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BTP/Bund spread sees some tightening bias

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  • While Bund sees selling interest on the back on the Euribor, would still target the opening gap for the German contract if the move gains more conviction, the Italian BTP sees better buying interest on the margin, just bought in over 1k cumulative Volumes, but met by sellers.
  • Nonetheless, the price action and the small outperformance of the Italian 10yr Bond, is pushing the 10yr spread tighter, by 1.4bps, with initial support coming at the August low of 133.9bps.

Chart source: MNI/Bloomberg.

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  • While Bund sees selling interest on the back on the Euribor, would still target the opening gap for the German contract if the move gains more conviction, the Italian BTP sees better buying interest on the margin, just bought in over 1k cumulative Volumes, but met by sellers.
  • Nonetheless, the price action and the small outperformance of the Italian 10yr Bond, is pushing the 10yr spread tighter, by 1.4bps, with initial support coming at the August low of 133.9bps.

Chart source: MNI/Bloomberg.