CME Group is offering Euro MAC Swap futures as a novel means of gaining exposure, or managing the risks attendant to Euro-denominated Interest Rate Swap (IRS) instruments.
But they may also be used as a means of hedging or spreading vs. other Euro-denominated fixed income investments, such as bonds or notes issued by a government or corporate entity.
This note summarizes the salient features of Euro MAC Swap futures contracts and discusses their relationship with Euro-denominated bonds.
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