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Sweden: Correction Or Trend Change?

Published 09/12/2014, 05:45 AM
Updated 05/14/2017, 06:45 AM
  • Large GDP revisions next week.
  • Inflationary impact in 2015 of political parties' proposals.
  • Reduce duration in portfolio.
  • Time for 5s10s to flatten - SGBi3019s versus 10Y Bunds offer protection

Trades

New. Buy 10DEC14 against 5DEC14 @ 92.5bp in a flattener. Ahead of the domestic rise in the inflation rate, we take on the position. Historically, the relationship has been stable. Our old position, long SGBi3109 versus 10Y Bunds, provides some protection against an international rise in interest rates.

Profit taken. Buy SGBi3109 versus SGBi3107 has moved a lot of the weeks and we have decided to take profit. Profit 22bp.

Profit taken. Take profit in the 5Y EUR/SEK cross currency basis swap. Profit 6bp.

Loss taken. We take the small loss in the spread SGB1057/SGB1058. Loss 2bp.

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