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The EUR short rates gamma risk premium is likely to start depreciating vs longer expiries early next week unless the French elections disappoint.
Buying collars at the EUR front end remains a cheap way to position for higher EUR rates.
The roll down cost is limited compared with outright front-end paying, and the vega profile increases the trade’s appeal.
Buy EUR 2m5y ATMF payers, sell 3w5y ATMF payers – for 2.7bp running (indicative mid). Indicative forwards: 3w5y: 0.173%, 2m5y: 0.195%.
Buy EUR 6m2y ATMF+10bp payers, sell EUR 6m2y ATMF-10bp payers – for 1bp running (indicative mid). Indicative 6m2y forward: -0.066%, 2y spot: -0.147%. Maintain or initiate longs in EUR 1x2 caps vs 1y1y payers.
