Following low inflation data, the ECB's rate cut and slow data, we think probabilities have flipped over to a December rate cut. However, if the Riksbank decides to stay on hold, the first hike will probably be pushed out further.
Swedish data have continued to disappoint. Our yield-gap indicator suggests that Swedish 5s are oversold, while Bobls are slightly expensive.
Trades
For a more thoroughly wrap up of our newest trade recommendations, see Strategy Sweden: Rate cut in December and low for long not fully priced yet, 12 November.
New. Receive RIBAMAR14 and/or 6M STINA at 0.91% - 0.97%. P/L: 0.85%/1.01% - 0.85%/1.07%.
New. Steepen the 5s10s curve, buy SGB1052 versus SGB1057 at 66.5bp in a risk neutral spread. P/L: 85/55.
New. Receive SEK 5Y versus EUR 5Y at 98bp. P/L: 80/112.
Profit taken. Buy NDH5529 versus NDH5527 versus forward swap. Profit 17.5bp.
To Read the Entire Report Please Click on the pdf File Below.
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Reading The Swedish Markets
Published 11/15/2013, 01:49 AM
Updated 05/14/2017, 06:45 AM
Reading The Swedish Markets
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