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Bund/BTP Spreads Remain Tighter On The Day

BTP

The 10-Yr Bund/BTP spread has re-approached the day's tightest levels, in spite of UST weakness spilling over into EGBs. The spread sits 5.4bps tighter on the day, trading at 188.8bps at typing.

  • Italian and German curves have bear steepened on the day (the Italian 2s10s curve by 2.2bps and German 2s10s by 4.5bps).
  • No EBG-specific headlines nor supply to flag following the PMI data this morning, with markets having little reason to keep selling BTPs after last week's repricing.
  • The underperformance of European equities provides an additional point of weak sentiment in the local space.
  • Orderbooks for the 4.10% 5yr BTP Valore retail bond opened to strong demand today, with orders swiftly approaching EUR 5bln in the first day of the offer. The sale remains open until Friday, however the treasury can end the offer earlier should they receive sufficient interest.
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