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10Y Yields Find Support At 3.15%, Bund Spread Narrowest Since Feb'22

PORTUGAL
  • Portuguese 10Y yields have seen a reasonable bounce off lows of 3.153% and are back at 3.175% for still -9bps on the day, more in line with other EGBs.
  • The move came after it pushed through last week’s lows after multiple attempts at 3.15-3.16 handles, but with seemingly some support at the 3.150% level.
  • It also sees the Portugal-Bunds spread back at Friday’s close of 73bps for lows since Feb 2022, having briefly pushed even lower still.

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