 Volatility has spiked to elevated levels painting an ominous market discount
 Quality flight still consistent with bullish flattening with front ends anchored
 Exceptional market circumstances easily counter likely UFR payer pressure
 5yr5yr forward at record lows but too early for a payer position
 Domestic demand supporting French bonds. Trade long France 10yr spread
 Brent Oil develops a longer-term sideways market above USD99.50
 We reduce our