I am looking at two calendar spreads for ZN.
06-17 vs 12-17 (back in June when they both traded):
and 07-17 vs 12-17 (current day):
From the above, there is an expected spread in 06-17 vs 12-17, however, the spread does not exist for 07-17 vs 12-17 (no difference). If I am not mistaken, this is not correct as there should be a spread between the two different contracts. Please advise. Thank you.
Pedro
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