nica ngrry bearish rates Higher gamma; rates rally 4/5/13 0 bp 10/9/14 +92 bp +991k Option Bu y S342m1lirn3y AlMF+2bbp payer and sell $113m 18m10y ATMF467.6bp payer. (Kock) Fed tapers in 2013 Curve steepens and rates se ri 6/16/13 +147 bp 10/9/14 +127 bp +639k Option Buy $207mm 3m5y receiver ATMF