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BUNDS: /SWAPS: ASWs A Little Narrower Despite PMI Misses

BUNDS
BundesbankCentral Bank NewsCEEMEAEurozoneGermanyBulletMarketsFixed Income Bullets

ASWs little changed to a touch narrower this morning, despite the softer-than-expected French & German flash PMIs.

  • This comes after the recent widening from cycle/all-time lows across German ASWs.
  • Commerzbank have turned a little more constructive on the short-term outlook for swap spreads.
  • They write “with short-end repo spreads fairly stable, the recovery of ASW spreads could continue into year-end, after the cheapening to unprecedented levels last week. Term and forward repo spreads are still very high with ample of room to converge with the lower short-term levels and sovereign bond backflows are providing investors with ample cash into year-end.”
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ASWs little changed to a touch narrower this morning, despite the softer-than-expected French & German flash PMIs.

  • This comes after the recent widening from cycle/all-time lows across German ASWs.
  • Commerzbank have turned a little more constructive on the short-term outlook for swap spreads.
  • They write “with short-end repo spreads fairly stable, the recovery of ASW spreads could continue into year-end, after the cheapening to unprecedented levels last week. Term and forward repo spreads are still very high with ample of room to converge with the lower short-term levels and sovereign bond backflows are providing investors with ample cash into year-end.”