EFTA Document EFTA01385954

27 March 2015 US Fixed Income Weekly Raps. Credit Bond Market Strategy • The improved growth momentum in Europe remains favourable for reflation trades and peripheral assets. However, the increase in the duration supply in the periphery could be material and is likely to increase market volatility • We maintain long EURSY breakevens, the Bund ASW widener as a hedge, and shorts in the front-end of the eonia curve. We exit the long 30Y BTP and move instead to an optimised 7Y BTP - 30Y