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EGBS: BTPs and OATs Outperform Bunds On Improved Risk Backdrop

EGBS
BulletEurozoneFixed Income BulletsMarkets

Bund futures are -10 ticks at 131.53, softening a touch as global equity futures continue to recover from yesterday’s lows. The improved risk backdrop sees BTP and OAT futures outperform Bunds.

  • A corrective bull cycle remains in play in Bunds, with initial resistance still the 20-day EMA at 132.10.
  • The German cash curve has lightly bear flattened. The new 2.20% Mar-27 Schatz was launched this morning, and digested smoothly.
  • The ECB’s Q4 Bank Lending Survey signalled a tightening of credit standards and a lower demand balance amongst firms than seen in Q3.
  • Austria is launching a new 10-year RAGB and tapping a 2049 Green RAGB via syndication today.
  • Alongside Germany, the Netherlands and Italy also held conventional auctions this morning.
  • The OAT/Bund spread is back below 73bps, with fiscal/political headline flow set to become more prominent again in the coming days/weeks.
  • The remainder of today’s regional data calendar is light, leaving focus on any US tariff-related headline flow and the upcoming run of DM central banks later this week. 
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Bund futures are -10 ticks at 131.53, softening a touch as global equity futures continue to recover from yesterday’s lows. The improved risk backdrop sees BTP and OAT futures outperform Bunds.

  • A corrective bull cycle remains in play in Bunds, with initial resistance still the 20-day EMA at 132.10.
  • The German cash curve has lightly bear flattened. The new 2.20% Mar-27 Schatz was launched this morning, and digested smoothly.
  • The ECB’s Q4 Bank Lending Survey signalled a tightening of credit standards and a lower demand balance amongst firms than seen in Q3.
  • Austria is launching a new 10-year RAGB and tapping a 2049 Green RAGB via syndication today.
  • Alongside Germany, the Netherlands and Italy also held conventional auctions this morning.
  • The OAT/Bund spread is back below 73bps, with fiscal/political headline flow set to become more prominent again in the coming days/weeks.
  • The remainder of today’s regional data calendar is light, leaving focus on any US tariff-related headline flow and the upcoming run of DM central banks later this week.