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German 5s30s At Fresh Flat Levels

BUNDS

German 5s30s drop through the Dec 2021 low (48.5bp) to a fresh post-Mar 2020 low of 47.98bp. Apart from the Mar 2020 early pandemic lows, 5s30s hasn't been this flat since 2008.

  • This comes as the short end/belly remain under pressure from upward repricing of the ECB (and global) rate trajectory, with Bobl yields at their highest since late 2018.


Source: BBG, MNI

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