External broker reports, Nordea

Nordea

Nordea is the bank in the Nordics dedicated to serving corporations and institutional customers. Our offering includes a diverse range of financing, cash management and payment services, investment banking, capital markets products, securities services and more. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports

External broker reports(aggregated public sources)

FX & Rates

<ul><li>The EUR 2y2y/5y5y 6s steepener idea from two weeks ago ended last week almost at the stop.</li><li>The first weeks’ heavy issuance was well absorbed, the Dutch paying still hasn’t hit the market, and the Dutch pension fund PMZW aims for higher hedge ratios and, in turn, will do less outright unwinding of receiver swaps in the transition.</li><li>Moreover, while geopolitical risks have escalated further, the narrative of even more issuance ahead to speed up defence investment never really became the dominant narrative, at least not until this week.Chart 1.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

The EUR 2y2y/5y5y 6s steepener idea from two weeks ago ended last week almost at the stop.The first weeks’ heavy issuance was well absorbed, the Dutch paying still hasn’t hit the market, and the Dutch pension fund PMZW aims for higher hedge ratios and, in turn, will do less outright unwinding of receiver swaps in the transition.Moreover, while geopolitical risks have escalated further, the narrative of even more issuance ahead to speed up defence investment never really became the dominant narrative, at least not until this week.Chart 1.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EURO/US DOLLAR

EUR rates: Curve jitters