Reading Sweden’s Markets: 08/29/14
Danske Markets | Aug 29, 2014 05:20AM ET
Riksbank rate cut case is currently ice cold
• Strange survey data
• We believe the hunt for yield is set to continue. We recommend taking advantage of the roll on the swap curve and the flow picture and receiving SEK 2Y2Y.
Trades
New. Receive SEK 2Y2Y @ 1.19%. Roll down 3bp/m. P/L: 1.05/1.30.
Profit taken. Receive 1Y1Y. Profit taken as we reached our set profit target @0.60%. Profit 17bp.
Profit taken. Pay 2Y1Y NOK versus SEK, also in this case we have reached our target @ 0.95%. Profit 19bp.
New levels. Buy SGBi3109 (June 2025) versus SGBi3107 (June 2017), we move P/L levels down 10bp. New target: 50bp.
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