花旗研究FICC开放交易思路汇总

Citi Research Global Macro Strategy: Open Trade Ideas A round-up of Citi Research’s FICC open trade ideas at 6-Jul-2026 Rob Rowe Managing DirectorUS Regional Director of ResearchHead of Global Strategy and Macro Grouprobert.rowe@citi.com+1-212-723-1168 Note that the lists in this marketing handout might not contain all currently open trade ideas that were put on in the 6 months tothe date of this handout.Trade ideas comprising instruments subject to restriction are excluded. The PnLs indicated in thesetables might not reflect real-world payouts, as they may not consider carry earned/paid over the life of the trade, repo haircutsfor shorts or other leveraged trades, or transaction costs and fees. Trade ideas included are FICC, unless otherwise indicated.Please subscribe to analysts’ research to receiveupdates to their trade ideas. See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations Citi Research is a division of Citigroup Global Markets Inc. (the "Firm"), which does and seeks to do business with companies covered in its research reports.As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision. Certain products (not inconsistent with the author’s published research) are available onlyon The portion of this research report regarding non-OCC issued options is not intended for US clients other than QualifiedInstitutional Buyers. Investing in options is not suitable for all investors. Please see the disclosures concerning the risks ofinvesting in options below and discuss with your Financial Advisor whether this particular options strategy is suitable foryou. Note that all option prices are indications, based on intraday prices on as indicated next to the trade idea. Interestedinvestors should contact our trading desk for updated price and liquidity information. Also, complex option strategies mayentail higher commissions costs. Note that trade ideas intended for OTC transactions only are included. Citi Research Open Trade Ideas at 6-Jul-26 Commodities Citi Research Open Trade Ideas at 6-Jul-26 Credit Source: Citi Research Note that the PnLs are not based on any standardized initial investment. Also PnLs might not reflect real-world payouts, as they may not consider carry earned/paid over thelife of the trade, or repo haircuts for shorts or other leveraged trades. Citi Research Open Trade Ideas at 6-Jul-26 Note that the PnLs are not based on any standardized initial investment. Also PnLs might not reflect real-world payouts, as they may not consider carry earned/paid over thelife of the trade, or repo haircuts for shorts or other leveraged trades. Citi Research Open Trade Ideas at 6-Jul-26 FX Citi Research Open Trade Ideas at 6-Jul-26 Global Rates Note that the PnLs are not based on any standardized initial investment. Also PnLs might not reflect real-world payouts, as they may not consider carryhe trade, or repo haircuts for shorts or other leveraged trades. Note: Futures trading involves substantial risk of loss. Citi Research Open Trade Ideas at 6-Jul-26 Global Rates cont’d Citi Research Open Trade Ideas at 6-Jul-26 Global Rates cont’d Citi Research Open Trade Ideas at 6-Jul-26 Global Rates cont’d Citi Research Open Trade Ideas at 6-Jul-26 Global Rates cont’d Citi Research Open Trade Ideas at 6-Jul-26 Global Rates cont’d Citi Research Open Trade Ideas at 6-Jul-26 Index Investing in options is not suitable for all investors. Please see the disclosures concerning the risks of investing in optionsbelow and discuss with your Financial Advisor whether this particular options strategy is suitable for you. Note that alloption prices are indications, based on intraday prices on Jul 6 and 7, 2026. Interested investors should contact ourtrading desk for updated price and liquidity information. Also, complex option strategies may entail higher commissionscosts. RISKS When buying calls and puts (or receivers and payers) the maximum loss is the premium paid. When selling calls (orreceivers), the maximum potential loss would occur as the index spread decreases but is limited by the index spread beingfloored at zero. For puts (or payers), the maximum potential loss (amount below the strike) would eventuate should theindex price fall to zero. Sector index options are cash settled. Credit index options are physically settled. The abovecalculations do not include any additional fees or transaction costs. Note that ratio writing would leave the writer uncoveredin one leg of the trade. If you are visually impaired and would like to speak to a Citi representative regarding the details of the graphics inthis document, please call USA 1-888-500-5008 (TTY: 711), from outside the US +1-210-677-3788 Appendix A-1 ANALYST CERTIFICATION The research analysts primarily responsible f