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10Y Breaches 5%

BTP

The 10-year BTP yield has gapped up above 5% this morning as fixed income markets continue the cheapening trend seen in Asia.

  • The spread of 10-Yr Italian BTPs vs Bunds is 1.4bps wider at 207.2bps, but is off the day's high of 209.4bps. The 2s10s curve bear steepens alongside other peripheries, trading 1.7bps wider at 86.1bps.
  • No clear headline this morning to drive the BTP price action, with the recent weakness seemingly a culmination of familiar themes of fiscal worries, the upcoming ratings review by S&P on Friday and recent ECB-speaker pushback on the need for BTP/Bund spread stabilisation/intervention.
  • Today sees current account data in the Eurozone and periphery countries, while ECB speak comes from Valimaki (on the digital Euro) and Visco (on the 1992 ERM collapse). Surprises are not expected by speakers as the ECB quiet period begins today.
  • Today also sees heavy supply from Spain, France and Austria, which will add pressure in the run up to the respective bidding deadlines.
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