A difference of opinion

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These days, most derivatives structures seem to have a shelf life of only a few weeks before a fresh twist has investors moving on to the next new product. It's been the same story with constant maturity swap (CMS) structures. A wide variety of CMS and CMS spread option products have emerged over the course of the year, each with some new novelty, feature or payout. But the underlying theme has been the same – investors are keen to take a view that the yield curve is too flat on a forward basis

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