Directional, risk bearish trades
1. Buy the US curve, sell the Japan curve 2. Buy front end Europe rates 3. Sell high yield debt 4. Sell the pound against the yen 5. Sell the euro (not against the dollar)

Negatives are too richly priced trades
6. Buy `big bank' debt vs corporates
7. Sell swap spreads
8. Sell USD/CAD FX volatility

Liquidity `have's' decouple trades
9. Buy Asia HG corporates and banks
10. Sell the dollar vs Asia peggers/managers 11. Sell Korea rates

EM differentiation trade
12. Buy Brazil, sell Hungary

See PDF attached for trade details and discussion (total 6 pages)