Report
Receive belly in a 2s5s10s 6m fwd € swap
The rates market is encountering tensions as we begin 2025, with concerns around a potential return of i nflation in the United States , monetary policy divergence between the ECB and the Fed , and global duration supply pressures , potentially reshaping the yield curve through the rebuilding of term premium. We recommend receiving the belly in the butterfly 2s5s10s on a 6M forward basis. We target -15 bps on the fly during a 6-month horizon with a stop-loss at +5 bps (carry 6M: +5 bps).
Provider
Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Eya CHAMMAKHI
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