h versus 5y rate, 6y forward and 6y rate, 16yfoward Further lOy6y outperformance 4/29/14 +22 bp +21 bp -416k Cross mada t Buy $10m each of SPNTAB 2.96% 3/16; SPABOL 2.625%5/16; DNBNOR 2.90%3/16 on ASW. (Sorid) Risk-on retightening of covered bonds in stable rates regime Bank credit underpe

rich •rigrjtoisw5ayrcriate, 5y forward and 5y rate, Further 10y5y outperformance 4/29/14 +22 bp +10 bp -781k Cross Market Buy $10m each of SPNTAB 2.96% 3/16: SPABOL 2.626% 6/16; DNBNOR 2.90%3/16 on ASW. fSorid) Risk-on retightening of covered bonds in stable rates regime Bank aeitht under