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EGBS: 10-year OAT/Bund Tighter Alongside Broader EGBs, Politics Still In Focus

EGBS
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  • Further to the above, political machinations in France following last week’s no confidence vote remain a key focus for EGB markets. The 10-year OAT/Bund spread is ~0.5bp tighter today at 76bps.
  • President Macron is set to meet with parliamentary groups this morning, with Le Parisien reporting that he hopes to name a PM tomorrow.
  • Meanwhile, Budget Minister Saint-Martin has announced that the special law to keep the state running into the next year is “ready”.
  • Although the 10-year OAT/Bund spread narrowed ~10bps from wides on a lack of further political escalation last week, the political and fiscal situation in France remains fragile, likely limiting the scope for further compression for now.
  • Broader 10-year EGB spreads to Bunds continue to trade tighter this morning, but have moved away from from lowest levels as the China-driven bid in European equity futures fades a little.
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  • Further to the above, political machinations in France following last week’s no confidence vote remain a key focus for EGB markets. The 10-year OAT/Bund spread is ~0.5bp tighter today at 76bps.
  • President Macron is set to meet with parliamentary groups this morning, with Le Parisien reporting that he hopes to name a PM tomorrow.
  • Meanwhile, Budget Minister Saint-Martin has announced that the special law to keep the state running into the next year is “ready”.
  • Although the 10-year OAT/Bund spread narrowed ~10bps from wides on a lack of further political escalation last week, the political and fiscal situation in France remains fragile, likely limiting the scope for further compression for now.
  • Broader 10-year EGB spreads to Bunds continue to trade tighter this morning, but have moved away from from lowest levels as the China-driven bid in European equity futures fades a little.