• The standout Rate trades in the Euribor is still the clear interest in Flatteners, especially selling the ERZ4, discounting further ECB cut into Year end after Tomorrow's cut, while adding more Dovish play into the Red/Green strip.
• ERZ4 calendar spread vs the strip all the way to H7, continues to make record spread lows.
• This trade has also been expressed via Option, with upside structures targeting the H5/M5 as well as some mid curve play, via call spreads and Call flies.

Chart source: MNI/Bloomberg.