On November 8th, 2021, the futures market on the German Bund (FGBL) of EUREX maturity December 10th, 2021, presents the following order book: Delivery date 10-DEC-2021 BID ASK PRICE 170.70 170.71 170.72 170.73 Volume Available (contracts) 430 64 197 547 The cheapest deliverable bond for this contract is the German Green Federal Bond ISIN code DE0001030708, whose features are: Zero-Coupon Expiration 15/AUG/2030 Market price on 08/NOV/2021: 103.00%. IRR on 08/NOV/2021: -0.3366% The conversion factor published by EUREX for this Bond is 0.603058. The repo interest rate until the delivery date of the FGBL contract is -0.80% (negative 0.80%). Questions: 1. What is the theoretical value of the futures price on the German Bund (FGBL) for the maturity 10/DEC/2021? 2. In the market situation described, is there an arbitrage possibility? What would it consist of? 3. What would be the profit if we trade with a nominal value of 25,000,000 euros of the Green Federal Bond ISIN DE0001030708? On November 8th, 2021, the futures market on the German Bund (FGBL) of EUREX maturity December 10th, 2021, presents the following order book: Delivery date 10-DEC-2021 BID ASK PRICE 170.70 170.71 170.72 170.73 Volume Available (contracts) 430 64 197 547 The cheapest deliverable bond for this contract is the German Green Federal Bond ISIN code DE0001030708, whose features are: Zero-Coupon Expiration 15/AUG/2030 Market price on 08/NOV/2021: 103.00%. IRR on 08/NOV/2021: -0.3366% The conversion factor published by EUREX for this Bond is 0.603058. The repo interest rate until the delivery date of the FGBL contract is -0.80% (negative 0.80%). Questions: 1. What is the theoretical value of the futures price on the German Bund (FGBL) for the maturity 10/DEC/2021? 2. In the market situation described, is there an arbitrage possibility? What would it consist of? 3. What would be the profit if we trade with a nominal value of 25,000,000 euros of the Green Federal Bond ISIN DE0001030708