Deutsche Bank Research Rates Fixed Income Chart Of The Day Directionality of BTP/Bund to ECB pricing Last week we entered a 10yr BTP/Bund tightener trade and as we flagged in our note in more detail, current valuations and recent macro were some of the main drivers for this trade. In the potential risks section, we included a hawkish repricing of ECB policy rate expectations as an obvious risk to such a trade. However, this works both ways, i.e. a dovish repricing of ECB market expectations could favour EGB ...