The document discusses the dynamics of fixed income markets, focusing on the increased supply of duration from peripheral issuers like Spain and Italy, which have extended the maturity of their debt issuance in 2015. This increase in duration supply could counteract the spread tightening trend. The document includes a table comparing the duration supply and ECB QE impact for Italy, Spain, France, and Germany. It also touches on the potential for net selling from non-domestic investors in core countries and the attractiveness of vol-adjusted carry in the Italian curve.
doj/DataSet10/EFTA01385955.pdf
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