield; a flattener
is the low carry/roll equivalent of a short 2Y position and the rising prospect
of rate hikes may sit behind some of the movement. 
- As regards today, the flattening might be more closely linked to month-end
asset class rebalancing from pension funds or month-end index duration
extensions.

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