n of the curve (up to 22s), the flat forward curve implied by the BOTEs and the adverse carry/roll and skew underscore our preference for floaters. BOPOM 20s offer superior liquidity and remain a popular choice in positioning for carry, but valuation looks very rich according to our analysis. • A b

0irewiill Lebec sand Bates - with LebeicyBOTES • Mc memo Mar- 1 e — ROTES — 1 hoc 7.5% 1.0v-17 1-Oct-16 Sane earsere ant 1.0ct-12 1-Oct.20 BOPOM 20s have been a popular choice in positioning for carry, but BOCANs look superior for those that tolerate lower liquidity. In particular, we believ