rich against US 30’s, their primary anchor:
Yes they have been richer but this will do because US 30’s are also rich. Their primary anchor is 10’s:
So what is there in global fixed income to buy that is not rich? Not much. All I have is US 5’s:
What we end up with is both a curve trade and a cross border trade where both parts should add value. In fact the US 30’s are a short and 5’s are a buy with or without an offsetting position. It’s rare to get such a combination in the same yield curve at the same time
