法兴银行：债券在人气脆弱之际提供安全价值

Group 1 - The core viewpoint of the report is that weak stock market sentiment and geopolitical uncertainties are supporting the safe value of bonds [1] - Société Générale maintains a long position in German government bonds relative to swaps [1] - In the Eurozone government bond sector, Société Générale advocates holding three to five-year bonds and swaps to capture spreads, but advises against increasing positions at current levels [1] Group 2 - The strategists expect that long-end interest rate volatility in the Eurozone will continue to exceed that of the front and middle of the yield curve [1]