Report
Time to reload 10s30s $ steepeners
The $ 10s30s has been on a flattening trend since end September. As the main drivers for the move, we identify primarily pricing considerations around a higher terminal rate, higher implied volatility and higher term premium. We think this trend run most of its course and we suggest entering into $ 10s30s steepeners , on a spot or a 4y-fwd basis. We target 0bp for the 10s30s spot in a 3-month horizon.
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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.
Benoit GERARD
Eya CHAMMAKHI
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