Time for a catch-up in Swedish (industry) data.
The environment appears less supportive of longer mortgage bonds – we take a neutral view on a spread basis, even though we still think real money investors should remain slightly long relative to benchmark indices.
We expect domestic data to improve and expect a gradual increase in the inflation rate in the autumn and, thus, see room for more steepening of the money market rate curve.
Trades
New, we recommend selling 5YSEP13 against Bobls @ 95bp. Carry: -0.1bp/month.
Profit taken, we close our recommendation on mortgage versus government bond spreads (2018 covered bonds against a mix of SGB1051 and SGB1052) with a tiny 3bp profit.
Loss taken, we close our remaining delta hedge through a small receiver swap in a 4Y swap with a 15bp loss.
To Read the Entire Report Please Click on the pdf File Below.
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Reading The Markets: Sweden
Published 08/18/2013, 05:04 AM
Updated 05/14/2017, 06:45 AM
Reading The Markets: Sweden
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