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I used to trade German and US govt. bond futures and I am now having trouble understanding the price difference of these markets against the cash market. For example, the 10 year german government bund cash is trading at 101.19 while the front month future is at 144.86. To my mind the difference can't be attributed to expectations of changes in the yield curve or any quotation convensions to do with bond prices I can only think it is a carry cost but would have thought the coupon would cause the futures to trade lower than the cash. Any ideas? Thanks

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I think the reason is the following: The bund future refers to the price of a fictituous $10$-year $6\%$ coupon bond. The current ctd bond has a smaller coupon I think ($2\%$ 01/04/2022) - that would account for the price difference right?

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