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BTP and GGB spreads wider on syndications

EGB SUMMARY

After selling off in the early part of the day, Bunds retraced most of their losses before starting to move lower again on headlines that Brexit talks were due to resume shortly, in the hope of a deal by mid-November.

  • Most peripheral spreads are little changed on the day but GGB spreads are wider after the EUR2bln syndicated 15-year tap. BTP spreads are also wider after the MEF announced a syndication for a new 30-year BTP (along with simultaneous buybacks of four BTPs and a CCTeu).
  • Bund futures are down -0.17 today at 175.64 with 10y Bund yields up 1.3bp at -0.594% and Schatz yields up 0.7bp at -0.779%.
  • BTP futures are down -0.32 today at 148.83 with 10y yields up 4.3bp at 0.770% and 2y yields up 1.4bp at -0.323%.
  • OAT futures are down -0.13 today at 169.66 with 10y yields up 1.1bp at -0.318% and 2y yields up 0.3bp at -0.708%.
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