* IPT: MS+100 * FV: MS+72 - on the curve. 2 bps inside the SWEDA 3.375% 2030 * Exp. Ratings: Aa2/A+/...
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Nothing much in terms of overt drivers for the moderation in the risk-off moves. Seems cross-asset flow-driven, with oil and equities off lows, while bonds are off highs.
TYM5 108.50 puts ~4K given at 0-11.
Upside exposure covering TY in recent trade: